We will be glad to help you access Uzbekistan’s securities market. Should you be interested in buying or selling equities and corporate bonds on Tashkent Stock Exchange or the OTC market, first you will need to open a brokerage account with our licensed subsidiary TAT-Reestr LLC.

To set-up an account for non-resident legal company we’ll need to receive from you:

• Application, 1 copy;
• Questionnaire, 1 copy, notarized, apostilled/legalized. Apostille and notary should be translated into Uzbek. We could do it in Tashkent as it’s usually much cheaper ($2-4 per page, $10-15 per apostille stamp);
• Account card, 1 copy, notarized, apostilled/legalized. Apostille and notary should be translated into Uzbek;
• #2 and #3 could be stapled together and done by one notary and apostille to save money;
• Contract + tariffs, 3 copies;
• Copy of charter documents (most required information – name, address, authorities of director, shareholders information, equity amount), 1 copy, notarized, apostilled/legalized, translated into Uzbek. Please, advise with our specialists first;
• Copy of Certificate of good standing or any other similar document to confirm registration of the company and jurisdiction (issued not earlier than 6 month), 1 copy notarized, apostilled/legalized, translated into Uzbek;
• Document confirming the authority of specimen (list of directors, letter with indication of the names, copy of appointment protocol or decree, etc.);
• #6, #7 and #8 could be stapled together and done by one notary and apostille to save money;
• Passports of all specimens;
• Copy of PoA (if applicable), 1 copy, notarized, apostilled/apostilled, translated into Russian.

For personal accounts #2 and #6-9 are not applicable. If you’ll be visiting our office in Tashkent #2-3 are not necessary to be notarized and apostilled – could be signed in our office.

Personal non-resident account

Corporate non-resident account

Personal resident account

Corporate resident account

Example of Power of Attorney to local representative (if needed)

Please, also note that despite Uzbekistan signed Hague convention, Germany, Belgium, Austria and Greece do not accept mutual apostille procedures, so for these countries legalization procedure is still required.

Also note the main limitation for foreign investors – companies registered at, or shareholders of which are registered or resides, or persons residing at “tax heavens” cannot buy bank shares in Uzbekistan. Other investors could purchase up to 5% of banks’ equity without any prior permissions, but with mandatory notice to Central Bank within 1 day after purchase of even one single share.

You don’t need to open local bank account and could wire funds in/out to any of your international accounts.

Shares are kept with 100% state-owned Central Securities Depositary. Money kept with NBU (100% state-owned largest commercial bank) at brokerage account under our brokerage company name with segregated and protected by law sub-accounts for investors.

Broker could provide statements indicating USD, UZS and shares by monthly or daily basis.

Investors could keep their funds in USD or UZS. No mandatory convertion obligations for deposited USD funds.

Repatriation process is smooth since March 2019 and takes about 10-15 days, no any permissions needed.

Dividends could be repatriated in USD directly or received in UZS for reinvestments.

There is no global custody and clearing in Uzbekistan.