Open account

There is no global custody and clearing in Uzbekistan. To access the local securities market, both stocks (listed and OTC) and corporate bonds. you need to open a local brokerage account with our licensed partner firm TAT-Reestr LLC.

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

• Application, 1 copy;
• A questionnaire, 1 copy, notarized, apostilled/legalized. Apostille/legalization and notary should be translated into Uzbek;
• Account card, 1 copy, notarized, apostilled/legalized. Apostille/legalization and notary should be translated into Uzbek.
• 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;
• Copy of Certificate of Good Standing or any other similar document to confirm a registration of the company and jurisdiction (issued not earlier than 6 months), 1 copy notarized, apostilled/legalized, translated into Uzbek;
• Document confirming the authority of specimen (list of directors, a letter with an indication of the names, copy of appointment protocol or decree, etc.);
• Passports of all specimens;
• Copy of PoA (if applicable), 1 copy, notarized, apostilled/legalized, translated into Russian;

For personal accounts only an application, contract, and questionnaire are required. If you’ll be in Tashkent a questionnaire and account card are not necessary to be notarized and apostilled/legalized – could be signed in our office. 

Application letter

Questionnaire

Contract

Tariffs

Please, also note, that despite Uzbekistan signing the 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 reside, 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 permission. 

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

Storage and maintenance of the register for securities are carried out by the Central Depository of the Republic of Uzbekistan (100% state). Settlement is usually T+2, OTC can be T+0.

Money is kept in our off-balance account with the NBU (National Bank of Uzbekistan, the largest commercial bank, 100% state-owned bank, BB-). Storage is segregated by clients and currencies, we do not have access to money without your written order (conversion, repatriation) or clearing of transactions (sending to the seller, commission).

Investors can keep their funds in US dollars, EURO, Russian rubles, or UZS. There is no obligation to convert deposited foreign currency into UZS.

The repatriation process has been running smoothly since March 2019 and takes about 10-15 days, no permits are required.

Dividends can be repatriated in foreign currency directly or received in UZS for reinvestment.