New Law Limits State Intervention and Unifies Business Legislation
Uzbekistan
At its 55th plenary session, the Senate of Uzbekistan approved the "Law on the Adoption of the Entrepreneurial Code of the Republic of Uzbekistan." The new code aims to unify over 100 legislative acts into a single document, streamlining the regulation of business activities.
The primary objective of the code is to create conditions for free participation in entrepreneurship, protect private property, and safeguard the rights and legal interests of business entities. The code establishes core principles such as legality, entrepreneurial freedom, equality, fair competition, and freedom from corruption.
Entrepreneurs are classified into small, medium, and large entities, and specific activities that cannot be conducted by individual entrepreneurs are outlined. Entrepreneurs are granted the right to engage in any activity not prohibited by law.
The code also delineates the boundaries and forms of state regulation of business activities and introduces support for women's and youth entrepreneurship in line with international standards. It also includes mechanisms for supporting social entrepreneurship and vulnerable social groups.
Furthermore, the code defines the legal status, goals, and objectives of business incubators and prohibits state enterprises from receiving preferences that restrict competition. The adoption of this code is expected to contribute to the unification of business legislation, reduce state intervention, and establish a unified approach to business law.
The law was actively debated and ultimately approved by the senators.
Entrepreneurs are classified into small, medium, and large entities, and specific activities that cannot be conducted by individual entrepreneurs are outlined. Entrepreneurs are granted the right to engage in any activity not prohibited by law.
The code also delineates the boundaries and forms of state regulation of business activities and introduces support for women's and youth entrepreneurship in line with international standards. It also includes mechanisms for supporting social entrepreneurship and vulnerable social groups.
Furthermore, the code defines the legal status, goals, and objectives of business incubators and prohibits state enterprises from receiving preferences that restrict competition. The adoption of this code is expected to contribute to the unification of business legislation, reduce state intervention, and establish a unified approach to business law.
The law was actively debated and ultimately approved by the senators.
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