PraeLegal Uzbekistan assisted a foreign payment service provider in establishing its business in Uzbekistan by registering as a payment organization.
Within implementation of this project, the client was provided with a detailed analysis of applicable Uzbek legislation, including criteria and requirements for the payment organization itself and its shareholders, as well as a list and procedure for submitting information and documentation for licensing by the state regulator, the Central Bank of the Republic of Uzbekistan. Additionally, consultations were provided on business optimization through an analysis of the benefits granted under Uzbek legislation and the requirements for applying them.
In implementation of this project our law has registered the local SPV of the client in the form of a joint-stock company, assisted in successful issuance of its shares and subsequent subscription to the same, ensuring compliance with Uzbek law requirements. After completion of this stage the client was assisted in gathering and submitting the documentation and information required under Uzbek laws, which resulted in due registration of the local SPV as payment organisation in Uzbekistan.
This project is being implemented with the direct support of Partner Mirzaaziz Ruziev and Junior Associate Muzaffarbek Bekmurodov, underlining our experience in dealing with state regulators in the financial sector.