Opening a Corporate Bank Account in Uzbekistan: Documents and What to Know
Once the company is registered and has a taxpayer number, you can open a bank account. Shareholder capital contributions, payroll, taxes and import-export settlements all go through it.
Documents usually required (for reference)
- Company registration certificate
- Company charter
- Director appointment documents
- Passports of the director and the ultimate beneficial owners
- Description of the company’s business
Requirements differ between banks; the list your bank provides is what counts.
Does the director need to be there in person
Usually the director must come to the bank to sign and provide a specimen signature. Whether a notarised power of attorney or video verification is accepted depends on the bank, so I check with the bank before you apply.
Sum and foreign-currency accounts
- Sum (UZS) account: day-to-day receipts and payments, taxes, payroll.
- Foreign-currency account: receiving shareholder contributions, import and export settlements.
Electronic digital signature
In Uzbekistan, tax filing, online banking and many government online services require an electronic digital signature. Get one for the director as soon as possible after registration.
What to look for in a bank
- Whether there is a relationship manager who speaks English or Chinese
- Speed and cost of cross-border transfers
- Whether RMB settlement is supported
- How convenient online and mobile banking are
If the bank asks for more documents
When you open an account, the bank will look into the nature of your business and the source of funds; this is a normal anti-money-laundering check. Prepare an honest description of the business, your main counterparties and the source of funds, and it usually goes through smoothly.
