An LLC bank account in Uzbekistan: documents and application procedure

An Uzbek LLC with foreign founders does not automatically receive a bank account on state registration. After registration it applies to a chosen bank; its first UZS account becomes the main account. The Central Bank’s formal list is short: an application, two signature-specimen cards and identification for the person signing payment documents. A resident’s account must be opened no later than the following working day after submission. Beforehand, however, the bank performs anti-money-laundering checks and identifies the ultimate beneficial owner. The practical timing and questions therefore depend mainly on transparent ownership and an understandable business. Remote opening is available for companies with resident founders and for IT Park residents. Other foreign-owned LLCs generally need a director or authorised representative to visit. Foreign-currency accounts are secondary accounts; currency purchases use a special foreign-currency account.

Is an account opened automatically on incorporation?

Paragraph 19 of the business state-registration rules, approved by Cabinet of Ministers Resolution No. 66 of 9 February 2017 and applicable in their 2026 version, establishes the procedure. Normally, a registered business approaches banks itself. Neither originals nor copies of its registration certificate and constitutional documents are required for that account-opening procedure. Opening during registration through the automated system by accepting a bank-account offer is linked to two categories: legal entities whose founders are Uzbek residents, and individual entrepreneurs, subject to remote identification meeting FATF requirements. An LLC with a foreign participant falls outside that category, so registration and account opening remain separate steps.

Presidential Decree No. UP-214 of 14 November 2025 introduced an optional registration-service package from 1 January 2026 under the “start a business in 15 minutes” principle. It includes applying to open and activate bank accounts. Each service can be chosen separately and selected services paid through one QR code. The decree creates no foreign-founder exception and does not remove due diligence. Submitting the application is not automatic opening: even where available through the system, the account follows identification and company checks. Pre-registration share-capital funding is separate. The Central Bank Instruction allows a temporary account 29801, “Settlements with customers”, for that purpose. After registration, funds are transferred to the main account on the customer’s instruction and the temporary account is closed.

Main and secondary accounts: where to begin

Uzbek legislation calls the familiar current account a demand-deposit account. The first national-currency demand account opened after state registration is the main account. All others, whether in UZS or foreign currency and whether with the same or another bank, are secondary. Open the main UZS account first, then foreign-currency and other accounts. The main bank also has administrative significance. Under currency-transaction rules, for example, quarterly reports on any authorised overseas accounts go to it as well as the tax authority. Choose it for ongoing service rather than a single transaction. Secondary accounts for particular needs, such as foreign payments, can be with another bank.

A company planning foreign customers or suppliers should consider more than tariffs. Does the bank service foreign-owned companies without unnecessary restrictions? How strong are its foreign-exchange operations and correspondent relationships for the required currencies? Which actions are available online without a branch visit? Comparing banks against these criteria should come before applying, not after a refusal or prolonged review.

Which documents may the bank require?

The principal instrument is the Instruction on opening, maintaining and closing bank accounts, approved by Central Bank Board Resolution No. 30/18 of 4 January 2023 and registered by the Ministry of Justice on 8 February 2023 as No. 3420. Its latest amendments took effect on 12 November 2025. The official text is Uzbek; the following describes its meaning rather than quoting a literal translation. For resident business legal entities, including foreign-owned LLCs, paragraph 11 lists three documents for national- and foreign-currency accounts: an account-opening application, two signature-specimen cards and identification for the authorised payment-document signatory. Constitutional documents and the registration certificate are absent, consistent with the registration rules. The Instruction expressly prohibits requiring documents it does not prescribe.

The registration rules permit signature cards and signatory identification to be supplied any time before payments begin, so an account may open before it becomes operational. The resident deadline is the next working day after documents are submitted. The Instruction’s fifteen-day non-resident deadline does not apply to an Uzbek LLC: legal entities incorporated under Uzbek law are residents. Neither the short list nor the short deadline limits the bank to three documents in every context. The same Instruction requires anti-money-laundering checks; information requested for those checks has a different legal basis.

KYC and beneficial owners: checks on a foreign-owned company

Law No. 660-II of 26 August 2004 on combating money laundering, terrorist financing and proliferation financing requires verification of the customer’s identity and authority and of persons acting for it when a relationship is established. For legal entities, banks identify the owner or controlling person by understanding ownership and management, and then monitor the relationship and transactions continuously. Commercial-bank internal-control rules, Ministry of Justice registration No. 2886, define the beneficial owner as the natural person ultimately owning or controlling the customer, require source-of-funds measures and regular updates on customers and owners. Amendments effective 9 August 2026 clarify that the definition includes ultimate direct or indirect ownership or control and the person on whose behalf a transaction occurs. They expressly require understanding the corporate customer’s business, ownership and management. Older summaries may not reflect these requirements.

In practice, where the participant is a foreign company, the bank traces the full chain to natural persons. For an individual foreign participant, it verifies identity and connection to the business. Published terms mention customer questionnaires, participants holding at least 10%, relationship purpose and nature, funds’ source, documents substantiating transactions, sanctions screening and FATCA checks. Bank and adviser lists also mention documents absent from paragraph 11: the National Bank lists state-registration documents and management information; lawyers also mention the charter, director-appointment order and participant decision. Carry copies even if the formal list is shorter. Professional advisers report checks reaching the ultimate beneficial owner and greater difficulty where owners or accounts involve offshore jurisdictions, FATF-listed countries or sanctioned persons. A bank can refuse where anti-money-laundering law requires it. Prepare complete ownership and business information before applying.

The director’s presence and remote servicing

The Instruction allows remote opening where KYC, e-KYC or video-KYC identification is available for legal entities with resident founders, individual entrepreneurs, and IT Park resident legal entities with non-resident founders. The final category was added by amendments effective 12 November 2025. Foreign founders of IT Park companies may open accounts from outside Uzbekistan, with electronic signature specimens accepted. The remote-opening provision does not cover an ordinary foreign-founded LLC outside IT Park, and banks generally expect its director at a branch. The National Bank, for example, expressly states that opening a corporate account requires a branch visit and that the online form is only an application.

If the director cannot travel, advisers identify representation under a notarised power of attorney as a possibility. The bank determines whether it accepts that route and its requirements for a foreign-issued power, so agree these before travel. In practice, banks may request a foreign director’s personal identification number, PINFL, local stay registration and local telephone number. A foreign participant generally needs an electronic digital signature at incorporation because registration rules require it to sign company documents where founders are non-residents. Most transactions can be handled remotely after opening. Remote access does not remove duties to answer bank requests and update customer information.

Foreign-currency accounts and the special currency-purchase account

A foreign-currency account uses the same documents as a UZS account but is always secondary under the Instruction. The currency-transaction rules approved by Central Bank Board Resolution No. 18/5 of 29 August 2020, registration No. 3281, require resident legal entities’ incoming foreign currency to be credited to accounts with Uzbek banks unless a presidential or government decision or international treaty provides otherwise. The entity then uses it independently. Under the general Currency Regulation Law rule, domestic payment for goods, works and services is in UZS. A foreign-currency account is therefore primarily for settlements with non-residents. Resident legal entities may open overseas accounts only under an applicable presidential or government decision or international treaty.

Purchasing currency domestically uses a separate special foreign-currency account. The company applies with the intended purpose, the bank debits UZS and credits purchased currency to that account, and the currency is used for the stated purpose. Amendments registered in July 2026 permit a change of purpose by an additional request. Previously, using the funds for another contract required selling and repurchasing them. Unused currency can be sold back. Some bank offers also specify a usage period—for example, seven banking working days followed by a reverse sale—so check your bank’s terms. Presidential Resolution No. PP-3157 abolished mandatory sale of 25% of foreign-currency proceeds from 1 August 2017; old advice based on that requirement is obsolete. The Instruction classifies “transit” accounts as accounts opened under banks’ internal documents. Their necessity and purpose therefore depend on the bank, rather than a universal mandatory procedure.

Why banks request further explanations

Further requests on opening and during the first months usually reflect difficulty understanding the customer, rather than missing paragraph-11 documents. Anti-money-laundering law expressly requires renewed checks where earlier information becomes doubtful. Typical triggers are ownership not traced to individuals or involving several foreign companies; activities that do not explain expected payments; initial large overseas receipts or third-party payments inconsistent with the declared profile; sanctions concerns involving counterparties or goods routes; and changed directors, participants or addresses. Published bank terms also show monitoring of foreign-trade contracts and invoices. Unsupported import and export payments normally prompt requests.

Preparing an LLC account application therefore goes beyond three formal documents. Assemble a supported ownership chart to ultimate beneficial owners, a brief business description identifying main customers, suppliers and expected currencies, initial draft agreements, and evidence of funds for capital and early expenses. If the company plans IT Park residency, this affects remote-opening options. For a foreign director, resolve PINFL and electronic-signature questions before the bank visit. The final information list comes from the bank’s internal-control rules. Agreeing it with the relationship manager before applying saves more time than any universal checklist.