Residents of the Republic of Uzbekistan planning to conduct business abroad may encounter a number of difficulties when choosing jurisdictions with attractive taxation conditions.
In this context, we consider the states and territories where the minimum or zero corporate tax rates generally apply.
The reason for this is the so-called black list of Uzbekistan, which in 2020, includes 66 jurisdictions. They include:
- 30 independent states;
- 18 administrative divisions and SARs of independent countries;
- 11 dependent territories;
- 7 associated states and self-governing state entities.
Let's take a closer look at the current list of offshore zones for Uzbekistan and the key changes that have occurred in it over recent years.
In the table below, compiled by our experts, you will find offshore countries that are on the black list of the Ministry of Finance of Uzbekistan in 2020.
Turks and Caicos Islands *
South Georgia and the South Sandwich Islands*
** Separate administrative divisions of the United Kingdom of Great Britain and Northern Ireland (Channel Islands).* Territories dependent on the United Kingdom of Great Britain and Northern Ireland.
*** The Netherlands Antilles: self-governing states and special communities within the Netherlands.
According to the Regulation on monitoring the validity of currency transactions by individuals and legal entities in the Republic of Uzbekistan, the list of offshore jurisdictions for Uzbekistan in 2020 no longer includes:
- The Swiss Confederation, in particular, the cantons: Zug, Geneva, Neuchâtel and Friborg (since July 2014);
- The Grand Duchy of Luxembourg (since October 2017).
If you are a resident of the Republic of Uzbekistan and want to start your own business in another country, as well as open a corporate account in a foreign bank, then we offer you the following most attractive options for 2020:
- Open a company for a citizen of Uzbekistan in the Czech Republic (tax rate is 19%);
- Establish a company for a citizen of Uzbekistan in Singapore (tax rate is 17%);
- Register a company in Northern Ireland for a resident of Uzbekistan (tax rate is 19%) or set up a company for residents of Uzbekistan in Ireland (tax rate is 12.5%), with the exception of the cities of Shannon and Dublin;
- Open an LP in Scotland for citizens of Uzbekistan (tax rate is 19%).
In addition, since the following countries are not included in the updated list of offshore jurisdictions for Uzbekistan, we recommend that you:
- Register a company for citizens of Uzbekistan in Luxembourg (combined tax rate is 24.94%) or set up a company in the name of a citizen of Uzbekistan in Switzerland (tax rate at the federal level is 8.5%).
- Open a Canadian LP for a citizen of Uzbekistan (tax rate at the federal level is 15%);
- Establish a company for citizens of Uzbekistan in Portugal (tax rate is 21%);
- Open a company for residents of Uzbekistan in England (tax rate is 19%);
- Establish a company in the name of a citizen of Uzbekistan in Hungary (tax rate is 9%) or register a company for a resident of Uzbekistan in Bulgaria (tax rate is 10%).
We also recommend that you order legal advice on setting up a foreign company for citizens of Uzbekistan. To do this, you can fill out a special form or get in touch with us through the contacts on the IQ Decision company website.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
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