Baku, Azerbaijan, January 19
Trend:
An Uzbek-Emirati investment company will be created in Uzbekistan, Trend reports via Podrobno.uz with reference to the presidential decree.
Fund for Reconstruction and Development of Uzbekistan and Abu Dhabi Development Fund will be its founders.
The investment company is created in the form of a limited liability company with a statutory fund of $5 million and a declared capital of $1 billion. Abu Dhabi Development Fund’s share will be 75 percent in its organization and the Fund for Reconstruction and Development of Uzbekistan will be 25 percent, with the possibility of attracting additional participants.
The company will have the right to make investments through the acquisition of shares in the authorized capital of existing and newly created economic entities, the allocation of loans, issuance of securities and in other forms not prohibited by law.
It will also perform functions for the development of investment cooperation with investment companies and financial institutions of United Arab Emirates.
The document provides the Uzbek-Emirates investment company with a number of benefits and preferences.
The investment company and its founders are exempt from income tax for 3 years, including income from dividends and interest, property tax and land tax, and value added tax on the sale of its property and assets.
Finally, at least 30 percent of the authorized capital which is formed at the expense of the investment company is subject to the privileges and preferences provided for newly created enterprises.