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Chapter 5 / 12

How to open a corporate bank account in Uzbekistan as a foreign founder

Short answer

After registration, the company opens a som account at an Uzbek bank of its choice. The bank runs its own checks on the foreign founder and director, so the time varies from days to about two weeks; the first account usually needs the director in person. The som has been freely convertible for current payments since 2017: imports and dividends are paid through the bank without special permits.

Facts checked 6 November 20262 min read Download the PDF

In this chapter

  • What the bank will ask for
  • The two most common reasons an account opening stalls
  • How currency payments, foreign contracts and dividends work

5.1Opening the account

  1. Choose the bank before you register the company.

    Banks differ a lot in how they treat foreign owners from different countries and business types. Ask two or three banks what they need from you.

  2. Prepare the company file.

    Expect to show the registration extract, the charter, the director's passport and PINFL, confirmation of the legal address and a description of the business.

    You need
    Charter, extract, lease or address document, director's passport

  3. Write two paragraphs about what the company does.

    Who will pay you, what for, from which countries, and whom you will pay. A clear story speeds up the bank's checks more than any extra document.

  4. Visit the bank with the director.

    Most banks want to see the director for the first account. Later accounts at the same bank can often be opened remotely.

    You get
    A som account and, if you need one, a foreign-currency account

5.2Currency, contracts and dividends

  • Local business is paid in som. Since 5 September 2017 the som is freely convertible for current transactions; the bank converts at the market rate.
  • Foreign trade contracts are registered in the E-Contract system of the State Customs Committee (contract.customs.uz) and signed with the company's EDS key. The older systems stopped accepting contracts on 19 May 2025.
  • The bank is your currency-control agent: every cross-border payment is matched against the contract, the invoice and, for goods, the customs declaration.
  • Dividends to a foreign owner: the bank asks for the owners' decision, the financial statements and proof that the 10% withholding tax (or the treaty rate) has been paid, then converts and transfers.

Checklist

  • I have asked at least two banks what they need from a foreign-owned company
  • The company has a real, registered legal address
  • I have a short written description of the business and its counterparties
  • Foreign contracts will be registered in E-Contract before the first payment

Common questions

Can a foreigner open a business bank account in Uzbekistan remotely?

Usually not the first one: most banks want the director in person for their checks. Additional accounts at the same bank can often be opened remotely.

Can I send profits out of Uzbekistan?

Yes. Dividends are paid through the bank after the withholding tax (10%, or a lower treaty rate); no special permit is needed.

Want us to do it for you?

iBookkeeper registers companies for foreign and local founders and keeps their books afterwards. We talk it through in English, Uzbek or Russian first; once we agree, we sign a paper contract.

Sources

  1. Eurasianet — Uzbekistan returns to currency convertibility (Sept 2017)
  2. Asia Alliance Bank — launch of the E-Contract foreign trade system (May 2025)
  3. PwC — Uzbekistan, withholding taxes

This guide is general information, not legal or tax advice for your situation. Figures are current on the date shown and change; confirm them before you act.