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Some procedural issues with regard to import and export contracts in Uzbekistan

It is important that you have a clear and binding contract in place whenever importing or exporting goods. Yetyou should be aware of some procedural issues that differently apply to import and export agreements. This brief overview discusses some of the most important issues to be kept in mind by the companies incorporated in the Republic of Uzbekistan while engaging in foreign trade.

02.06.2014Valeriya Ok, Partner, Юридическая фирма "Diplomat Law", www.diplomatlaw.com

1.     Import Contracts

Assume that your company entered into an import agreement. Before your agreement is fully performed, i.e. you receive the goods and make thepayments, you will have to take several steps;

1) Your import contract shall be recorded at your local commercial bank. The bank must do it within eight working hoursfrom the moment of submitting due documents. If advance payments are envisaged by your contract, you can make them only after such recordation;

2) Once the recordation is completed, the bank officers relay necessary information on the contract to the Unified Electronic Information Database of Foreign Trade Operations;

3) This Database is used by competent customs authorities to monitor the shipment of imported goods under your contract;

4) Once the goods are importedand put under the ‘released into free circulation’ customs regime, you will be given a duly registered Entry of GoodsCard;

5) After you demonstrate this Card to your bank, the bank will be entitled to transfer the remaining payment to your business partner under the import contract.

You should also be aware that prior to recordation at the bank your import contract will have to be expertized by the Ministry for Foreign Economic Relations, Investments and Trade of Uzbekistan within 5 to 10 businessdays in case:

1) Your contract is financed by state budgetary funds; 2) You contract is financed by loans of the Government of Uzbekistan or under its guarantees; 3) Uzbekistan and its state agencies have interest in your company at the amount of more than 50%, and your company does not have its own funds in foreign currency.

De-recordationof your import contracts atthe bank may be carried out on the following grounds:

1) Upon request of your company, if:

  • Your company does not have any accounts payable and receivable;
  • Your company wrote off accounts payable due to the statute of limitations in accordance with the legislation of Uzbekistan;
  • You change your servicing bank.

2) Upon expiration of one year from the date of recordationatthe bank given that no goods are shipped and no payments are made;

3) Liquidation of the company.

2.     Export Contracts

Unlike import contracts, the legislation of the Republic of Uzbekistan requires that your export contract be also recordedatthe customs authorities after it is recordedatthe bank.

However, there are a couple of cases when you do not need to have your export contract recordedat the bank. Mainly,

1) The contract is concluded in the Commodity Exchange of Uzbekistan in UZS; 2) You export goods for the purposes of paying contributions to authorizedfunds (charter capital) of foreignentitieswhith Uzbek investments, as well as for supplying goods free of charge.

Upon receipt of the payments in foreign currency from your business partner under the export contract, you will have to sell part of this profit in due course. The order of such sale is stipulated in the Procedure forCompulsory Sale of Profits in Foreign Currency (Attachment No. 1 to Decree No. 245 of the Cabinet of Ministers of Uzbekistan dated 29.06.2000). Paragraph 3 of the said Procedure defines the list of companies which are exempted from compulsory sale of profits in foreign currency under their export contracts.

De-recordation of your export contracts atthe bank may be carried out on the following grounds:

1) Upon request of your company, if:

  • Your company does not have any accounts payable and receivable, likewise your company madecompulsory sale of profit received in foreign currency in due course;
  • Your company wrote off accounts payable due to the statute of limitations in accordance with the legislation of Uzbekistan;
  • You change your servicing bank.

2) Upon expiration of one year from the date of recordationyour contractatthe bank giventhat no goods are shipped and no payments are made;

3) By court decisions;

4) Liquidation of the company;

5) Your exported goods become unusableduring transportation and storage or by reasons beyond the control of the Parties, according to the documents issued by competent bodies;

6) Full performance of outward processing contracts.

It is worth mentioning that certain types of import and export contracts shall be registered with specific state agencies. They are:

1.     Ministry for Foreign Economic Relations, Investments and Trade,

that registers

Export Contracts:

  • when exporting certain types of goods. The list of such goods is defined in Attachment No. 1 to Decree No. 137 of the Cabinet of Ministers of Uzbekistan dated 31.03.1998;
  • whenexporting goods (works, services) under the decision of the Government of the Republic of Uzbekistan.

 2.     Central Bank of the Republic of Uzbekistan

  •  making and receiving loans as well as leasing contracts in foreign currency;
  • deposits from foreign countries;
  • sale and purchase of real estate in foreign currency;
  • investment activities.

3.     Commodity Exchange of Uzbekistan or its authorized body (affiliate, trading platform)

 Export and Import Contracts Concluded As the Result of Trading

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