The Law ‘‘On Approval of the Entrepreneurial Code of the Republic of Uzbekistan’’ was approved by senators

At the 55th plenary session of the Senate, the Law ‘‘On Approval of the Entrepreneurial Code of the Republic of Uzbekistan’’ was considered, the press service of the Senate of the Oliy Majlis of the Republic of Uzbekistan reports.

The Entrepreneurial Code approved by law provides for the unification of more than 100 legislative acts. The main goal is to regulate relations in the field of entrepreneurship.

In addition, the main task of the Code is to create guarantees and conditions for the free participation and interest of citizens in entrepreneurial activity, the protection of private property, as well as the rights and legitimate interests of business entities.

The Code unifies and enshrines the basic principles of entrepreneurial activity: legality, freedom of entrepreneurship, equality of business entities, fair competition, freedom from corruption, etc.

The Code divides business entities into small, medium and large (in practice, only a small business entity existed as a category).

It defines the types of activities that individual entrepreneurs cannot engage in. They are granted the right to carry out any activity not prohibited by law.

The boundaries of state regulation of entrepreneurship are established, as well as the forms of regulation. Women’s and youth entrepreneurship and a system of their support in accordance with international standards are introduced.

The Code defines social entrepreneurship, social enterprise, socially vulnerable groups of the population, and mechanisms for their support.

At the same time, the Code establishes the legal status, goals and objectives of business incubators and prohibits the provision of state enterprises with benefits and preferences that limit competition.

It was noted that the adoption of the Entrepreneurial Code serves to unite disparate legislative acts into a single document, the stability of legislation in the field of entrepreneurship, reduce government intervention in the field of entrepreneurship, and establish a unified approach in the field of entrepreneurial law.

After active discussion, the Law was approved by senators.