Opening bank accounts for non-residents in Uzbekistan

In recent years, the regulator — the Central Bank of Uzbekistan (hereinafter CBU) — has introduced more liberal and relaxed rules for banking activities. As a result, opening bank accounts for both residents and non-residents has become easier and more time-effective. In this post, we will summarize the process of opening a bank account for non-residents in Uzbekistan in local commercial banks.

I. LEGAL ENTITIES

Firstly, it is worthy to note that non-resident entities cannot directly open bank accounts in Uzbek banks. More precisely, incorporating a legal entity is required to have a bank account. However, there are some exceptions that allow opening accounts without establishing separate legal entities. These exceptions include:

• Diplomatic representative offices

• International organizations and their branches

• Representative offices of non-commercial international organizations

• Permanent establishments

• Participants in open electronic commodity exchanges

• Foreign investors buying/selling shares and corporate bonds

• Participants of crypto exchanges

They need to submit the following documents to the local bank:

• Written application

• Copy of tax identification number certificate

• Specimen signature

• Personal identification document of the signatory for payment documents on behalf of the entity

• Legalized or notarized copies of incorporation documents (association agreement, charter)

• Copy of the agreement on brokerage services between a non-resident legal entity and a participant in open electronic commodity trading or between non-resident legal entities and investment intermediaries for foreign investors participating in auctions.

II. INDIVIDUALS

Non-resident individuals must present the following documents to the relevant bank:

• Written application

• Passport or equivalent document

• Document confirming the non-resident's presence (residency) in Uzbekistan

Banks may also require additional documents from non-resident individuals when opening accounts, such as proof of registration with validity of at least 3 months and evidence of their activities (proof of residence, work/study, or income).

A personal identification number (PINI) is required for opening a bank account. Learn more how get it in our post.

Upon submission of all the aforementioned documents by non-resident individuals and legal entities, banks should open an account within 15 days.

Our experienced banking lawyers are always ready to provide high-quality legal support. If you require assistance in relationships with local banks in Uzbekistan, please do not hesitate to contact us at info@fairlex.uz.