Business Code was approved by the Senate

At the 55th plenary session of the Senate, the Law "On Approving the Business Code of the Republic of Uzbekistan" was passed. A QALAMPIR.UZ journalist reported this from the Senate meeting.

The newly approved Business Code unifies over 100 legal documents, with the primary aim of regulating relations in the field of entrepreneurship.

This code serves as a comprehensive system for protecting the rights and interests of entrepreneurs, incorporating key principles such as ensuring the freedom and legality of business activities, equality of subjects, fair competition, the presumption of good faith, and freedom from corruption.

The main objective of the Code is to create guarantees and conditions that allow citizens to freely participate in business activities and benefit from them while also safeguarding the rights and legal interests of private property and business entities.

Under this Code, business entities are categorized into small, medium, and large enterprises (previously, only small business entities were recognized as a category).

Individual entrepreneurs are granted the right to engage in any activity not prohibited by law, with certain restrictions on specific types of activities.

The adoption of the Business Code is expected to unify scattered legal documents into a single framework, stabilize legislative regulations in the field of entrepreneurship, reduce state interference, and establish a consistent approach to entrepreneurship law.

The Senate has officially approved the Law "On Approving the Business Code of the Republic of Uzbekistan."