Uzbekistan plans to change leasing rules for individual entrepreneurs
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Podrobno.uz [uz]
podrobno.uz

Uzbekistan plans to change leasing rules for individual entrepreneurs

Uzbekistan is considering expanding opportunities for individual entrepreneurs to acquire various assets, including vehicles, equipment, and other property, through leasing. Leasing is defined as long-term rental with the right of subsequent purchase.

The relevant draft law has already been approved by the Legislative Chamber of the Oliy Majlis in its third reading and is currently being sent to the Senate.

Changes in the accounting of leased property

One of the key changes is the adjustment of the procedure for accounting for property transferred under lease. Previously, such property was usually reflected on the balance sheet of the recipient, but for individual entrepreneurs, it is now stipulated that this property should be accounted for on the balance sheet of the company that provided the property.

It is expected that the introduction of these innovations will increase individual entrepreneurs' access to necessary financial resources and simplify the process of using leasing services.

Furthermore, it should be mentioned that in February 2025, President Shavkat Mirziyoyev gave his consent to a proposal that allows banks to directly purchase non-residential real estate from developers. After this, banks will be able to lease or rent this real estate to entrepreneurs under special, preferential conditions. This initiative is designed to activate the turnover of free commercial spaces and expand business opportunities in the real estate sector.

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Uzbekistan insists on the prompt introduction of escrow accounts to protect homebuyers' funds
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podrobno.uz

Uzbekistan insists on the prompt introduction of escrow accounts to protect homebuyers' funds

Against the backdrop of several incidents involving construction companies, including cases of housing delivery delays, non-return of funds to buyers, and criminal cases against developer management, the National Committee on Urbanization has called for accelerating the implementation of the escrow account system.

This system is designed to guarantee the safety of funds invested by citizens in apartment construction. Representatives of the agency emphasized the inadmissibility of a situation where people who have invested money in purchasing housing are left without the promised apartments or the ability to receive a refund of their funds.

To minimize such risks, a draft law 'On participatory construction of apartment buildings and other real estate objects' is currently being considered in the Legislative Chamber of the Oliy Majlis, which provides for the introduction of escrow accounts.

It was planned that this mechanism would be introduced in 2025. According to the presidential decree, starting from January 1, 2026, all payments from participants should exclusively pass through escrow accounts; however, this requirement did not come into effect because its implementation required the adoption of a corresponding legislative act. In July 2026, the Legislative Chamber adopted this bill in its first reading.

The proposed mechanism involves placing buyers' money in specialized bank accounts, and the transfer of these funds to the developer will only occur after certain conditions have been met. This should help reduce the probability of fraud and misuse of citizens' funds.

Furthermore, the system allows for the involvement of another developer if serious difficulties arise in implementing the project. Thus, even if the first construction company cannot fulfill its obligations, there will be a way to complete the construction.

The Committee believes that the foundations of housing construction must be built on the protection of buyers' funds, the fulfillment of obligations by developers, and ensuring transparency for all market participants. The introduction of escrow accounts, according to the agency, is a critically important step to prevent crises and restore public trust in the housing market.

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