On April 21, 2026, the new Law of the Republic of Uzbekistan No. LRU-1137 “On Limited Liability Companies” (the “New LLC Law”) was adopted and will enter into force on July 22, 2026. As of the same date, the previous Law No. 310-II dated December 6, 2001, will cease to be effective.
The New LLC Law significantly modernizes corporate governance, provides a detailed framework for transactions with affiliated persons, introduces the concepts of majority and minority participants, and establishes fiduciary duties of management.
Below is a comparative overview of the key innovations compared to the previous version of the law.
Status of Majority and Minority Participants
For the first time at the legislative level, the concepts and legal status of minority and majority participants are formally introduced:
A minority participant is defined as a participant whose vote does not influence the outcome of voting at the general meeting. To protect their rights, an LLC may establish a Minority Participants Committee, whose activities cannot be interfered with by the Supervisory Board or executive bodies.
Read more here.
Author:
Javokhir Urinov, Senior Associate,
Dilorom Yuldasheva, Partner
GRATA International Uzbekistan