International Settlements via a Legal Entity in Uzbekistan

Ivan Karataev

Managing Partner, BizReg

MBA, ACCA, CPA · ex-KPMG, ex-CFO of NYSE-listed companies · 20+ years in US & Uzbek business

Last updated 2026-06-16 · 13 min read

✓ Facts verified against primary sources (lex.uz, soliq.uz)

Last updated 2026-06-16 · 13 min read · ✓ Facts verified against primary sources (lex.uz, soliq.uz)

International settlements in Uzbekistan run through a legal entity's currency account: incoming revenue arrives via SWIFT, outgoing payments go abroad, and every currency payment passes the bank's currency control against an export or import contract recorded in the foreign-trade system. Registering a company and opening an account is only half the job. The main question entrepreneurs in IT and trade ask is: how exactly does money move through an Uzbek legal entity in both directions? Who pays whom, what does the bank check, where does the currency get converted, and which documents does the contract require? This article is about the mechanics of B2B settlements: we trace the payment path from a foreign sender to your account, outgoing payments abroad, currency control and contract accounting — with no invented figures, and with links to primary sources.

Why do international settlements in Uzbekistan go through a legal entity?

If the earlier materials answered «why a company» and «how to open an account», here the focus is narrow and technical: how the money actually moves there and back. These are different things. Opening a foreign-currency account is an administrative task; pushing a payment through it so the bank lets it through and currency control does not bounce it is an operational one.

An Uzbek legal entity acting as a settlement hub solves two mirror-image tasks. On one side — receiving foreign-currency proceeds: a foreign client pays in dollars or euros into your foreign-currency account. On the other — outgoing payments: you pay foreign suppliers of goods and services from the same account. Both sides work by clear currency-control rules, and it is precisely these mechanics that matter before your first invoice.

The path of an incoming payment: from sender to your account

The most useful thing is to see the payment as a whole, like a route. A foreign client does not transfer money «directly to you»: the transfer goes through a chain of banks and control points. Below is the flow of a typical incoming payment.

Let us break the steps down in more detail, because this is where delays most often arise.

1. Contract and invoice

   You sign a contract on behalf of the Uzbek company and issue an invoice in foreign currency. The client gets clear details: the company name, the IBAN/account number, and the SWIFT code of the receiving bank.
2. SWIFT transfer

   The client initiates an international transfer. The payment travels over the SWIFT network through the sending bank and, as a rule, through a correspondent bank before reaching your bank in Uzbekistan.
3. Crediting and currency control

   The receiving bank identifies the payment, matches it against the export contract and invoice, runs currency control, and credits the currency to your foreign-currency account.
4. Using the proceeds

   From there the currency can stay on the account, be converted into soum at the market rate, or be directed to outgoing payments to foreign suppliers.

Types of operations: what you can actually run through the account

To avoid confusion, it helps to split operations by type. Each has its own basis document and its own currency-control logic.

Keep this split in mind: the bank processes not a payment in general, but a specific type of currency operation with a specific basis. Once you understand this, it is easier to assemble the right document set in advance and avoid a rejection over a formality.

Currency control and contract accounting in the foreign-trade system

This is the heart of the whole mechanism. For every foreign-trade operation the bank acts as a currency-control agent: it does not merely move the money, it verifies that the payment has a lawful basis — a real export or import contract.

Export–import contracts of Uzbek companies are recorded in the Unified Electronic Information System of Foreign-Trade Transactions. This is a state system that records foreign-trade contracts and the related payments and deliveries. The bank supports your currency operation by relying on the contract data in this system: it matches the payment amounts against the contract terms, tracks the receipt of export proceeds and the closing of import obligations.

How do conversion and the mandatory sale of currency work in international settlements now?

One of the most common questions from those used to the region's old rules is: do you have to sell your foreign-currency proceeds to the state? The short answer — the current regime is fundamentally more liberal than it was before 2017.

In 2017–2019 Uzbekistan liberalized its currency market. A new edition of the Law «On Currency Regulation» was adopted, the former rigid regime was abolished, and the national currency — the soum — became freely convertible for current international transactions. The previous requirement for exporters to sell part of their foreign-currency proceeds was abolished as part of these reforms.

In practice this means you are not obliged to convert your export proceeds into soum automatically — the money stays on the foreign-currency account, and you decide yourself when and how much to convert at the market rate. This matters especially for IT export and trade, where much of the spending is also in foreign currency.

Outgoing payments: how to pay abroad

The flip side is paying foreign suppliers. The logic is the same as for incoming payments, but mirrored: the basis is an import contract or a supplier invoice, and the bank checks that you are importing a real good or service.

1. Supplier contract or invoice

   You receive from a foreign contractor, SaaS service or goods supplier a contract or an invoice with the payment details.
2. Payment application

   You submit a payment order in foreign currency to the bank, attaching the basis document and a clear payment purpose.
3. Currency control

   The bank checks the basis, the accounting of the import contract where needed, and runs the outgoing SWIFT transfer.
4. Closing the obligation

   For imported goods the bank tracks the actual delivery (customs clearance); for services — an acceptance act or a confirmation that the service was rendered.

For IT companies this typically looks like paying for cloud infrastructure, software licenses, ad accounts, and the services of foreign freelancers. For trade — advances and payments to goods suppliers. In both cases the key to a smooth payment is the same: a clean document set and a correct payment purpose.

IT export and trade: how the mechanics differ

The settlement architecture itself is shared, but the operation profile differs between IT and trade, and that affects the documents and currency control.

Common mistakes and how to avoid them

Most problems with international settlements are predictable and tied not to the bank but to document preparation. An honest picture.

The order for launching international settlements

1. Legal entity and account

   You register an LLC or a foreign enterprise and open a foreign-currency account (see the separate materials on these steps).
2. Contracts and invoices

   You prepare templates of export and import contracts and invoices for your activity.
3. Accounting and currency control

   You register the contracts per the bank's requirements and agree the procedure for processing payments.
4. Launching settlements

   You start receiving proceeds and paying abroad; you set up conversion and reporting.

Related articles

• How to Accept Payments From Abroad for a Russian Business
• How to Pay Foreign Contractors From an Uzbek Company
• Relocating Your Business from Russia to Uzbekistan 2026
• How to Register an LLC in Uzbekistan: Step by Step

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