USD business account in Uzbekistan
A company registered in Uzbekistan holds US dollars in a foreign currency account at an Uzbek bank: the Law on Currency Regulation lets resident companies open accounts abroad only under a decision of the President or the Government, or an international treaty. Current international payments are free of restriction, but currency must be bought and sold through Uzbek banks and export proceeds must be repatriated. This guide covers the options, the Central Bank of Uzbekistan (CBU) rules, published bank costs, documents and the NAPP regime for crypto and stablecoins.
- Under Article 12 of the Law on Currency Regulation, a resident company may open an account abroad only under a decision of the President or the Government, or an international treaty, and must notify the tax authority and the CBU.
- Article 15 of the same law allows current international operations, and the purchase or sale of foreign currency linked to them, without restriction.
- Foreign currency may be bought and sold in Uzbekistan only through Uzbek banks, and currency operations between residents are prohibited except in the cases the law lists.
- A resident must ensure repatriation of assets under foreign trade operations, and a delay of more than 180 days is treated as a capital movement under Article 11.
- National Bank of Uzbekistan's Pro International tariff, as published, makes outgoing USD transfers abroad free up to $10,000 and charges 0.2% above that.
- Since 1 January 2023, individuals and companies may buy, sell or exchange crypto only through licensed service providers, crypto may not be used as payment, and a sandbox for stablecoin payments in pilot projects opened on 1 January 2026.
USD business account options in Uzbekistan: the short answer
A company registered in Uzbekistan holds and receives US dollars mainly through a foreign currency account at an Uzbek bank. Uzbek banks open USD accounts for companies, and payments to and from abroad under trade contracts are free of restriction. Holding dollars at a bank or provider outside Uzbekistan is a different matter: the Law on Currency Regulation lets a resident company open an account abroad only under a decision of the President or the Government, or where an international treaty allows it.
That one rule shapes every option. A company whose founders want a USD account with US details usually does it through a separate company registered abroad, such as a US company, which then trades with the Uzbek company under contract. The Uzbek company itself keeps its dollars at home and uses its bank's SWIFT connections to receive and pay.
Each business has different needs. Exporters of textiles, fruit and vegetables and IT services need to receive dollars and meet repatriation rules. Importers need dollars to pay suppliers in China, Türkiye, Russia and Europe. This guide covers the Central Bank of Uzbekistan (CBU) rules, published bank costs, which foreign providers say they accept Uzbek businesses, the US company route, documents, the legal position of USDC and USDT under the National Agency of Perspective Projects (NAPP), and where Helm fits.
The options compared
The table compares the option types. It is not a ranking.
| Option | Account name and location | How US payers pay it | Main rules and limits |
|---|---|---|---|
| USD account at an Uzbek bank | Uzbek company's own name, Uzbek bank | International wire (SWIFT) through the bank's US correspondent | Law on Currency Regulation; currency bought and sold only through Uzbek banks; repatriation |
| Account abroad in the Uzbek company's name | Foreign bank or provider | ACH, Fedwire or SWIFT | Only under a decision of the President or the Government, or an international treaty; quarterly notification to the tax authority and the CBU |
| Company registered abroad with its own account | The foreign company's name, abroad | ACH and Fedwire, if a US company | Separate company and filings; trades with the Uzbek company under contract |
| Stablecoin wallet | Wallet address, not a bank account | USDC or USDT on a blockchain | Licensed providers only; crypto not a means of payment outside the sandbox |
Sources: Law of the Republic of Uzbekistan No. ZRU-573 On Currency Regulation; Central Bank of Uzbekistan statement of 5 September 2023; Verba Legal on Resolution PP-359. As published on 29 October 2026.
ACH is the low-cost US domestic bank transfer system that US companies use for routine supplier payments. Fedwire is the Federal Reserve's same-day system for large US dollar payments. SWIFT is the international network banks use to send cross-border payments, identified by an 8 or 11 character bank code. A US client can pay an Uzbek bank account only by SWIFT, which is why some exporters add a foreign company with US details to their structure.
Uzbekistan's currency rules for companies
The Law of the Republic of Uzbekistan No. ZRU-573 On Currency Regulation was signed on 22 October 2019 and took effect on publication on 23 October 2019, replacing the 2003 law. The CBU applies it through its regulations and the banks.
What is free
Article 15 permits current international operations, and the purchase or sale of foreign currency linked to them, without restriction. Paying for imported goods, receiving export proceeds, paying for services and paying dividends abroad are current operations. A law firm review of the 2019 law notes that dividend payments, foreign trade payments and the repatriation of foreign direct investment can be made without limitation.
What is controlled
- Where currency is exchanged. Under Article 19, residents and non-residents may buy and sell foreign currency in Uzbekistan only through Uzbek banks.
- Payments between residents. Under Article 17, currency operations between residents are prohibited except in the cases the law lists. Two Uzbek companies settle with each other in soum, the national currency.
- Repatriation. Article 11 requires the resident to ensure repatriation of assets under foreign trade operations. Where repatriation runs more than 180 days past the date of the obligation, the transaction is treated as a capital movement.
- Accounts abroad. Article 12 allows a resident company to open an account abroad only under a decision of the President or the Government, or an international treaty, with quarterly notification to the tax authority and the CBU.
| Activity | Rule |
|---|---|
| Holding USD at an Uzbek bank | Allowed, in the company's own name |
| Receiving export proceeds and paying for imports | Current operations, without restriction (Article 15) |
| Buying or selling dollars | Only through Uzbek banks (Article 19) |
| Paying another Uzbek company | In soum, except in cases the law lists (Article 17) |
| Export proceeds outstanding more than 180 days | Treated as a capital movement (Article 11) |
| Account abroad in the company's name | Only under a Presidential or Government decision or an international treaty (Article 12) |
Sources: Law No. ZRU-573 On Currency Regulation, as published by Invest in Uzbekistan; Mondaq review of the 2019 law. As published on 29 October 2026. Confirm current rules with your bank.
The CBU has applied Article 12 in practice. On 5 September 2023, it said that resident legal entities can open foreign accounts and use the funds in them only within decisions of the President or the Government, and it cited a payment company that had opened an account in a foreign bank and run operations through it contrary to the law. In the same statement, the CBU said there are no restrictions on international payment services and that cross-border transfers can be made through commercial bank platforms.
Uzbek bank accounts and published costs
Uzbek banks publish business tariffs. National Bank of Uzbekistan (NBU) offers a Pro International tariff described as a USD business account for small and medium businesses.
| Item | NBU Pro International, as published |
|---|---|
| Outgoing USD transfers outside Uzbekistan | Free up to $10,000; 0.2% above $10,000 |
| SWIFT charges | Free |
| Plan fee, City project | 790,000 soum for 30 days; 3,360,000 soum for 180 days, VAT not included |
| Plan fee, Region project | 710,000 soum for 30 days; 3,000,000 soum for 180 days, VAT not included |
| Transfers to other Uzbek banks (soum) | 0% up to 300 million soum a month; 0.2% above |
| Transfers in other currencies | General commission tariffs for legal entities apply |
Source: National Bank of Uzbekistan, Tariff Pro International. As published on 29 October 2026. The tariff does not list fees for incoming transfers; ask the bank.
Opening is quick when the file is complete. Law firm Revera states that the legal decision period is 15 banking days, and that in practice an account can open within one working day. A foreign company cannot simply open an account in Uzbekistan without a local presence: Revera lists the limited cases, such as a permanent establishment or representative office, and notes that a foreign group can instead set up a local company, which then holds its account as a resident.
Banks monitor larger transfers. Revera lists, among other triggers, transfers abroad of 500 basic settlement values or more, an amount it puts at about $13,000. Keep the contract and invoice for each payment ready.
Foreign providers and the US company route
Eligibility for online USD accounts is set by each provider, and for a company registered in Uzbekistan, Article 12 applies before any provider's own rules. The table records what each provider states; it is not a ranking.
| Provider | What its own pages state |
|---|---|
| Wise | Uzbekistan is not on its list of countries where businesses can hold money; Wise states that USD details are available only where your address is in a country where you can open a currency account |
| Airwallex | Uzbekistan is not on its list of supported registration locations; unlisted locations cannot be processed |
| Payoneer | Global fee page: receiving into an account in a currency that is not your local currency costs 1% (minimum 1.00 USD); different prices may apply in different territories; availability is subject to eligibility |
| Mercury | Accepts only companies formed and registered in the United States or a US territory, and publishes a list of founder countries it cannot support |
Sources: Wise on USD account details, Airwallex eligible countries, Payoneer pricing, Mercury eligibility. As published on 29 October 2026.
A US company
Some Uzbek founders form a US company, usually a limited liability company (LLC) or a Delaware corporation, and open a US account in its name. Mercury requires the company to be formed and registered in the United States or a US territory and to have existing or planned US operations. The company needs an Employer Identification Number (EIN), the US federal tax number for a business. The IRS instructions for Form SS-4 state that applicants with no legal residence, principal place of business or principal office in the US may call 267-941-1099 from 6:00 a.m. to 11:00 p.m. Eastern Time, Monday to Friday, and may fax the form to 304-707-9471 from outside the United States.
The US company is a separate entity with its own filings, and money it earns belongs to it. If it buys from or sells to the Uzbek company, that is a foreign trade operation for the Uzbek side, with repatriation and contract documents as usual. Investing in it from Uzbekistan may be a capital movement. Take Uzbek and US advice first.
Documents you need
Revera lists the documents Uzbek banks ask a resident company for. A foreign provider asks for a similar file for a foreign group company.
| Document | Uzbek bank, resident company | Provider abroad, foreign group company |
|---|---|---|
| Registration certificate | Yes | Yes, of the foreign company |
| Articles of association (charter) | Yes | Yes |
| Resolution of the sole participant, if applicable | Yes | Usually |
| Order appointing the director | Yes | Board or member resolution |
| Passport or ID of the director | Yes | Yes, and of owners of 25% or more |
| Description of activity, counterparties and expected volumes | On request | Yes |
| Foreign trade contracts and invoices | For each foreign payment | Often, for the first large payments |
Sources: Revera, opening corporate accounts in Uzbekistan; foreign provider column compiled by the Helm Editorial Team. As published on 29 October 2026.
Keep the company's name in the same Latin spelling on the charter, contracts and invoices. A transliteration that differs between documents is a common cause of delay in incoming wires.
Individual entrepreneurs and freelancers
Uzbek freelancers and individual entrepreneurs paid by clients abroad have the same core option on a smaller scale: a foreign currency account at an Uzbek bank in their own name. Payment platforms used by foreign clients are another route; check each platform's own eligibility page for Uzbekistan and how it pays out to an Uzbek bank. Keep business receipts in an account separate from personal spending, and keep the client contract for each payment, because banks may ask what an incoming transfer is for. A freelancer who grows into an agency should form a company and open accounts in the company's name.
Crypto and stablecoins in Uzbekistan: the NAPP regime
Stablecoins are digital tokens designed to hold a steady value against a currency such as the US dollar. USDC and USDT are the two most widely used dollar stablecoins. Uzbekistan regulates crypto through the National Agency of Perspective Projects (NAPP), which licenses crypto exchanges and other crypto-asset service providers.
- Licensed providers only. As reported by ForkLog on 29 April 2022, a presidential decree made NAPP the main crypto regulator and set that, from 1 January 2023, individuals and legal entities may buy, sell or exchange crypto exclusively through licensed service providers.
- Not a means of payment. The same decree kept the prohibition on using crypto assets as a means of payment or to receive payments. Resolution PP-359 of 27 November 2025 added a rule that providers may not suggest that crypto-assets can be used as payment in Uzbekistan unless the law expressly allows it.
- Stablecoin sandbox. Resolution PP-359 defines stable tokens as digital assets backed by national or foreign currency. From 1 January 2026, a regulatory sandbox allows stable tokens to circulate as a means of payment within pilot projects for distributed-ledger payment systems, with procedures to be set by NAPP and the CBU.
| Question | What the sources say |
|---|---|
| Can an Uzbek company buy or sell USDT? | Yes, but only through a NAPP-licensed service provider |
| Can it pay or be paid in USDT for goods? | No, crypto may not be used as a means of payment, except in the stablecoin sandbox for pilot projects from 1 January 2026 |
| Who sets the sandbox rules? | NAPP and the CBU |
| Can resident companies issue tokenized shares and bonds? | Yes, from 1 January 2026 under Resolution PP-359 |
Sources: Verba Legal on Presidential Resolution PP-359 (in force 28 November 2025); ForkLog, 29 April 2022. As published on 29 October 2026.
Until the sandbox rules reach ordinary trade, an Uzbek exporter should be paid in dollars to its bank account, not in USDT. Our overview of stablecoin payment rules by country compares Uzbekistan with other markets.
Where Helm fits
Helm is a financial technology company, not a bank. Accounts are held with regulated partner institutions. Helm provides USD account details in a company's own name, with a US routing and account number that receives ACH, Fedwire and SWIFT payments, alongside EUR and GBP details.
For a company registered in Uzbekistan, a Helm account would be an account abroad. Under Article 12, that requires a decision of the President or the Government or an international treaty, so an Uzbek-registered company should confirm with its counsel and bank that it is covered before applying. Helm fits most directly in three cases:
- A group company registered outside Uzbekistan, such as a US, UK or UAE company owned by Uzbek founders, can hold USD details in its own name, collect from US clients by ACH, and make international payments to suppliers with the rate, fee and expected arrival shown before sending.
- Foreign buyers of Uzbek goods and services can pay their Uzbek supplier's bank account by SWIFT from a Helm account.
- A foreign group company paid in stablecoins can receive USDC and USDT and convert them to USD inside the account, where the law of its own country allows.
Each account has a named account manager, and review questions are answered in writing within one business day. Trade finance is arranged case by case. Helm agrees pricing with each business in writing before the account opens, and shows the rate, the fee and the expected arrival before you confirm each payment.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
Can an Uzbek company open a USD account?
Yes, at an Uzbek bank. Uzbek banks open foreign currency accounts in US dollars for companies in their own name, and payments under foreign trade contracts are current operations permitted without restriction under Article 15 of the Law on Currency Regulation.
Can an Uzbek company open a bank account abroad?
Only under a decision of the President or the Government of Uzbekistan, or where an international treaty allows it, under Article 12 of the Law on Currency Regulation. The company must then notify the tax authority and the CBU. The CBU restated this rule on 5 September 2023.
Is there currency control in Uzbekistan?
Current international operations are free, but foreign currency may be bought and sold only through Uzbek banks, payments between residents must generally be in soum, and exporters must ensure repatriation. Accounts abroad for companies are restricted under Article 12.
What is the repatriation rule in Uzbekistan?
Article 11 of the Law on Currency Regulation requires the resident to ensure repatriation of assets under foreign trade operations. Where repatriation runs more than 180 days past the obligation date, the transaction is treated as a capital movement.
Can two Uzbek companies pay each other in dollars?
Generally no. Article 17 of the Law on Currency Regulation prohibits currency operations between residents other than the cases it lists, so domestic payments between companies are made in soum.
How much does an Uzbek bank charge for a USD transfer abroad?
It depends on the bank and tariff. National Bank of Uzbekistan's Pro International tariff, as published, makes outgoing USD transfers outside Uzbekistan free up to $10,000 and charges 0.2% above that, with SWIFT charges free.
Can an Uzbek business get a Wise USD account?
Not at present. Uzbekistan is not on Wise's list of countries where businesses can hold money, and Wise gives USD account details only where you can hold money. For a company registered in Uzbekistan, Article 12 on accounts abroad applies first.
Is USDT legal in Uzbekistan?
Individuals and companies may buy, sell and exchange crypto, including USDT, only through NAPP-licensed service providers. Crypto may not be used as a means of payment, except in a regulatory sandbox for stablecoin payments in pilot projects that opened on 1 January 2026.
Can an Uzbek founder get a US EIN?
Yes. The IRS instructions for Form SS-4 let international applicants call 267-941-1099 to obtain an EIN, Monday to Friday from 6:00 a.m. to 11:00 p.m. Eastern Time. Applicants outside the US can also fax Form SS-4 to 304-707-9471.
References
- Law of the Republic of Uzbekistan No. ZRU-573 On Currency Regulation (22 October 2019)
- Mondaq: Uzbekistan to introduce new currency control rules
- Kun.uz: Central Bank says there are no restrictions on international payment services (5 September 2023)
- National Bank of Uzbekistan: Tariff Pro International
- Revera: Opening corporate accounts in Uzbekistan and conducting transactions on them
- Verba Legal: New rules on the regulation of cryptocurrency and digital financial assets (Resolution PP-359)
- ForkLog: Uzbekistan sets out regulatory framework for cryptocurrencies and mining (29 April 2022)
- Internal Revenue Service: Instructions for Form SS-4
- Wise: where do I need to live to hold money with Wise
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.