Step 1. Adopt and Approve the “Resolution on Share Issuance”
The Resolution on Share Issuance is an official document.
It must be adopted and approved by the company’s governing body in accordance with the law and the company charter. Depending on the structure, this could be either the General Meeting of Shareholders or the Supervisory Board.
 

Step 2. Prepare the Document Package
To issue shares, the company must compile and submit the following documents to the regulator (the NAPP – National Agency for Prospective Projects):

• Application for state registration of the share issue;
• Resolution on Share Issuance;
• Prospectus of the issue (in case of an IPO);
• Minutes confirming the adoption and approval of the Resolution on Share Issuance;
• Payment receipt for the state fee (0.01% of the nominal value of the issue), payable to the NAPP.

⏳ Deadlines for submission:

• For establishment of a JSC (initial issue): within 30 days after state registration of the JSC;
• For additional issues: within 3 months after the decision is made, but no later than 1 month after it is approved.

Step 3. Register the Issue with the NAPP
The regulator (NAPP) reviews the submitted package within 30 days and makes a decision to either:
✅ register the share issue; or
❌ refuse registration, providing justification.

Fee for document review:
5 BRV (≈ 2.06 million UZS as of August 2025).
 

Step 4. Place the Shares

Once registered, the company must actually “place” the shares among investors. This can be done in two ways:

• Public offering (IPO): through the “Toshkent” Stock Exchange;
• Private placement: among a pre-determined group of investors (without public announcements or advertising campaigns).

⏱️ Maximum placement period:

• For the initial issue – within 1 year from the date of state registration of the JSC;
• For subsequent issues – within 1 year from the date of registration of the issue.

Step 5. Report the Results
After placement is completed, the company must file a notification of results with the NAPP within 30 days.
This notification must be submitted using the prescribed form.
Exception: For the establishment of a joint-stock company (initial share issue), no placement notification is required.