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Factoring in Uzbekistan is a type of bank services on financing suppliers against cession to the Bank’s benefit of the right to receive payment under the payment claims accepted but unpaid by Payers for goods delivered, works or services performed, without recourse (Bank does not claim from Supplier for recourse compensation of the amount paid to him under factoring operation).

Factoring services in Uzbekistan are provided to Suppliers which have on-demand deposit account opened at the Bank. Payer must have no overdue accounts payable, losses, illiquid balance and facts of recognition of its insolvency.

Main terms and conditions:
Term of factoring – less than 90 days
Discount on factoring - (difference between the amount transferred by bank to supplier and the nominal amount of payment claim issued by Payer) - 10-20% or shall be set by calculating based on the amount of the principal obligation, interest rate and period during which recovery of funds is planned (period used to calculate discount).

List of documents required to receive factoring:

  • Application for performing factoring operation;
  • Copy of the contract of sale (works, services) dully executed and signed by Supplier and Payer, to be verified with the original copy. The contract must include the term or the payment period;
  • copies of documents confirming the fact and reflecting the date of release of real assets (works performed, services provided), such as consignment notes, letter of attorney, acceptance certificates, certificates of reconciliation of mutual settlements between Supplier and Payer;
  • List of accounts opened by Payer in other banks;

Documents required for verification of the Payer’s financial condition, such as:

  • Accounting report for the last reporting period;
  • Profit and loss statement;
  • Cash flow statement, certificate on availability of financial obligations;
  • Interpretation of the accounts receivable and payable with the dates of their occurrence;

Accounting documents that reflect the frequency, volume of products delivered and settlements made between Supplier and Payer

Documents

Exchange Rates

As of 12.11.2019 (cbu.uz)
1 USD = 9490.77
1 EUR = 10455.03
1 RUB = 148.82
1 GBP = 12119.71
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