CC BY
23Berdikulov Mashrab,
Head of «Business management» Educational Department,
Yeoju Technical Institute in Tashkent, An Independent Researcher of Tashkent State University of Law
E-mail: [email protected] ORCID: 0000-0001-9024-5746
LEGITIMATION OF BUSINESS ACTIVITY (NATIONAL AND FOREIGN EXPERIENCE)
A R T I C L E I N F O
A B S T R A C T
Keywords:
legitimation, business management, international ranking, gross domestic product, small business, private entrepreneurship, pandemic, state registration, public service, licensing, road map, global crisis,
preference.
In this article, the author considers an analytical approach to how the activities of business entities are regulated on the basis of the legislation of the Republic of Uzbekistan. In particular, the role of business entities in the economy of the country, its share in the volume of gross domestic product (GDP) was analyzed in comparison with other foreign countries. Opinions were drawn up on the legitimization of the activities of business entities, which led to the term "legitimacy" of various definitions and concepts of scientists. For example, the author of the article tried to give comparative views and definitions of such scientist and professors like Hybels, Amitai Etzioni, Dolf Sternberger, V.S. Martemyanov. And the author gives his own definition to the word "legitimation" in business activity.
At the same time, the author has widely covered the role of Republic of Uzbekistan in the international rating of the World Bank "Doing Business" criteria and the reforms carried out in this area through the legalization (legitimization) of entrepreneurial activity of business entities. In the current period of the pandemic,
measures implemented in Uzbekistan and a number of developed countries to support entrepreneurship and their activities were compared. Proceeding from the article, in the summary section, the author put forward some suggestions and recommendations on legislation in the field of legitimization of entrepreneurial activity.
Introduction
It is known that today entrepreneurship plays a very important role in the economy of any country. In recent years, a number of laws, decrees and resolutions on the organization and further liberalization of our economy on a completely new basis, improvement
(legitimation) of its legal framework, modernization and diversification of production, well-thought-out programs have been adopted and are being consistently implemented.
Indeed, the fundamental basis of economic reforms in Uzbekistan is aimed at further development of small business and private entrepreneurship, creating freedoms for them and making them the leading force in the economy.
In the context of modernization of the economy, the development of small business and entrepreneurship
has a significant impact on ensuring macroeconomic stability.
As the President of Uzbekistan Sh. Mirziyoev noted, "This is the further development of private property and entrepreneurship and ensuring their effective protection [1, 2017].
By providing legal support to small businesses and private entrepreneurship, they have become a leading link in the economy today. The development of small business and private entrepreneurship in our country, their share in the country's gross national product is growing.
The main findings and results
According to the State Statistics Committee of the Republic of Uzbekistan, over the past 10 years, the share of small business and private entrepreneurship in the country's GDP is more than
*
20 17 63 ,6* * 41. 2 64.8 78.0 22. 0 53. 6
20 18 59 ,4* * CO 73.2 76.3 27, 2 56. 2
50%. This shows how important business is in the economy. The share of small business and private entrepreneurship [2]
(in% of total volume)
Y ea r G D P Ind ust ry Cons tructi on Emp loye d Ex po rt Im po rt
20 00 31 ,0* 12, 9* 38,4* 49,7 * 10, 2 22, 8
20 01 33 ,8* 12, 5* 40,4* 51,8 * 09, 3 26, 7
20 02 34 ,6* 15, 4* 42,0* 53,5 * 07, 5 24, 9
20 03 35 .0 10, 8 39.9 56.7 07, 3 33. 7
20 09 50 .1 17, 9 42.4 73.9 14, 6 42. 5
20 10 52 .5 26, 6 52.5 74.3 13, 7 35. 8
20 11 54 .0 28, 6 67.6 75.1 18, 8 34. 3
20 12 54 .6 29, 7 70.0 75.6 14. 0 38. 6
20 13 55 .8 33. 0 70.6 76.7 26, 2 42. 4
20 14 56 .1 36. 8 69.5 77.6 27. 0 45. 4
20 15 62 ,9* * 40. 6 66.7 77.9 27. 0 44. 5
20 16 64 ,9* 45. 3 66.9 78.2 26. 0 46. 8
*) small and medium business
**) The data for 20152018 are presented taking into account the data that have been accurately included (revalued)
In 2019 alone, the country's GDP amounted to 511.8 trillion soums (57.9 billion US dollars at the Central Bank's exchange rate), of which the share of products produced by entrepreneurs amounted to 300.3 trillion soums[3]. In percentage terms, this figure can be seen to be 58.6 percent in 2019.
If we compare these statistics with foreign developed countries, we will see that Uzbekistan has a higher performance in this area than some developed countries. For example, in the Russian Federation, the share of entrepreneurship in GDP is
very low (21%) and the government needs to carry out special reforms to increase this figure by 1.5-2 times. And this figure is expected to reach at least 32.4% by 2024 [4, 2019]. However, we can see that this figure is 48% in South Korea, 51% in the UK and 53% in Germany.
The share of small and medium enterprises in GDP
58%
42*
48%
52%
51%
53%
6 £ £
/ id
/
49% 47%
JS Jf / ê
58%
42%
58%
42%
59%
41%
60%
40%
60%
40%
61%
63%
39% 37%
cf
/ J
/ Z
The share of small and medium enterprises in the GDP of developed countries [5]
If we analyze the share of small and medium-sized businesses in developed countries, the overall average is 58%, we can say that the Republic of Uzbekistan is carrying out effective and targeted reforms in this area.
Therefore, it is necessary to emphasize once again the importance of entrepreneurship in the economy of any country.
This means that the representatives of this business sector need a solid legal framework and legal protection in order to fully operate in the countries of the world, including Uzbekistan. In short, the legitimization of entrepreneurial activity is required.
So, what is legitimation and how does it play a role in business?
In general, although the term legitimacy existed before, the term came into widespread use in the field of law in the late 20th and early 21st centuries. In the field of law of our country, this term has been partially used in recent years.
The word legitimation is derived from the Latin words "legitimus", "lex", "legis", which means law, legality, and legal, conformity with the law or the Constitution [6]. In English, there are the words "legitimation", "legal", "legacy", which are defined as the act of making lawful [7]. Examples of the term "legitimacy" in Russian include "legitimization",
"extension", "recognition of the right", ie "legitimization",
"legalization" and "recognition of the right" [8].
In a classical piece on legitimation, Hybels recognized four main groups of organizational constituents: the state, the public, the media, and the financial community (1995). The state is important because governmental bodies not only control critical resources directly through the awarding of contracts and grants, but also indirectly influence the transfer of resources through regulation and legislation. The public is a critical actor because consumer groups and other 'public interest' groups affect legislation and regulation directly through lobbying and indirectly through influence on voters. The investment community legitimates both new and established organizations by determining the present values of firms based on rationalized appraisals intended to predict future returns on investment (collective assessments of future performance). Finally, the media not only reports
illegitimate activities but also defines and evaluates grounds for the actions of entrepreneurs, managers, regulators, and investors (even though it has little direct control over the transfer of resources to organizations, it has considerable influence on the allocation decision of others).
While these four constituents provide different sources of legitimacy, three -state, public, and media - have overlapping norms and values by which they judge organizations, whereas the financial community uses at least partially distinct evaluation criteria [9, 1995].
Amitai Etzioni, an American sociologist and professor at George Washington University, sees legitimacy as a source of satisfaction from participation in enterprise in his book Entrepreneurship, Adaptation and Legitimation: A Macro-Behavioral Perspective. That is, it defines the belief that the decisions, documents, and actions of government leaders are just, moral virtues, and that
they must be accepted in any individuals and legal entities, as
situation [10, 1987]. well as confirmation of the
It should be noted that the legality of relevant documents"
legitimization of A. Etzioni in his [13, 2017]. The term
works is not only legal or "legitimacy" was first used in
legitimate, but also moral. An the doctrine of economic law by
example of this is the statement Professor V.S. Martemyanov,
of the International Independent and the term was used in the
Commission on Kosovo: "state registration of enterprises
"NATO's intervention in Kosovo and individual entrepreneurs"
was illegal, but legitimate" [11]. [14, 1995]. Today,
Well-known political "legitimization" is one of the
scientist Dolf Sternberger (Dolf peculiarities of business law,
Sternberger 1907-1989), a the meaning of which is closely
professor at the University of related to the state registration
Heidelberg in Germany, argued of business entities and
that legitimacy (legitimacy) is licensing of certain types of
the basis of state power. This is economic activity, in the words
done by the government as a of V. V Laptev, an academician
consciousness because it has of the Russian Academy of
the right to be governed by the Sciences [15, 2008].
government and recognizes Based on the above
that the government has a right mentioned facts, we can give a
to it [12]. legal definition of the term
So today, legitimacy is one legitimacy as follows.
of the main conditions for doing Legitimation is the legal basis
business. One of the modern for the full legal implementation
concepts of the term of the activities of business
"legitimacy" was first interpreted entities, the state's confirmation
in terms of jurisprudence in of the legitimacy of their rights
2007 and defined in more detail and powers.
as "... legalization, recognition Therefore, the first major
or confirmation of the legality of stage of legitimization is the
the rights and powers of state registration and
registration of business entities that want to start their own business.
Legitimation of business activity
Nowadays, the term "legitimation" means "make legal, accept and approve the lawful rights and powers of natural and legal persons. And also confirm the legality by relevant documents".
In economic and business law sphere the term "legitimation" is mostly used for the state registration of companies and sole proprietors. And "legitimation" has become the main feature of the business law entities.
For some business law entities (such as, public educations and
entrepreneurship unions, which do not have rights of legal entities) specific feature of legitimation of business entities is its law-determining character. Thus, in general by the term 'legitimation of business entities' it can be understood law-determining procedures, which provides legal character of business activity and lawful
status of business entities. That's why, there should be noted the difference of legal consequences' between
'legitimation of business activities' and 'legitimation of business entities'.
Legitimation is the essence of the state registration of the business entities' activities and licensing some types of economic activities. It gives lawful basis for business entities and also provide legal opportunities to do some activities, which require special knowledge, technologic
difficulty, risky for environment, essential for strategic interests of the state.
According to the Articles 24 and 44 of the Civil Code of Uzbekistan, entrepreneurship activity should follow state registration, which gives legal status to the business entity. Thus, it is recommended that the terms of 'legitimation of business entity' and 'legitimation of business entity's activity' should be
differentiated. 'Legitimation of business entity' is the base for obtaining business status and
gives opportunity to start Uzbek SSR No. 159 of June 12,
business activity. 'Legitimation 1991, and the Resolution of the
of business entity's activity' is Cabinet of Ministers No. 153 of
interrelated with fulfilment of 1994 Regulations on the
requirements, mentioned by the procedure for state registration,
law to the already legitimated registration and issuance of
business entity permits for business entities,
Extensive work is being approved by the Cabinet of
done in the Republic of Ministers of the Republic of
Uzbekistan in the field of Uzbekistan dated August 20,
business legitimization. In other 2003 No. 357 and the President
words, there are many of the Republic of Uzbekistan
normative legal acts in our No. PD-357 of 2006, PD-1529
country related to the of 2011 we can give an
organization of business example of numerical solutions
entities so that they can carry [16].
out their activities on a full legal These normative legal
basis. acts, which have now lost their
Since the 1990s, on the force, legitimized the legal basis
eve of the collapse of the for the organization of business
former Soviet Union and in the in our country at that time,
early years of independence, a including the registration,
number of decisions of the registration, notification, and
President and the Cabinet of implementation in the
Ministers have been made to prescribed manner.
legitimize the activities of In 2017, a completely new
business entities. stage of legitimizing the
For example, the activities of business entities
Regulation on the Procedure began. The reason for this was
for State Registration of the decision № PD-2646 "On
Enterprises in the Territory of improving the system of state
the Uzbek SSR, approved by registration and registration of
the then Resolution of the business entities" adopted by
Council of Ministers of the the President of the Republic of
Uzbekistan Sh. Mirziyoev on October 28, 2016. On the basis of this decision, a set of measures consisting of 32 points in 6 areas for radical improvement of the procedure for state registration and registration of business entities was approved [17, 2016].
In addition, on February 1, 2017, the President signed Resolution PQ-2750 "On additional measures to improve the mechanisms of providing public services to businesses". In accordance with this decision, the list of public services to be provided only to business entities through the Public Service Centers, which will be gradually introduced in 2018-2020, was approved. According to this list, 49 types of licensing activities and 19 types of licensing activities have been identified through the "single window" centers. In particular, the activities of audit organizations, stock
exchanges, real estate, tourism, organization of lottery games will be licensed through these centers [18, 2017].
At the same time, on February 9, 2017, the Cabinet of Ministers of the Republic of Uzbekistan adopted Resolution № 66 on measures to implement the Resolution No. PD-2646 of 28 October 2016. This decision approved the "Regulations on the procedure for state registration of business entities" [19, 2017].
These normative legal acts currently play a key role in legitimizing the activities of business entities in Uzbekistan.
These documents set out the legal basis for the registration, registration,
permitting, licensing, re-registration, reorganization, implementation of activities, and liquidation of all legal entities in the country.
World Bank "Doing Business" Rating
As a result of the above-mentioned large-scale reforms in the field of business legitimization, the Republic of Uzbekistan is currently attracting many foreign investors. Naturally, these investments and the adopted normative legal acts will serve
to further strengthen the position of our country in various international rankings. In particular, in recent years, Uzbekistan has taken a significant place among 190 countries in the international ranking of the World Bank "Doing Business".
Instead of information, it should be noted that the Doing Business rating represents the level of ease of doing small and medium business. Currently, a total of 11 indicators are assessed: business
registration, obtaining
construction permits, access to electricity, property registration, access to credit, protection of minority investors, and payment of taxes, cross-border trade, compliance mechanisms, bankruptcy, as well as labor market regulation and ease of installation. Doing Business is one of the most popular rankings describing the investment climate in the country, and in 2019 Uzbekistan was ranked 76th Compared to 2012, Uzbekistan rose by 78 positions [20].
It is gratifying that the most important stage in the legitimization of business activity in Uzbekistan is in the 12th place in this ranking in the business registration indicator. However, in this ranking, the activities of entrepreneurs in international trade (165th place), building permits / obtaining (134th place), elimination of non-payment (permits) (91st place), property registration (71st place), entrepreneurial activity We can see that the indicators of our country are not satisfactory in such indicators as obtaining a loan for (61st place) [21]. Therefore, there is still a need to work on the full legitimization of business activities in these areas on the basis of specific measures.
For this reason, many normative legal acts in this area have been adopted in our country and their
implementation is being ensured. For example, the President of the Republic of Uzbekistan adopted Resolution No. PP-3852 of July 13, 2018 "On measures to further
improves the rating of the report of the World Bank and
Republic of Uzbekistan in the the International Finance
annual report of the World Bank Corporation "Doing Business",
and the International Finance which envisages the country to
Corporation "Doing Business". reach 20th place by 2022 [23,
The Financial Corporation's 2019]. The "roadmaps"
Doing Business report approved by the resolutions set
approved a Roadmap for out specific measures to be
Improving the Performance of taken on the 10 indicators
the Republic of Uzbekistan [22, outlined in the annual "Doing
2018]. In addition, the President Business" report and the
of the Republic of Uzbekistan competent authorities. signed Resolution No. PD-4160 For example, the activities
of February 5, 2019 "On of entrepreneurs with the lowest
additional measures to improve indicators in the business
the rating of the Republic of ranking in international trade
Uzbekistan in the annual (165th place) In accordance
report" Doing Business "of the with the Presidential Decree №
World Bank and International PD-4160 of February 5, 2019 in
Finance Corporation". The the field of international trade -
annual report of the World Bank issuance of a certificate of
and the International Finance origin as well as on the basis of
Corporation "Doing Business", the application-declaration of
developed in collaboration with the participant of foreign
the World Bank and other economic activity, within the
international financial period not exceeding one
institutions, approved a working day from the date of
"Roadmap" to further improve submission of the application by
the rating of the Republic of the Chamber of Commerce and
Uzbekistan. At the same time, Industry. This norm, of course,
this decision sets the target for serves to enhance the position
improving the rating of the of our country on this indicator. Republic of Uzbekistan "Doing At the same time, in his
Business - 2022" in the annual Petition to the parliament in
January 2020, President of in turn requires effective
Uzbekistan Shavkat Mirziyoev preventive measures to mitigate
noted that all organizational the negative effects of this
and legal measures have been situation.
taken to make our country one In the fight against the
of the top 50 countries in the spread of coronavirus infection
World Bank's "Doing Business" and other global threats, there
ranking [24]. is a need to pay special
Legitimization of business attention to ensuring and
activity during the pandemic maintaining macroeconomic
By March 2020, the stability, uninterrupted
ongoing reforms in our country operation of sectors and
to legitimize business activities industries of the economy,
have faced serious obstacles. It stimulating foreign economic
is all-known that the spread of activity.
coronavirus infection around In this regard, a number of
the world, the need to restrict normative legal acts were
the movement of people and adopted in order to support
the need to shut down business entities and their
businesses, the sharp decline activities, to legitimize the
in production and consumption activities of representatives of
in countries with the largest this sector during the pandemic.
economies are having negative In particular, the President
consequences around the of the Republic of Uzbekistan
world. This has led to the № PD-5969 [25, 2020] of
disruption of global production March 19, 2020 "On priority
chains and trade ties, falling measures to mitigate the
commodity prices in world negative impact of the
financial markets and coronavirus pandemic and the
deteriorating conditions. global crisis on the economy",
Naturally, these factors April 3, 2020 "On the
also affect the economy of population, sectors and
Uzbekistan, which is part of the businesses during the
global economic system, which coronavirus pandemic" PD-
5978 [26, 2020] "On additional measures to support the population and businesses" and PD-5986 [27, 2020] "On additional measures to support the population and businesses during the coronavirus pandemic" dated April 27, 2020. Measures are being taken to expand social support and ensure the sustainable operation of various sectors of the economy.
On the basis of these decisions, an Anti-Crisis Fund worth 10 trillion sums was established to support the population and entrepreneurs.
Tour operators, travel agents and entities providing hotel services (accommodation services) in the field of tourism, JSC "Uzbekistan Airways" and its subsidiaries, JSC "Uzbekistan Airports" and SUE "Uzbek-Iran Navigation Center" from April 1 to December 31, 2020 exempted from paying property tax.
For sole entrepreneurs who were forced to suspend their activities during the quarantine period, the calculation of a fixed amount of
personal income tax and social tax was suspended.
Interest-free deferral of the following taxes until December 31, 2020, notifying the tax authorities of micro-firms, small businesses and individual entrepreneurs whose activities have ceased and (or) revenues from the sale of goods (services) decreased by more than 50% compared to the average monthly amount in the first quarter of this year The right to pay in installments was granted:
- on turnover tax, property tax, land tax, water use tax without application to local state authorities - on the condition that they are paid in equal installments within 12 months;
- on social tax - on the condition that it is paid in equal shares later for 6 months.
- at the same time, until October 1, 2020, the State Fund for Entrepreneurship Support:
- guarantee in the amount of not more than 75% of the loan amount, but not more than 10 billion soms,
provided to businesses with a other payments totaling 400
positive credit history, billion sums. More than 11,000
regardless of the number of entrepreneurs using state
projects, to replenish working property have been exempted
capital; from paying rent.
- compensation was The video conference
provided to businesses to chaired by the President of the
reimburse working capital in the Republic of Uzbekistan Shavkat
national currency at an interest Mirziyoev on 13 May also
rate not exceeding 1.75 times outlined the following measures
the base rate of the Central to be taken for business entities
Bank, while retaining its and their activities.
established amounts. First, the social tax rate for
In case of overdue small businesses and farms will
receivables of business entities be reduced from 12 percent to
in the reporting year not 1 percent in May-July. As a
exceeding 10% of total exports, result, more than 260,000
the exports of goods without enterprises and farms will be
collateral, as well as the able to save a total of 650
repayment of overdue billion soms and use them as
receivables on foreign trade capital and working capital.
operations in 2020 in exchange Second, small business
for technological equipment representatives, sole
and raw materials, one-time proprietors will be exempt from
import operations were allowed. land and property taxes for the
In addition, a total of 18 trillion next three months. As a result,
sums were extended to 87,000 more than 50,000
business entities, and more entrepreneurs will save 300
than 5 trillion sums to about 2 billion soms and their working
million citizens. capital will increase.
In April 2020 alone, Also, according to the
250,000 entrepreneurs and previous decision, in April-May,
enterprises, 83,000 farms were more than 1,000 entrepreneurs
delayed in paying taxes and will be delayed payments of 80
billion sums on land and legitimate business activities
property taxes and fines. are:
Third, entrepreneurs will • Entrepreneurs
be allowed to pay customs engaged in tourism and hotel
duties with a delay of up to 120 business are exempt from
days. This will allow them to paying land and property taxes
save a total of 540 billion sums until the end of the current year.
and direct these funds to the Social tax rate for them is
development of their business. reduced from the current 12 to
In addition, the amount of 1 percent. compensation for loans to • The calculation of a
entrepreneurs up to 500 billion fixed amount of personal
soums (previously up to 10 income tax and social tax for
billion soums) to replenish individual entrepreneurs who
working capital will be have been forced to suspend
increased from 5% to 10%. their activities for the period of
In addition, in order to quarantine is suspended. increase domestic demand for • Small businesses, the
the products of local enterprises revenue of which has
and thereby support them, decreased by 50 percent
government agencies will be compared to the previous
given the right to make month, are granted the right to
purchases in the III-IV quarters defer payment of turnover
in the II quarter. taxes, land tax, property tax,
In general, the President social and water taxes until
noted that more than 2 trillion October 1 this year. soms will be allocated from the • A new system was
budget to further support the been introduced to create
economy, entrepreneurs and decent conditions for self-
their activities, as well as employed citizens. Thus,
citizens [28]. hairdressers, shoemakers,
It can be noted that, the bakers, blacksmiths,
main efforts by government to carpenters, tailors, taxi drivers,
photographers, translators,
designers, programmers - the self-employed representatives of more than 60 professions will be exempt from income tax. To take advantage of this benefit, it will be enough to notify the tax authorities by phone. Based on international best practices, a mobile application will be developed for registration and accounting of self-employed citizens.
Naturally, such privileges and preferences provided by the state to business entities create a great basis for the rapid recovery of the country's economy, the restoration of living standards and re-employment in the current difficult conditions.
Business activity in pandemic conditions in foreign countries
It is clear from the above considerations that the introduction of quarantines, cessation of production, closure of trade routes and communications, borders
during a coronavirus pandemic all has a direct impact on the economy of any country.
So, what is the situation in foreign countries in such a situation? What work is being done to legitimize the leading and important business entities in the economy of any country by supporting business activities in general.
European Union [29]
During the pandemic, it was decided to allocate 37 billion euros in mid-March this year to support the economies of EU countries. Of this, € 8 billion was distributed to the companies most affected by the coronavirus. It has also launched a program to repurchase 750 billion euros worth of securities to maintain financial stability. Also, the budget deficit limit has been abolished, allowing
governments to borrow without any restrictions to help businesses do business. However, this limit was set at a maximum of 3% of the country's GDP.
United Kingdom
To support businesses, credit guarantees of £ 330 billion (about $ 400 billion) have been introduced for companies,
accounting for about 15% of the to support medical institutions
country's GDP. Maximum (hospitals) in Germany.
lending has been increased United States
from £ 1.2 million to £ 5 million As the country whose
(from $ 1.5 million to $ 6 citizens are most affected by
million). At the same time, the coronavirus, the United
interest payments were delayed States has now moved to take
for the first six months. Small drastic measures. In particular,
business, retail, tourism and it has passed a separate law to
hotel companies are exempt support business activity in the
from business tax. The context of a pandemic. Under
population was given a 3-month the law, companies with less
delay in mortgage payments than 500 employees are
[30]. required to pay 2 weeks of sick
Germany leave if an employee becomes
The governments have ill. At the same time, it was
allocated a total of € 750 billion stipulated that employees could
in assistance to businesses and go on leave for 10 weeks with
support them during the 2/3 of their monthly salary being
coronavirus epidemic. Of this, retained. $ 2 trillion has been
600 billion euros were directed allocated to stimulate the
to support large enterprises in economy. In particular, $ 500
the country. It was noted that billion will be directed to the
small firms can receive a Fund for Support of Large
subsidy of up to 15 thousand Companies, Cities and States,
euros, as well as an unlimited $ 25 billion for airlines and $ 17
amount of credit. It was pointed billion for strategic enterprises.
out that landowners should not 350 billion for tax holidays to
be allowed to terminate support small businesses, $
contracts with tenants who are 250 billion dollars to fight
unable to pay rent due to the unemployment were allocated.
epidemic. More than 3 billion South Korea
euros have also been allocated The South Korean
government has allocated 100
trillion won (about $ 80 billion) to support businesses during the pandemic. In particular, 58 trillion won (about $ 47 billion) in loans will be provided to help small and medium-sized businesses. 20 trillion won ($ 16 billion) has been allocated to stabilize the bond market, and a stock market support fund has been set up to combat 10.7 trillion won ($ 8.5 billion) of capital inflows.
In the context of the pandemic, almost all countries of the world provide a number of preferences and benefits to businesses in order to restore the economy to its former state, stabilize the living standards of the population and keep them busy.
Conclusion
To conclude, it should be noted that in today's market economy, the business sector is the most important, whether at the international level or at the level of any country. Entrepreneurs, whose activities greatly contribute to the coordination of living conditions
of peoples, employment, a stable source of income, the integrated development of the economy. Therefore, the creation of a legal framework for the legitimization of entrepreneurial activity,
including the establishment of business entities, state registration, registration,
licensing and implementation of activities is of great importance for the economy of our country. To this end, it is proposed to develop a single normative legal document covering the process from the establishment to liquidation of all types of business entities. The pandemic conditions have shown that no country is fully prepared for such force majeure in advance. It is recommended to include in this new normative legal document norms on the regulation of their activities during force majeure and quarantine. At the same time, it is proposed to introduce the term "legitimization" or "legitimization" of business activities as a legal term.
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