Shared History and Economic Ambitions
Kazakhstan and Uzbekistan share a rich history and close national ties, spanning over 2,300 km of land borders. Both nations trace their roots to the First Turkic Empire and are descendants of Juchi Khan’s ulus, the eldest son of Chingis Khan and founder of the Golden Horde, the cradle of statehood for both countries.
With the leadership of President Shafkat Merziyoyev, Uzbekistan’s GDP surged from $52 billion in 2018 to over $90 billion in 2023, marking a remarkable 75% growth in just five years. As a promising economy and raising star in Central Asia, Uzbekistan is on track to match Kazakhstan’s GDP by 2036.
BOND STONE: Your Partner in Uzbekistan’s Legal Market
Since 2019, BOND STONE has been a pivotal player in Uzbekistan’s legal landscape, following the addition of Tashkent partner Assadullah Muradov. Originally established to support Kazakhstan-based clients expanding into Central Asia, the Tashkent office quickly garnered its own distinguished clientele.
BOND STONE is dedicated to offering comprehensive legal assistance to international investors, serving prestigious names like Hilton, Coca-Cola, Huawei, Knauf, Nestle, Carlsberg, CNPC, and Honeywell. Our expertise spans corporate law, antitrust, contracts, licensing, regulatory compliance, tax optimization, and product certification.
Recognized as the best law firm in Uzbekistan, BOND STONE continues to set benchmarks in the legal industry, ensuring our clients receive the highest level of service and support in navigating the complexities of the Uzbek legal market.
Why invest in Uzbekistan
Business-Friendly Conditions
– Reduced VAT and Tax Exemptions: The VAT rate has been lowered to 12%, and dividends from foreign investors’ shares are tax-free for three years.
– Customs Duties Exemptions: Over 7,000 types of raw materials and products are exempt from customs duties.
– Support for Investors: A unified support system and a “one-stop shop” have been established to assist investors at every stage. The Presidential Council of Foreign Investors facilitates dialogue and resolves issues. Administrative courts protect investors’ rights.
Priority Investment Areas
– Green Economy: Focus on green energy projects, including solar and wind power plants, aiming to generate over 8,000 MW.
– Public-Private Partnerships: Key sectors like aviation, technology, and healthcare are now open to private investment.
– Privatization: A program to sell government stakes in 1,000 enterprises and properties, with plans to take 40 strategic enterprises public.
– Industrial Development: Leveraging ample raw materials and skilled labor to double production and export capacities.
– Regional Collaboration: Joint funds and large projects with neighboring countries.
Supportive Business Climate
A presidential decree signed on August 1, 2018, has significantly improved the investment climate. Foreign investors can now obtain a three-year multiple-entry visa with unlimited renewals. The minimum foreign investment requirement in companies was reduced from 30% to 15%, and the requirement for a foreign legal entity was removed.
The Law “On Investments and Investment Activity” provides tax incentives and a simplified system to support a competitive environment. Uzbekistan has introduced extensive democratic reforms, free currency conversion, and national currency bonds on global markets, enhancing its appeal to foreign investors.
Policy of Transparency
Uzbekistan’s transparent policies have boosted investment flows. Visa-free entry has been extended to over 90 countries, and anti-corruption measures have been prioritized with the establishment of a dedicated agency. The country’s membership in the UN Human Rights Council and its efforts to join the World Trade Organization (WTO) further underline its commitment to a fair legal system and democratic governance.
Uzbekistan’s inclusion in the OECD FDI Restriction Index and high ratings from Fitch and S&P highlight its growing economic stability and potential.
Why Choose BOND STONE?
As one of the best law firm in Uzbekistan, BOND STONE is equipped to handle complex international cross-border transactions. We serve multiple locations, including Tashkent, Samarkand, Ferghana, Namangan, Andijan, and Bukhara. Leveraging AI technologies, we continually enhance our customer satisfaction and streamline services.
Let BOND STONE be your trusted partner for all legal needs in Uzbekistan and Kazakhstan. We are dedicated to supporting international businesses with investment projects and entrepreneurship activities in these dynamic markets.
