UZBEKISTAN · FOREIGN INVESTMENT
Investment Incentives & SEZs in Uzbekistan
Bond Stone advises foreign investors on investment incentives in Uzbekistan — 34 Special Economic Zones, 400 Small Industrial Zones, IT Tech Park, and sector-specific incentives. Incentives include tax and customs relief and simplified procedures, and they changed for new SEZ participants from 1 April 2026.
Primary authority: Law "On Special Economic Zones" No. ZRU-604 dated 17 February 2020; Law "On Investments and Investment Activity" No. ZRU-598 dated 25 December 2019; Tax Code, Articles 473 and 474. Authority: lex.uz
Uzbekistan — Market Context 2025
22,000+
Foreign-invested enterprises, 1 October 2026
7.7%
GDP growth 2025
USD 43B
Investment 2025 (FDI USD 38.2B)
BITs
Bilateral investment treaties — investor protection
Key Framework
Special Economic Zones — Law No. ZRU-604 (2020)
Uzbekistan's SEZ framework is governed by the Law on Special Economic Zones No. ZRU-604 dated 17 February 2020. Uzbekistan had 34 SEZs across various sectors and regions as of 1 July 2026. Each SEZ has specific qualifying activity requirements, minimum investment thresholds, and operating conditions set by the relevant SEZ administration. SEZ participants may benefit from: CIT exemption by amount invested (USD 3–5 million: 3 years; USD 5–15 million: 5 years; USD 15 million or more: 10 years), with accelerated depreciation instead for those admitted from 1 April 2026; property and land tax exemptions for a period set by presidential decision (Tax Code, Art. 473); relief from customs payments on listed construction materials, equipment and raw materials; and import VAT deferral of up to 120 days (Law No. ZRU-604, Art. 39). Bond Stone advises on SEZ eligibility, application, and operating condition compliance.
Small Industrial Zones — 400 zones
Uzbekistan's 400 Small Industrial Zones (SIZs) are smaller, regionally distributed investment zones with simplified entry requirements compared to full SEZs. They provide infrastructure access, reduced administrative burden, and sector-specific incentives for smaller manufacturing and processing investments. Bond Stone advises on SIZ qualification and the available incentive packages by zone.
IT Tech Park — Presidential Decree No. UP-5099 (2017)
The IT Tech Park provides: income tax exemption until 2028; from 1 January 2028 to 1 January 2040, residents with exports above 50% of income and qualifying IT education providers are exempt from all taxes except VAT (Tax Code, Art. 483); VAT exemption; exemption from social tax on employee salaries; and a simplified work permit regime for foreign IT specialists. IT Tech Park residency requires the entity's primary activity to be IT development, IT services, or related technology activities. Bond Stone advises on IT Tech Park eligibility and registration.
Free Economic Zones
A free economic zone is one type of SEZ under Law No. ZRU-604 (Art. 10), alongside scientific and technology, tourist and recreational, free trade and special industrial zones. Projects there must meet special requirements (Art. 16), and the act establishing each zone should be checked.
Investment agreement — stability guarantee
The Government may conclude an investment agreement with a foreign investor, and must do so where it grants additional guarantees or support, available case by case for priority sectors and projects. Additional tax benefits are given only for a defined period (Law No. ZRU-598, Art. 40). The Article 19 guarantee protects investors generally, in the cases it lists.
Experience
Bond Stone has advised foreign investors on investment structuring in Uzbekistan. Client confidentiality is maintained across all matters.
Incentives · Uzbekistan · SEZ · China
SEZ Application — Chinese Manufacturer
Advising a Chinese manufacturer on SEZ residency in Uzbekistan — eligibility against qualifying activity requirements, minimum investment threshold, application preparation, and review of CIT, VAT, and customs duty exemption schedule.
Incentives · Uzbekistan · Technology
IT Tech Park Registration — Foreign IT Company
Advising a foreign IT company on IT Tech Park registration — eligibility assessment, income tax exemption scope, work permit simplification, and ongoing compliance with IT Tech Park operating conditions.
Incentives · Uzbekistan · Turkey · Manufacturing
SIZ — Turkish Manufacturer
Advising a Turkish manufacturer on Small Industrial Zone eligibility in Uzbekistan — zone selection based on sector and location, application procedure, available tax incentives, and infrastructure access.
Incentives · Uzbekistan · Corporate
Investment Agreement — Stability Guarantee
Advising a European investor on qualifying for an investment agreement with the government of Uzbekistan — investment threshold analysis, priority sector confirmation, and stability guarantee scope negotiation.
Incentives · Uzbekistan · SEZ
SEZ Compliance — Operating Conditions
Advising an SEZ resident on compliance with SEZ operating conditions — qualifying activity monitoring, minimum investment fulfilment, reporting obligations, and assessment of the risk of SEZ status revocation.
Incentives · Uzbekistan · Industrial
Navoi FEZ — Industrial Investment
Advising a foreign investor on Navoi Free Economic Zone eligibility — qualifying activity assessment, extended CIT exemption period analysis, customs duty relief, and application procedure.
Investing in Uzbekistan
Uzbekistan — Investment Framework
- 100% foreign ownership permitted in most sectors — Law No. ZRU-598
- EFI status — additional protections for qualifying foreign investors
- 34 SEZs, 400 Small Industrial Zones (1 July 2026) — tax and customs exemptions
- Bilateral investment treaties — investor-state arbitration and free transfer guarantees
Uzbekistan — International Financial Centre (Not Yet Operating)
Tashkent International Financial Centre (TIFC)
Created by Decree No. UP-48 of 30 March 2026 and Constitutional Law No. ZRU-1158 of 13 July 2026; not yet operating. TIFC Acts backed by the common law of England and Wales, TFSA regulator, TICC commercial court, tax exemptions for qualifying participants, most of them until 1 January 2076.
Tashkent International Financial Centre — full guide →Why Bond Stone
- Tashkent office — direct engagement with Uzbek investment authorities
- Ranked Legal 500 EMEA and IFLR1000 — Tashkent and Almaty offices
Primary authority: lex.uz
Discuss your Uzbekistan investment
Contact Bond Stone for a confidential discussion about investment incentives and SEZs in Uzbekistan.
[email protected]
+7 (701) 729 76 72 — Almaty
Request a Confidential Consultation ← Investment Vehicles Foreign Ownership & EFI Status → ← Foreign Investment Hub
