UZBEKISTAN · PRACTICE AREA
Foreign Investment in Uzbekistan
Bond Stone advises international investors on the legal framework for foreign investment in Uzbekistan — investment vehicles, EFI status, SEZ incentives, foreign ownership restrictions, profit repatriation, and bilateral investment treaty protections. Bond Stone's Tashkent office provides direct engagement with Uzbek investment authorities and state agencies.
Primary authority: Law "On Investments and Investment Activity" No. ZRU-598 dated 25 December 2019; Law "On Limited Liability Companies" No. ZRU-1137 dated 21 April 2026 (in force 22 July 2026). Authority: lex.uz
Uzbekistan — Market Context 2025
7.7%
Real GDP growth 2025
USD 43B
Investment in 2025 (FDI USD 38.2B) — up 24% year on year
22,000+
Foreign-invested enterprises at 1 October 2026 — 100% ownership permitted
Investment Advisory Services
Investment Vehicles & EFI Status
Advising on the most suitable legal structure for foreign investment in Uzbekistan — LLC, JSC, SEZ entity, IT Tech Park resident, or TIFC entity. Enterprise with Foreign Investment (EFI) status adds rights on accounts, trade and land to the guarantees all investors have. Bond Stone advises on vehicle selection and EFI qualification.
Investment Incentives & SEZs
34 Special Economic Zones, 400 Small Industrial Zones, IT Tech Park — tax and customs incentives that differ by zone and date of admission. Bond Stone advises on SEZ eligibility, qualification criteria, and operating conditions for each zone type.
Foreign Ownership & EFI Status
100% foreign ownership permitted in most sectors — EFI status requires minimum 15% foreign participation and 400 million UZS charter capital. Bond Stone advises on structuring investments to obtain EFI status and on sector-specific ownership restrictions in regulated industries.
Profit Repatriation & Currency Control
Uzbekistan liberalised its currency regime in 2017 — foreign investors may repatriate profits in freely convertible currency. Bond Stone advises on dividend repatriation procedures, withholding tax compliance, and the currency control obligations that remain under Uzbek law.
Privatisation & State Partnership
29 SOEs being privatised in 2025–2026 — IPOs, direct sales, and PPP arrangements. Bond Stone advises foreign investors on participation in Uzbekistan's privatisation programme and on structuring PPP arrangements for infrastructure investment.
BIT Protection
Uzbekistan has bilateral investment treaties providing investor-state arbitration access. Bond Stone advises on structuring investments to maximise available BIT protections and on the interaction between domestic investment law guarantees and treaty rights.
Detailed Guides
Experience
Bond Stone has advised foreign investors on market entry and investment structuring in Uzbekistan. Client confidentiality is maintained across all matters.
Foreign Investment · Uzbekistan · China
Chinese Investor — Manufacturing Entry
Advising a Chinese manufacturer on market entry into Uzbekistan — LLC formation, EFI status qualification, SEZ residency application, ODI filing coordination, and investment protection assessment under the China-Uzbekistan BIT.
Foreign Investment · Uzbekistan · UAE
Gulf Investor — Privatisation Programme
Advising a Gulf investor on participation in Uzbekistan's SOE privatisation programme — investment vehicle selection, EFI status, due diligence on privatisation target, and BIT protection structuring.
Foreign Investment · Uzbekistan · SEZ · Turkey
SEZ Application — Turkish Manufacturer
Advising a Turkish manufacturer on SEZ residency in Uzbekistan — eligibility assessment, minimum investment threshold analysis, application preparation, and review of SEZ tax and customs exemption schedule.
Foreign Investment · Uzbekistan · Technology
IT Tech Park — Foreign IT Company
Advising a foreign IT company on IT Tech Park residency in Uzbekistan — eligibility assessment, income tax exemption scope, work permit simplification for foreign IT specialists, and registration procedure.
Foreign Investment · Uzbekistan · Energy
Profit Repatriation — Energy Investor
Advising a foreign energy investor on dividend repatriation from an Uzbek subsidiary — withholding tax analysis, UZS to USD conversion, Central Bank requirements, and BIT free transfer guarantee.
Foreign Investment · Uzbekistan · TIFC
TIFC Positioning — Financial Services
Advising a foreign financial services company on positioning for the TIFC — investment vehicle analysis, English law structuring options, and TFSA regulatory pathway advisory ahead of the TIFC framework becoming fully operational.
Foreign Investment · Uzbekistan · BIT
BIT Protection — European Investor
Advising a European investor on structuring a major Uzbek investment to maximise BIT protection — treaty selection, investment vehicle nationality, and interaction between EFI domestic protections and BIT rights.
Foreign Investment · Uzbekistan · Corporate
100% Foreign-owned LLC — Formation
Full market entry mandate for a foreign investor establishing a 100% foreign-owned LLC in Uzbekistan — company formation, EFI registration, banking, work permits, and ongoing compliance advisory.
Foreign Investment · Uzbekistan · Infrastructure
PPP — Infrastructure Investment
Advising a foreign infrastructure investor on a PPP arrangement for an Uzbek infrastructure asset — concession agreement structure, investment protection, state guarantee provisions, and dispute resolution.
Investing in Uzbekistan
Uzbekistan — Investment Framework
- 100% foreign ownership permitted in most sectors — Law on Investments and Investment Activity No. ZRU-598
- EFI status — rights on accounts, trade and land, on top of the guarantees all investors have
- 34 SEZs, 400 Small Industrial Zones (1 July 2026) — tax and customs benefits for qualifying participants
- Bilateral investment treaties — investor-state arbitration access and free transfer of funds 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. Bond Stone is monitoring the TIFC Acts and will advise on TIFC entry once the Centre is activated.
Tashkent International Financial Centre — full guide →Why Bond Stone
- Tashkent office — direct engagement with Uzbek investment authorities
- Active Chinese, Turkish, UAE, and European investor mandates in Uzbekistan
- 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 foreign investment in Uzbekistan — vehicle selection, EFI status, incentives, and protections.
[email protected]
+7 (701) 729 76 72 — Almaty
Request a Confidential Consultation ← Foreign Investment Kazakhstan Investment Vehicles →