English Law

Governing framework — principles and precedents of England and Wales

0% Tax

CIT, social tax, property tax, land tax, VAT exemptions until 1 January 2076

TICC

Independent international commercial court — first instance and appeal

TFSA

Tashkent Financial Services Authority — regulator for all TIFC financial activities

TIFC Council

The supreme governing body of the TIFC, chaired directly by the President of the Republic of Uzbekistan. The Council sets strategic direction, approves key regulations, and oversees the development of the Centre.

TIFC Administration

The executive body responsible for the day-to-day operation of the TIFC — headed by the Governor. The Administration handles corporate formation, registration, and licensing of entities within the TIFC zone. Equivalent to the AIFC Registrar of Companies.

Tashkent Financial Services Authority (TFSA)

The independent regulator of financial services within the TIFC — responsible for licensing, regulating, supervising, and enforcing activities relating to financial services and ancillary services. Equivalent to AFSA in the AIFC framework.

Tashkent International Commercial Court (TICC)

An independent judicial body separate from the Uzbek national court system, comprising a Court of First Instance and an Appeal Court. Judges may be of any nationality, appointed by the President. Proceedings in English. Equivalent to the AIFC Court.

TIFC Entry Strategy

Bond Stone advises international clients on early positioning ahead of the TIFC becoming fully operational — assessing whether TIFC or Uzbek national law entity formation is the appropriate structure, and preparing for TFSA licensing strategy once the regulatory framework is published. Bond Stone’s AIFC experience provides a direct knowledge base for TIFC advisory.

TIFC Entity Formation

Once the TIFC Administration begins accepting registrations, Bond Stone will manage TIFC entity formation — constitutional documents, registration with the Administration, and post-formation compliance. Clients who structure early will benefit from first-mover positioning within the TIFC participant community.

TFSA Licensing — Early Preparation

The TFSA’s licensing rulebooks are not yet published — they will be adopted within six months of the Constitutional Law entering into force. Bond Stone monitors the legislative process and will advise clients on TFSA licensing applications as soon as the regulatory framework is in place. Clients who engage now will be prepared to file on day one. Bond Stone’s AFSA licensing experience in the AIFC provides a direct knowledge base for what the TFSA framework is likely to require.

TICC Dispute Resolution

Once operational, the TICC will offer parties outside the TIFC the ability to elect it as their dispute resolution forum by contractual opt-in — a significant structuring tool for international transactions involving Uzbekistan. Bond Stone is preparing clients now by advising on dispute resolution clauses in Uzbekistan-related contracts that position them to use the TICC once it becomes operational, and by monitoring the TICC’s rules as they are published.

TIFC vs National Law — Structuring Advice

Not every business entering Uzbekistan should use the TIFC. Bond Stone advises on the optimal structure — TIFC entity, Uzbek LLC (OOO), branch, or representative office — based on the client’s activity, tax position, regulatory requirements, and long-term Uzbekistan strategy. Uzbek national law entity formation remains the appropriate route for most operational businesses outside the financial services sector.

Islamic & Green Finance Structuring

The TIFC’s explicit Islamic finance framework positions Uzbekistan as a gateway for Gulf capital into Central Asia. Bond Stone advises on Shariah-compliant transaction structuring — Murabaha, Ijara, Musharaka, Sukuk — and on green finance instruments for ESG-focused investors seeking entry into the Uzbek market.