Foreign Investment in Uzbekistan — Legal Guide & Advisory
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 Companies with Limited and Additional Liability” No. 310-I dated 6 December 2001 (as amended). Authority: lex.uz
Uzbekistan — Market Context 2025
USD 145B
GDP — Central Asia’s second largest economy
7.7%
Real GDP growth 2025 — among the fastest globally
USD 43B
FDI in 2025 — up 1.6x year on year
17,000+
Foreign-invested enterprises — 100% ownership permitted
Investment Advisory Services
Investment Vehicles & EFI Status
Advising on the optimal legal structure for foreign investment in Uzbekistan — OOO, JSC, SEZ entity, IT Tech Park resident, or TIFC entity. Enterprise with Foreign Investment (EFI) status confers additional protections unavailable in most other jurisdictions. Bond Stone advises on vehicle selection and EFI qualification.
Investment Incentives & SEZs
28 Special Economic Zones, 389 Small Industrial Zones, IT Tech Park — tax and customs incentive landscape significantly more complex than most peer markets. 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 concluded 50+ 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.
Chinese Investor — Manufacturing Entry
Foreign Investment · Uzbekistan · China
Advising a Chinese manufacturer on market entry into Uzbekistan — OOO formation, EFI status qualification, SEZ residency application, ODI filing coordination, and investment protection assessment under the China-Uzbekistan BIT.
Gulf Investor — Privatisation Programme
Foreign Investment · Uzbekistan · UAE
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.
SEZ Application — Turkish Manufacturer
Foreign Investment · Uzbekistan · SEZ · Turkey
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.
IT Tech Park — Foreign IT Company
Foreign Investment · Uzbekistan · Technology
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.
Profit Repatriation — Energy Investor
Foreign Investment · Uzbekistan · Energy
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.
TIFC Positioning — Financial Services
Foreign Investment · Uzbekistan · TIFC
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.
BIT Protection — European Investor
Foreign Investment · Uzbekistan · BIT
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.
100% Foreign-owned OOO — Formation
Foreign Investment · Uzbekistan · Corporate
Full market entry mandate for a foreign investor establishing a 100% foreign-owned OOO in Uzbekistan — company formation, EFI registration, banking, work permits, and ongoing compliance advisory.
PPP — Infrastructure Investment
Foreign Investment · Uzbekistan · Infrastructure
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 — additional protections against expropriation, unrestricted profit repatriation, national treatment
✦ 28 SEZs, 389 Small Industrial Zones — CIT exemption, VAT exemption, customs duty relief
✦ 50+ BITs — investor-state arbitration access and free transfer of funds guarantees
Uzbekistan — English Common Law Jurisdiction
Tashkent International Financial Centre (TIFC)
Established March 2026 — English common law framework, TFSA regulator, TICC commercial court, tax exemptions until 2076. Bond Stone is positioning clients for TIFC entry ahead of the framework becoming fully operational.
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.
📧 info@bondstonelaw.com
📞 +7 (701) 729 76 72
Request a Confidential Consultation
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