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.

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.