UZBEKISTAN \u00a0\u00b7\u00a0 M&A<\/p>\n
Bond Stone advises acquirers and sellers on share acquisitions in Uzbekistan \u2014 acquisition of participatory interests in Uzbek LLCs (OOOs) and shares in JSCs, including SPA drafting, EFI status compliance, pre-emption rights, state registration, and post-closing integration.<\/p>\n
Primary authority: Law of the Republic of Uzbekistan “On Companies with Limited and Additional Liability” No. 310-I dated 6 December 2001 (as amended); Law “On Investments and Investment Activity” No. ZRU-598 dated 25 December 2019. Authority: lex.uz<\/a><\/p>\n <\/p>\n Uzbekistan \u2014 Market Context 2025<\/p>\n USD 43B<\/p>\n FDI in 2025<\/p>\n<\/div>\n 25.6%<\/p>\n Chinese FDI share<\/p>\n<\/div>\n 7.7%<\/p>\n GDP growth 2025<\/p>\n<\/div>\n 17,000+<\/p>\n Foreign enterprises<\/p>\n<\/div>\n<\/div>\n<\/div>\n OOO participatory interest acquisition<\/p>\n Acquisition of participatory interests in an Uzbek LLC (OOO) \u2014 the most common M&A structure in Uzbekistan. Key issues: mandatory pre-emption rights of existing participants, compliance with charter transfer restrictions, state registration of ownership change through the Uzbek registration authorities (Single Window), and tax authority notification.<\/p>\n<\/div>\n EFI status \u2014 maintaining investor protections<\/p>\n Enterprise with Foreign Investment (EFI) status confers additional investment protections under Uzbek law \u2014 guarantees against expropriation without compensation, profit repatriation rights, and national treatment. EFI status requires minimum 15% foreign ownership and 400 million UZS minimum charter capital. Bond Stone advises on structuring acquisitions to obtain or maintain EFI status where it provides strategic value to the acquirer.<\/p>\n<\/div>\n Pre-emption rights<\/p>\n Existing participants in an Uzbek OOO have statutory pre-emption rights on transfers of participatory interests. The charter may impose additional transfer restrictions. Bond Stone advises on pre-emption right compliance \u2014 obtaining valid waivers from non-participating shareholders before transfer \u2014 and on structuring acquisitions that minimise pre-emption right risk.<\/p>\n<\/div>\n SEZ resident \u2014 acquisition considerations<\/p>\n Acquisition of a target with SEZ resident status requires assessment of whether SEZ benefits \u2014 tax and customs exemptions \u2014 are attached to the entity or the specific investor. Bond Stone advises on SEZ benefit continuity post-acquisition and on SPA provisions that address SEZ status risk.<\/p>\n<\/div>\n Antimonopoly notification<\/p>\n Share acquisitions that meet the Uzbek Antimonopoly Committee’s notification thresholds require prior clearance. Bond Stone conducts threshold analysis at the outset of every share acquisition mandate and manages notification filings through clearance.<\/p>\n<\/div>\n<\/div>\n Bond Stone has advised on M&A transactions in Uzbekistan. Client confidentiality is maintained across all matters.<\/p>\n Chinese Investor \u2014 Manufacturing OOO<\/p>\n Share Acquisition \u00b7 Uzbekistan \u00b7 China<\/p>\n Acquisition of a majority participatory interest in an Uzbek manufacturing OOO for a Chinese investor \u2014 EFI status analysis, pre-emption right waiver, SPA negotiation, ODI filing coordination, and state registration.<\/p>\n<\/div>\n EFI Status Maintenance \u2014 UAE Acquirer<\/p>\n Share Acquisition \u00b7 Uzbekistan \u00b7 UAE<\/p>\n Advising a UAE acquirer on structuring a share acquisition to obtain EFI status for the acquired Uzbek entity \u2014 minimum foreign ownership threshold, charter capital compliance, and registration of EFI status with Uzbek authorities.<\/p>\n<\/div>\n SEZ Resident Acquisition<\/p>\n Share Acquisition \u00b7 Uzbekistan \u00b7 SEZ<\/p>\n Acquisition of an Uzbek manufacturing company with SEZ resident status \u2014 due diligence on SEZ operating conditions, SPA provisions addressing SEZ benefit continuity, and post-closing SEZ compliance advisory.<\/p>\n<\/div>\n Turkish Investor \u2014 Distribution Company<\/p>\n Share Acquisition \u00b7 Uzbekistan \u00b7 Turkey<\/p>\n Full share acquisition mandate for a Turkish investor acquiring an Uzbek distribution company \u2014 due diligence, pre-emption right compliance, SPA negotiation, Antimonopoly notification, and state registration.<\/p>\n<\/div>\n 100% Acquisition \u2014 Pharmaceutical Target<\/p>\n Share Acquisition \u00b7 Uzbekistan \u00b7 Pharmaceuticals<\/p>\n Full acquisition of a 100% participatory interest in an Uzbek pharmaceutical OOO \u2014 due diligence including regulatory licence review, SPA drafting, pre-emption right waiver, and post-closing director appointment.<\/p>\n<\/div>\n Minority Stake \u2014 Technology Company<\/p>\n Share Acquisition \u00b7 Uzbekistan \u00b7 Technology<\/p>\n Acquisition of a minority stake in an Uzbek IT company \u2014 shareholders agreement drafting, minority protection provisions, EFI status analysis, and IT Tech Park resident status due diligence.<\/p>\n<\/div>\n<\/div>\n Uzbekistan \u2014 Investment Framework<\/p>\n \u2726 \u00a0100% foreign ownership permitted in most sectors \u2014 no mandatory local partner requirement<\/p>\n \u2726 \u00a0EFI status \u2014 investment protections for qualifying foreign investors under Law No. ZRU-598<\/p>\n \u2726 \u00a029 SOEs being privatised 2025\u20132026 \u2014 active M&A pipeline for foreign acquirers<\/p>\n \u2726 \u00a050+ BITs \u2014 treaty arbitration access and expropriation protection for qualifying investors<\/p>\n<\/div>\n Why Bond Stone<\/p>\n \u2726 \u00a0Tashkent office \u2014 direct engagement with Uzbek authorities<\/p>\n \u2726 \u00a0Chinese investor expertise \u2014 active ODI mandate pipeline<\/p>\n \u2726 \u00a0Ranked Legal 500 EMEA and IFLR1000 \u2014 Tashkent and Almaty offices<\/p>\n<\/div>\n Uzbekistan \u2014 English Common Law Jurisdiction<\/p>\n Tashkent International Financial Centre (TIFC)<\/p>\n The TIFC will enable M&A structures governed by English common law above Uzbek operating assets. Bond Stone is positioning clients ahead of the TIFC becoming fully operational.<\/p>\n Tashkent International Financial Centre \u2014 full guide \u2192<\/a><\/p>\n<\/div>\n Primary authority: lex.uz<\/a><\/p>\n Contact Bond Stone for a confidential discussion about Share Acquisitions in Uzbekistan.<\/p>\n \ud83d\udce7 info@bondstonelaw.com<\/a> Request a Confidential Consultation<\/a> UZBEKISTAN \u00a0\u00b7\u00a0 M&A Share Acquisitions in Uzbekistan Bond Stone advises acquirers and sellers on share acquisitions in Uzbekistan \u2014 acquisition of participatory interests in Uzbek LLCs (OOOs) and shares in JSCs, including SPA drafting, EFI status compliance, pre-emption rights, state registration, and post-closing integration. Primary authority: Law of the Republic of Uzbekistan “On Companies with […]<\/p>\n","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-4717","page","type-page","status-publish","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.3","language":"ru","enabled_languages":["en","ru"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"ru":{"title":false,"content":false,"excerpt":false}}},"_links":{"self":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/comments?post=4717"}],"version-history":[{"count":2,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4717\/revisions"}],"predecessor-version":[{"id":4719,"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/pages\/4717\/revisions\/4719"}],"wp:attachment":[{"href":"https:\/\/bondstonelaw.com\/ru\/wp-json\/wp\/v2\/media?parent=4717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nKey Considerations<\/h2>\n
\nExperience<\/h2>\n
\nInvesting in Uzbekistan<\/h2>\n
\nDiscuss your Uzbekistan M&A matter<\/h2>\n
\n\ud83d\udcde +7 (701) 729 76 72<\/a><\/p>\n
\n\u2190 M&A Hub Uzbekistan<\/a>
\nAsset Acquisitions \u2192<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"