UZBEKISTAN \u00a0\u00b7\u00a0 FOREIGN INVESTMENT<\/p>\n
Bond Stone advises foreign investors on ownership rights and Enterprise with Foreign Investment (EFI) status in Uzbekistan \u2014 a legally distinct category of investment entity that confers additional protections under the Law on Investments and Investment Activity No. ZRU-598 dated 25 December 2019, including guarantees against expropriation, unrestricted profit repatriation, and national treatment.<\/p>\n
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. Authority: lex.uz<\/a><\/p>\n <\/p>\n Uzbekistan \u2014 Market Context 2025<\/p>\n USD 145B<\/p>\n GDP 2025<\/p>\n<\/div>\n 7.7%<\/p>\n GDP growth 2025<\/p>\n<\/div>\n USD 43B<\/p>\n FDI 2025<\/p>\n<\/div>\n 50+<\/p>\n BITs \u2014 investor protection<\/p>\n<\/div>\n<\/div>\n<\/div>\n 100% foreign ownership \u2014 general rule<\/p>\n Uzbekistan permits 100% foreign ownership in most sectors under the Law on Investments and Investment Activity No. ZRU-598 dated 25 December 2019 \u2014 there is no mandatory local partner requirement for most investment activities. This represents a significant reform from Uzbekistan’s pre-2016 investment framework and is one of the key attractions of the Uzbek market for foreign investors. Exceptions apply in sectors subject to specific ownership restrictions \u2014 including certain media, banking, and strategic industries.<\/p>\n<\/div>\n EFI status \u2014 Enterprise with Foreign Investment<\/p>\n EFI (enterprise with foreign investment) status is a legally distinct category under Uzbek law that confers additional investment protections beyond those available to domestic entities. To qualify for EFI status, an entity must have: minimum 15% foreign participation in its charter capital; and minimum 400 million UZS charter capital (approximately USD 35,000 at current rates). EFI status is registered with the relevant state authority at the time of company formation or on a subsequent capital increase. Bond Stone advises on EFI qualification and registration for all foreign-invested Uzbek entities where EFI status is commercially significant.<\/p>\n<\/div>\n EFI protections \u2014 what they provide<\/p>\n EFI status confers the following protections under Uzbek law: guarantee against nationalisation without compensation \u2014 expropriation of EFI assets is permitted only on the grounds established by Uzbek legislation and with payment of market-value compensation; right to freely repatriate profits in freely convertible currency after payment of applicable taxes; national treatment \u2014 EFI entities are entitled to conditions no less favourable than those accorded to Uzbek domestic entities in like circumstances; and legal protection against adverse changes in Uzbek legislation for a defined period.<\/p>\n<\/div>\n Sector-specific ownership restrictions<\/p>\n Notwithstanding the general 100% foreign ownership rule, specific restrictions apply in: banking (ARRU approval required for qualifying stakes); insurance (ARRU approval); mass media (foreign ownership restrictions); and certain strategic sectors designated by government resolution. Bond Stone conducts sector restriction screening at the outset of every inbound investment mandate to identify applicable restrictions before transaction structuring commences.<\/p>\n<\/div>\n Maintaining EFI status post-acquisition<\/p>\n In M&A transactions involving Uzbek entities with existing EFI status, the acquirer must ensure that EFI status is maintained following the acquisition \u2014 particularly where the transaction results in a change in the level of foreign participation or charter capital. Bond Stone advises on EFI status continuity in acquisition structuring and on the registration procedure for updating EFI status following a change of ownership.<\/p>\n<\/div>\n<\/div>\n Bond Stone has advised foreign investors on investment structuring in Uzbekistan. Client confidentiality is maintained across all matters.<\/p>\n EFI Registration \u2014 Chinese OOO<\/p>\n EFI \u00b7 Uzbekistan \u00b7 China<\/p>\n Advising a Chinese investor on forming an Uzbek OOO structured to qualify for EFI status \u2014 minimum charter capital compliance, 15% foreign participation threshold, and EFI registration with Uzbek authorities.<\/p>\n<\/div>\n EFI Maintenance \u2014 Post-acquisition<\/p>\n EFI \u00b7 Uzbekistan \u00b7 M&A<\/p>\n Advising an acquirer on maintaining EFI status following acquisition of an Uzbek OOO \u2014 foreign participation threshold analysis post-acquisition, charter capital compliance, and updated EFI registration.<\/p>\n<\/div>\n Sector Restriction Screening \u2014 Gulf Investor<\/p>\n Ownership \u00b7 Uzbekistan \u00b7 UAE<\/p>\n Pre-investment sector restriction screening for a Gulf investor considering multiple Uzbek investment targets \u2014 identifying applicable ownership restrictions, ARRU approval requirements, and EFI eligibility for each target.<\/p>\n<\/div>\n Banking Sector \u2014 ARRU Approval<\/p>\n Ownership \u00b7 Uzbekistan \u00b7 Banking<\/p>\n Advising on the ARRU regulatory approval process for acquisition of a qualifying interest in an Uzbek bank \u2014 fitness and propriety requirements, minimum capital analysis, and approval application management.<\/p>\n<\/div>\n EFI Protection \u2014 Expropriation Advisory<\/p>\n EFI \u00b7 Uzbekistan \u00b7 Investment Protection<\/p>\n Advising a foreign investor on the scope of EFI expropriation protection in Uzbekistan \u2014 analysis of the guarantee under Law No. ZRU-598, interaction with applicable BIT protections, and investment structuring to maximise protection.<\/p>\n<\/div>\n 100% Foreign-owned OOO \u2014 Market Entry<\/p>\n Ownership \u00b7 Uzbekistan \u00b7 Corporate<\/p>\n Advising a European investor on establishing a 100% foreign-owned OOO in Uzbekistan without a local partner \u2014 confirmation of unrestricted sector, OOO formation, EFI registration, and ongoing compliance.<\/p>\n<\/div>\n<\/div>\n Uzbekistan \u2014 Investment Framework<\/p>\n \u2726 \u00a0100% foreign ownership permitted in most sectors \u2014 Law No. ZRU-598<\/p>\n \u2726 \u00a0EFI status \u2014 additional protections for qualifying foreign investors<\/p>\n \u2726 \u00a028 SEZs, 389 Small Industrial Zones \u2014 tax and customs exemptions<\/p>\n \u2726 \u00a050+ BITs \u2014 investor-state arbitration and free transfer guarantees<\/p>\n<\/div>\n Uzbekistan \u2014 English Common Law Jurisdiction<\/p>\n Tashkent International Financial Centre (TIFC)<\/p>\n Established March 2026 \u2014 English common law investment framework, TFSA regulator, TICC commercial court, tax exemptions until 2076.<\/p>\n Tashkent International Financial Centre \u2014 full guide \u2192<\/a><\/p>\n<\/div>\n Why Bond Stone<\/p>\n \u2726 \u00a0Tashkent office \u2014 direct engagement with Uzbek investment authorities<\/p>\n \u2726 \u00a0Ranked Legal 500 EMEA and IFLR1000 \u2014 Tashkent and Almaty offices<\/p>\n<\/div>\n Primary authority: lex.uz<\/a><\/p>\n Contact Bond Stone for a confidential discussion about Foreign Ownership & EFI Status in Uzbekistan.<\/p>\n \ud83d\udce7 info@bondstonelaw.com<\/a> Request a Confidential Consultation<\/a>
\nKey Framework<\/h2>\n
\nExperience<\/h2>\n
\nInvesting in Uzbekistan<\/h2>\n
\nDiscuss your Uzbekistan investment<\/h2>\n
\n\ud83d\udcde +7 (701) 729 76 72<\/a><\/p>\n
\n\u2190 Investment Incentives & SEZs<\/a>
\nProfit Repatriation \u2192<\/a><\/p>\n