Investment Vehicles in Uzbekistan

Limited Liability Company (LLC) — most common vehicle

The limited liability company (LLC) is the most commonly used investment vehicle for foreign investors in Uzbekistan. Governed by the Law on Limited Liability Companies No. ZRU-1137 dated 21 April 2026, in force 22 July 2026. Key features: limited liability, flexible governance, lower compliance burden than a JSC, and straightforward registration. Minimum charter capital for EFI status: 400 million UZS with at least 15% foreign participation. The LLC usually suits an inbound investor needing an Uzbek operating entity.

JSC (Joint-Stock Company)

The JSC (joint-stock company) is used by companies with more than 50 members (the LLC limit), companies intending to list on the Tashkent Stock Exchange and commonly regulated financial institutions; check the sector law for the required form. Governed by the Law on Joint-Stock Companies No. 223-I dated 26 April 1996, as restated by Law No. ZRU-370 of 6 May 2014. Higher compliance burden than an LLC, including mandatory annual audit and securities market regulation. Bond Stone advises on JSC formation for regulated financial institutions and privatised state enterprises being converted to JSC form.

SEZ resident entity

Entities registered as residents of one of Uzbekistan's 34 Special Economic Zones or 400 Small Industrial Zones operate under a specific legal and tax framework, with tax and customs benefits that depend on the amount invested and the date of admission (Tax Code, Art. 473). The entity form (LLC or JSC) is chosen based on activity and governance requirements — the SEZ resident status is then applied on top. Bond Stone advises on SEZ eligibility, application, and the interaction between SEZ status and EFI status.

IT Tech Park resident

The Uzbekistan IT Tech Park — established by Presidential Decree No. UP-5099 dated 30 June 2017 — provides a specialised framework for IT companies with income tax exemption until 2028 (continued to 1 January 2040 for residents with exports above 50% of income and qualifying IT education providers, all taxes except VAT: Tax Code, Art. 483), VAT exemption, social tax exemption, and simplified work permit procedures for foreign IT specialists. Bond Stone advises on IT Tech Park eligibility criteria and registration.

TIFC entity — future option, not yet available

The Tashkent International Financial Centre (created in 2026, not yet operating) will enable entities formed under TIFC Acts within the TIFC territory — with access to TFSA regulation and TICC dispute resolution. Bond Stone is monitoring the TIFC entity framework as those Acts are published and will advise on TIFC entry once the Centre is activated.