Tashkent International Financial Centre

English Law

Common law and equity of England and Wales apply behind TIFC Acts (Article 8)

Tax Incentives

CIT and social tax exemptions for qualified participants until 1 January 2076; property tax, land tax and VAT exemptions with no stated end date; large multinational groups excluded from income tax incentives (Articles 18 and 19)

TICC

Independent international commercial court — first instance and appeal

TFSA

Tashkent Financial Services Authority — regulator for all TIFC financial activities

TIFC Board

The permanent collegial governing body of the TIFC, of at least five members, chaired ex officio by the President of the Republic of Uzbekistan. The Board sets strategy, adopts TIFC Acts, and oversees the development of the Centre.

TIFC Authority

The principal executive and administrative body of the TIFC. The Authority licenses or registers activities outside the financial services perimeter, such as holding companies, foundations, trusts and corporate services. The Governor, appointed by presidential decree, coordinates the TIFC bodies.

Tashkent Financial Services Authority (TFSA)

The independent regulator of financial services within the TIFC — responsible for licensing, regulating, supervising, and enforcing activities relating to financial services and ancillary services. Equivalent to AFSA in the AIFC framework.

Tashkent International Commercial Court (TICC)

An independent judicial body separate from the Uzbek national court system, comprising a Court of First Instance and an Appeal Court. Judges may be of any nationality, appointed by the President. Proceedings in English. Equivalent to the AIFC Court.

TIFC Entry Strategy

Bond Stone advises international clients on whether a TIFC or Uzbek national law entity is likely to suit them, and on TFSA licensing once the rules are published. Its AIFC experience informs that advice.

TIFC Entity Formation

Once the TIFC bodies begin accepting registrations, Bond Stone will manage TIFC entity formation — constitutional documents, registration, and post-formation compliance.

TFSA Licensing — Early Preparation

The TFSA's licensing rulebooks are not yet published — TIFC Acts are due within 12 months of the Constitutional Law entering into force on 25 July 2026, extendable by up to six months. Bond Stone monitors the legislative process and will advise clients on TFSA licensing applications as soon as the regulatory framework is in place. Bond Stone's AFSA licensing experience gives an indication of what the TFSA may require, but the TFSA's rules may differ.

TICC Dispute Resolution

Once operational, the TICC will hear disputes that parties submit to it by agreement. Bond Stone advises on dispute resolution clauses in Uzbekistan-related contracts with that in mind, and is monitoring the TICC's rules as they are published.

TIFC vs National Law — Structuring Advice

Not every business entering Uzbekistan should use the TIFC. Bond Stone advises on the structure — TIFC entity, Uzbek LLC, branch, or representative office — based on the client's activity, tax position, regulatory requirements, and long-term Uzbekistan strategy. Uzbek national law entity formation remains the appropriate route for most operational businesses outside the financial services sector.

Islamic & Green Finance Structuring

The TIFC's scope expressly includes Islamic finance. Bond Stone advises on Shariah-compliant transaction structuring — Murabaha, Ijara, Musharaka, Sukuk — and on green finance instruments for ESG-focused investors seeking entry into the Uzbek market.