Setting Up a Company in Uzbekistan
Uzbekistan is Central Asia's most populous country and the region's fastest reforming economy — 100% foreign ownership, a low corporate tax rate and aggressive FEZ incentives make it an emerging destination.
Since 2016, Uzbekistan has undergone one of the most rapid economic reform programmes in post-Soviet history — opening currency markets, slashing bureaucracy, granting 100% foreign ownership in most sectors, and establishing the Tashkent International Financial Centre (TIFC) as a common-law financial hub. With 37 million people, the largest population in Central Asia, and abundant natural resources (gold, uranium, natural gas), Uzbekistan is attracting growing foreign investment across manufacturing, technology and logistics.
Key facts for 2026
| Parameter | Detail |
|---|---|
| Corporate income tax | 15% (standard rate — reduced from 20% in 2020) |
| VAT | 12% (standard rate) |
| Foreign ownership | 100% in most sectors |
| FEZ tax holiday | 0–10 years CIT; 0% property tax and land tax in FEZs |
| TIFC | 0% CIT until 2043 for qualifying financial services entities |
Tashkent International Financial Centre (TIFC)
The TIFC is modelled on the DIFC and AIFC and operates under English common law with an independent court system. Qualifying participants — financial services, fintech, professional services, holding companies — pay 0% CIT, 0% VAT on TIFC-related services, and 0% withholding tax on dividends and interest until 2043. The TIFC has its own registration, licensing and dispute resolution systems separate from Uzbek civil law.
Free Economic Zones (FEZs)
Uzbekistan operates 20+ Free Economic Zones across the country, including Navoi (near Uzbekistan's main air cargo hub), Urgut, Jizzakh, Sirdarya and Kokand. FEZ companies benefit from CIT holidays of 3–10 years, property and land tax exemptions, simplified customs for equipment imports, and streamlined utility connections. Manufacturing, textile, food processing and pharmaceutical companies are the primary beneficiaries.
The incorporation process
- Register an LLC (МЧЖ) through the Ministry of Justice's online portal — typically 1 business day.
- Obtain a legal entity identification number (STIR) from the tax authority.
- For TIFC: register through the TIFC Authority using English-language documentation.
- For FEZ: apply to the relevant FEZ administration; obtain a resident status certificate.
- Register for VAT and corporate tax with the State Tax Committee.
- Open a corporate bank account at an Uzbek commercial bank.
Frequently asked questions
Can a foreigner own 100% of an Uzbek company?
Yes, for most sectors. Restrictions remain in certain strategic industries (defence, media, some financial services requiring state participation). The Invest in Uzbekistan Agency provides guidance on restricted sectors.
What is the corporate tax rate in Uzbekistan?
15% standard rate (reduced from 20% in 2020). FEZ entities receive 0–10 year tax holidays. TIFC participants pay 0% until 2043.
What makes Uzbekistan attractive in 2026?
A 15% corporate tax rate, one of Central Asia's lowest; 100% foreign ownership; 20+ FEZs with extended tax holidays; TIFC common-law financial hub; a young and growing 37-million population; and reform momentum not seen elsewhere in the region.
Official sources
- Invest in Uzbekistan Agency
- Tashkent International Financial Centre (TIFC)
- State Tax Committee of Uzbekistan
This guide is general information prepared by ARM Management and is current as at July 2026. It is not legal advice. Confirm with Invest Uzbekistan or an advisor before incorporating.