Enterprises with Foreign Investment (EFIs), defined as companies with at least 15% foreign ownership, must meet a minimum capital requirement of 400 million UZS. Joint-stock companies (JSCs), by contrast, are subject to the same 400 million UZS minimum capital requirement, regardless of ownership, ensuring equal treatment in this legal form. Prior to 2018, the minimum capital requirement for EFIs was 600 million UZS, while JSCs were subject to a separate and higher capital requirement, applicable to both domestic and foreign investors. Newly established JSCs had to meet a minimum charter fund of 1,600 million UZS at the time of state registration, while existing open and closed JSCs were required to increase their capital to at least 400,000 USD before January 1, 2010, or convert into private ownership. Moreover, in the Karakalpakstan and the Khorezm region, a lower threshold of 200 million UZS applies under Annex 11 of Cabinet Resolution No. 66 of 9 February 2017.
"6. The Ministry of Justice, the Ministry of Economy and the State Committee for Assistance to Privatized Enterprises and Development of Competition of the Republic of Uzbekistan:
reduce the minimum share of foreign investment in the authorized capital of enterprises with foreign investment from 30 percent to 15 percent;
abolishing the requirement for a foreign legal entity to participate as a participant in an enterprise with foreign investment;
Reducing the minimum authorized capital of enterprises with foreign investment from 600 million soums to 400 million soums;
reducing the state duty for state registration of enterprises with foreign investment by three times; setting the minimum authorized capital of joint-stock companies at 400 million soums; [...]" (Decree of the President of the Republic of Uzbekistan No. UP-5495 dated August 1, 2018 [google translation])
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"Article 1. Purpose and scope of this Law
The purpose of this Law is to regulate relations in the field of investments and investment activities carried out by foreign and domestic investors.
[...]
Article 3. Basic concepts
The following basic concepts are used in this Law: [...]
Foreign direct investment - investments by a foreign investor at the expense of own funds or borrowed funds under risky conditions, without government guarantees;
Foreign investments - tangible and intangible assets invested by a foreign investor in objects of social, entrepreneurial, scientific and other types of activity, as well as rights to them, including rights to intellectual property objects, as well as reinvestments;
Foreign investors - foreign states, administrative or territorial bodies of foreign states, international organizations established in accordance with agreements or other treaties between states or being subjects of public international law, legal entities established and operating in accordance with the legislative acts of foreign states, any other companies, organizations or associations, citizens of foreign states and stateless persons permanently residing outside the Republic of Uzbekistan;
Enterprises with foreign investment in the territory of the Republic of Uzbekistan are enterprises in which at least fifteen percent of their shares (shares, interests) or authorized capital (authorized capital) are made up of foreign investments. [...]" (Law of the Republic of Uzbekistan No. ZRU – 598 "On Investments and Investment Activities" adopted January 27, 2020 [google translation])
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" Business entities - legal entities with a minimum amount of capital invested in the authorized capital
REQUIREMENTS
T/R | Organizational and legal form of business entities - legal entities | Minimum amount of authorized capital
1. Enterprises with foreign investment, except for the Republic of Karakalpakstan and Khorezm region - 400 million soums
2. Newly established enterprises with foreign investment in the Republic of Karakalpakstan and Khorezm region - 200 million soums [...]" (Cabinet Resolution No. 66, Annex 11, effective 20 February 2017 [google translation])
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"In accordance with the Law of the Republic of Uzbekistan "On Guarantees of Foreign Investments and Activities of Foreign Investors" and in order to encourage the establishment of production enterprises with the participation of foreign capital, which produce export-oriented and import-substituting products, as well as investing in the economy of the republic, and their effective performance:
1. It should be noted that as of April 1, 1998, newly established enterprises that meet the following conditions include enterprises with foreign capital participation:
the regulatory fund of the enterprise cannot be less than 600 million soums;
One of the participants in the enterprise must be a foreign legal entity;
The share of foreign investments must be at least 30 percent of the authorized capital of the enterprise.
Newly established enterprises, if they do not meet these conditions, are not included in the list of enterprises with the participation of foreign capital. [...]" (Decree of the President of the Republic of Uzbekistan dated 30 November 1996, No. PF-1652, last amended 30 September 2017 [google translation])
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"In order to further increase the level of capitalization of enterprises in the real sector of the economy and strengthen their financial stability, improve the financial recovery and management mechanisms of economically insolvent enterprises, and widely attract investments, including funds from commercial banks, in the process of structural transformation of the economy, modernization of production, and technical and technological re-equipment:
1. Specify the following:
the minimum amount of the charter fund for newly established joint-stock companies is at least 1,600 million soums on the date of the company's state registration.
Open and closed joint-stock companies operating until January 1, 2010 must increase the amount of their charter funds to the equivalent of at least 400 thousand US dollars at the exchange rate of the Central Bank of the Republic of Uzbekistan on the date of their re-registration, or ensure that they are transferred to the form of private ownership. [...]" (Decree of the President of the Republic of Uzbekistan, aopted 18 November 2008, No. PF-4053, last amended 30 September 2017 [google translation])
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"This Law establishes the legal, organizational and economic foundations and procedure for the implementation of foreign investments in the territory of the Republic of Uzbekistan. The Law provides guarantees for the effective operation of foreign investors [...]
Article 1. Foreign Investors
In the Republic of Uzbekistan:
foreign countries;
foreign legal entities;
international organizations;
foreign citizens, associations of citizens and stateless persons;
Citizens of the Republic of Uzbekistan permanently residing abroad may become foreign investors.
Article 2. Foreign investments
Foreign investments are all types of property and rights to them, as well as rights to intellectual property, that foreign investors contribute to entrepreneurial and other types of activities in order to obtain profit (income).
Any change in the form of primary or repeated accumulation of wealth does not change its essence as an investment.
[...]
Article 4. Enterprises with foreign investment
Enterprises with foreign investment in the territory of the Republic of Uzbekistan are understood as enterprises in which at least 30 percent of the shares (shares, interests) or authorized capital is made up of foreign investments. They operate in any organizational and legal forms that do not contradict the legislation of the Republic of Uzbekistan.
An enterprise with foreign investment may be established by establishing it, or by purchasing a participating interest (share, shares) in an enterprise previously established without the participation of foreign investment by a foreign investor, or by purchasing such an enterprise in its entirety, including during the privatization process.
Enterprises with foreign investment must have foreign legal entities with their participants. [...]" (Law of the Republic of Uzbekistan, No. 1052-XII dated 5 May 1994, last amended 20 May 1998 [google translation])
Decree of the President of the Republic of Uzbekistan No. UP-5495 dated August 1, 2018
Law of the Republic of Uzbekistan No. ZRU – 598 "On Investments and Investment Activities" adopted January 27, 2020
Cabinet Resolution No. 66, Annex 11, effective 20 February 2017
Decree of the President of the Republic of Uzbekistan dated 30 November 1996, No. PF-1652, last amended 30 September 2017
Decree of the President of the Republic of Uzbekistan, aopted 18 November 2008, No. PF-4053, last amended 30 September 2017
Law of the Republic of Uzbekistan, No. 1052-XII dated 5 May 1994, last amended 20 May 1998
[<a href="https://lex.uz/docs/-3845273?ONDATE=02.08.2018%2000#-5462141">Decree</a>],[<a href="https://lex.uz/uz/docs/-4664142">Law</a>],[<a href="https://lex.uz/docs/-3111347">Resolution</a>],[<a href="https://lex.uz/docs/178309?ONDATE=30.09.2017">Decree</a>],[<a href="https://lex.uz/docs/1409544?ONDATE=30.09.2017">Decree</a>],[<a href="https://lex.uz/docs/138015">Law</a>],[<a href="https://gratanet.com/news/the-law-on-investment-activities">Other</a>]