Investment Policy of the Republic of Uzbekistan

1. Investment Policy of the Republic of Uzbekistan The investment legislation of Uzbekistan is one of advanced amongst legislations of the CIS countries, and it incorporated major provisions of the international investment law

2. The following laws form the basis of investment environment in Uzbekistan: • On Foreign Investments; • On Investment Activities; • On Guarantees and Measures of Protection of Rights of Foreign Investors. • In addition there is number of legislative normative acts issued in the form of Decrees of the President and/or Resolutions of the Government of Uzbekistan.

3. Foreign investments in Uzbekistan could be made in different forms, and in particular: • equity participation in charter funds and other property of business entities, banks, insurance institutions and other enterprises established together with legal entities and/or with natural persons of Uzbekistan; • creation and development of business entities, banks, insurance institutions and other enterprises completely belonging to foreign investors; • purchase of property, shares and other securities, including the promissory notes emitted by residents of Uzbekistan; • purchase of concessions, including concessions on prospecting, exploration, extraction or use of natural resources.

4. As of today, the most different forms of capital investment are offered to potential foreign investors: •  creation of joint venture; •  creation of the enterprise with 100 % foreign capital; •  purchase of a part or full package of shares of privatized enterprises.

5. Guarantees and Measures of Protection of Foreign Investors • the state guarantees and protects the rights of the foreign investors carrying out investment activity within the Republic of Uzbekistan. • In case the subsequent legislation of the Republic of Uzbekistan deteriorates investment environment to foreign investors, within ten years from the moment of investment, the legislation acted on date of investment shall apply. The foreign investor is entitled to apply at own discretion those provisions of the new legislation which improve investment environment.

6. In some cases on the basis of concluding investment agreement additional guarantees and measures of protection can be given to foreign investors at investment in: • the priority sectors providing steady economic growth, progressive structural changes of a national economy; • the priority projects providing strengthening and expansion of an export potential of the country, its integration into world economic relations; • projects in sphere of small business oriented at processing of raw material and materials, production of consumer goods and services, providing population with employment. 

7. TAX SYSTEM • The tax system of Uzbekistan consists of two modes: the single tax and general tax regime. Single tax payers are micro and small enterprises, and enterprises of trade and catering, legal entities in the implementation of the lottery, sweepstakes and other games based on risk.   • Other companies fall under the general tax regime. Also, there are taxes that are paid actors both tax regimes. Below is invoked schematic table of the tax system of the Republic of Uzbekistan, as well as tax rates. 

8. Visa of the Republic of Uzbekistan • According to the legislation of the Republic of Uzbekistan foreign citizens and stateless persons can enter Uzbekistan or travel through its territory for transit on the basis of entrance visas only.

9. Visa of the Republic of Uzbekistan • Foreign citizens and stateless persons can get visas at the diplomatic representations and consular missions of the Republic of Uzbekistan abroad on the basis of the visa support • Visa support shall be issued on the basis of application of the inviting physical or juridical persons permanently or temporarily residing in Uzbekistan submitted to the Ministry of Foreign Affairs of the Republic of Uzbekistan.

10. Visa of the Republic of Uzbekistan In order to apply for the visa, foreign citizens and stateless persons are to submit the following documents to the diplomatic representation or consular mission of Uzbekistan abroad: • passport or document of stateless person, expiry date of which must exceed the visa’s period of validity not less than 3 months; • 2 copies of duly completed visa application form; • 2 passport-size colored photos.

11. Visa of the Republic of Uzbekistan • For a transit visa foreign citizens and stateless persons in addition to the above mentioned documents must have a visa of the country of final destination and travel documents with confirmed date of departure from Uzbekistan.

12. Embassy of the Republic of Uzbekistan in Islamic Republic of Iran • Pasdaran Avenue, Buston street, Nastaran street, 21 Tehran Tel.: 22832071; 22299780 • Fax: 22299158

13. Consular section of the Embassy of the Republic of Uzbekistan in Islamic Republic of Iran • Pasdaran Avenue, Akdasie street, 4th park-15 Tehran Tel./Fax: 22291519

14. International documents between the Government of the Republic of Uzbekistan and the Government of the Islamic Republic of Iran • On the reciprocal promotion and protection of investments, signed on 26.04.2002 • For the avoidance of double taxation and exchange of information with respect to taxes on income and capital, signed on 26.04.2002 • On trade and economic cooperation, signed on 26.04.2002 • MOU on reciprocal trade preferences, signed on 23.06.2003

15. Useful Contacts • Ministry for foreign economic relations, investments and trade of the Republic of Uzbekistan (MFERIT) 1, T.Shevchenko st., 700029, city of Tashkent, Uzbekistan, Tel..: (99871) 138-50-00, Fax.: (99871) 239-17-51, 238-52-00 email: secretary@mfer.uz, www.mfer.uz • UzInfoInvest Agency for Information and Assistance to the Foreign Investors under the Ministry for foreign economic relations,investments and trade of the Republic of Uzbekistan 1, T.Shevchenko st., 700029, city of Tashkent, Uzbekistan, Тel.: (99871) 238-91-00, Fax: (99871) 238-92-00 e-mail: uzinfoinvest@mfer.uz,www.investuzbekistan.uz, www.uzinfoinvest.uz

16. Insurance companies Madad Insurance company 53 B, Usmon Nosir st., Tashkent, tel.: 53-40-11 UzAgrosug’urta Insurance company 13, Movarounnahr st., Tashkent, tel.: 233-31-52 UzbekInvest Insurance company 49, Khadicha Sulaymonova st., Tashkent, tel.: 236-76-27 Kafolat Insurance company 13, Movarounnahr st., Tashkent, tel.: 233-26-98 Alfa Invest 107 B, Amir Temur st., Tashkent, tel.: 120-68-00 Asia Insurance LLC 34, Shevchenko st., Tashkent, tel.: 300-00-11

17. Certification Bodies • O’ZBEKEKSPERTIZA OJSC 51, Parkent st, Tashkent, 100007, tel.: 238-53-57, fax: 240-09-20 e-mail: uzbekexpert@yahoo.com • Uzbek Agency for Standardization, Metrology, and Certification (Oz’Standard Agency), 333, Farobiy st., Tashkent 700049 tel.: 244-96-01, 396-85-07, hotline: 393-16-13, fax: 244-80-28, 244-80-31, website: www.standart.uze-mail: uzst@standart.uz • Standardization, Metrology, and Certification Research Institute 9, Cholpon Ota st., Tashkent 700059tel.: 362-85-67, 362-80-55, fax: 362-85-55, website: www.smsiti.ilim.uze-mail:smsiti@uzsci.net

18. Certification Bodies • Republican Testing and Certification Center 333, Farobiy st., Tashkent 700049, Tel.: (998-71) 250-63-53 Hotline: 214-37-80, Fax: (998-71)250-63-54, e-mail: sertcenter@standart.uz • Center of National Standards (CNS) 333, Farobiy st., Tashkent 700049, tel.: 249-35-08, fax: 249-35-08 e-mail: nscenter@standart.uz • Metrology Services Center 333, Farobiy st., Tashkent 700049 tel.: 250-26-03, hotline: 250-26-12, fax: 250-26-15 e-mail: metrolog@sarkor.uz Bar-code Center 9, Cholpon Ota st., Tashkent 700059, tel.: 253-80-70, fax: 253-80-70 e-mail: biserovkamil@mail.ru • "GS1 Uzbekistan" Association (EAN Uzbekistan) 6, Bukhara st., Tashkent, 100047, tel.:236 71 31, fax:236 79 46 e-mail: info@gs1uz.org website: www.gs1uz.org

19. Thanks for attention!