Uzbekistan is preparing to launch a new business framework aimed at attracting international technology companies, supporting innovation and positioning Tashkent as a regional technology hub for Central Asia. The initiative, known as Enterprise Uzbekistan, was established through legislation adopted in August and is expected to become operational in early 2027. The special business regime is designed to provide technology companies and investors with tax incentives, simplified procedures for testing new products and opportunities to expand operations across regional markets.
Under the Enterprise Uzbekistan framework, eligible investors will receive exemptions on taxes related to investment returns, including dividends and other income generated through activities conducted under the special regime. Companies participating in priority activities within the framework will also benefit from corporate tax exemptions, while sales conducted through the centre and exports by participating companies will qualify for zero-rated value-added tax (VAT). The initiative is intended to create a more attractive environment for international technology firms seeking to establish operations in Uzbekistan while accessing wider Central Asian markets. Sultonmurod Rasulov, Head of Strategic Partnerships at Enterprise Uzbekistan, highlighted that the framework will support full foreign ownership and allow international companies to operate using investment structures familiar to global investors. Although full foreign ownership is already permitted in Uzbekistan, Enterprise Uzbekistan will provide additional support for foreign companies, branches and representative offices. The initiative will also introduce more flexible employment arrangements, allowing companies to hire international specialists under global employment standards. Qualified foreign professionals will be exempt from personal income tax on eligible salaries and dividends, while foreign employees of participating companies will have access to visas lasting up to three years without requiring separate work permits.
A key feature of Enterprise Uzbekistan will be its regulatory sandbox, which will allow companies to test emerging technologies under specially designed rules. The sandbox will enable businesses to experiment with new products, generally for periods of up to 12 months, through temporary exemptions from certain requirements and simplified licensing procedures. The approach is expected to support developers working on artificial intelligence applications, financial technology solutions and other emerging services where existing regulations may not fully address new technology models. Uzbekistan is also seeking to attract international venture capital firms and technology investors through the new framework. Several global investment organisations have already shown interest in the country’s growing technology sector. Golden Gate Ventures established an office in Tashkent in June through a partnership with the Uzbek Oman Investment Company, with plans to expand investment activities in Uzbekistan and support technology companies seeking connections between Central Asia and the Middle East. Michael Lints, Founding Partner MENA at Golden Gate Ventures, said the new regime could encourage more foreign investors to establish funds in Uzbekistan and improve cross-border investment opportunities.
Enterprise Uzbekistan officials said the long-term objective is not only to help companies enter the Uzbek market but also to position the country as a gateway for technology expansion throughout Central Asia. Bahodir Ayupov, Vice President of Global Business Development at Enterprise Uzbekistan, noted that unfamiliarity with Uzbekistan’s legal environment can create challenges for international companies. He said the success of the initiative would be measured by whether global technology firms consider Enterprise Uzbekistan a key part of their regional expansion strategies. While the legal foundation has been established, several detailed regulations governing the initiative are still being developed. Officials are engaging with technology companies and investors to help shape the final framework before its planned launch in 2027. Farhod Ibragimov, CEO of Enterprise Uzbekistan, said regulatory stability remains one of the main concerns for international investors when evaluating new markets. The framework is planned to remain active until 2100, offering a long-term structure for investment decisions. Industry observers noted that attracting companies at launch will be only the first step, with long-term success depending on maintaining investor confidence and ensuring the framework remains competitive compared with other global business hubs. Mark Beer, Chairman of the Metis Institute, said continued evaluation and adjustment of policies will be important to sustain growth. The development of Enterprise Uzbekistan represents a broader effort by the country to strengthen its digital economy, attract technology-driven investment and establish a stronger position within the regional innovation ecosystem.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
