Business
Post-2017 liberalisation with currency convertibility restored
Reforms since 2017 liberalised the currency, cut licensing and opened most sectors to foreign ownership. Companies are formed under the Civil Code and the Law on Limited Liability Companies.
Key rules
- Jurisdiction — Single-window registration through state services centres; sector regulators license banking, insurance and telecoms.
Governing law
- Civil Code of the Republic of Uzbekistan
- Law on Limited Liability Companies
- Law on Investments and Investment Activity2019
In practice
The 2017 decision to allow free conversion of the som removed the parallel-rate problem that had deterred investment for two decades, and is the pivot on which the current regime turns. The 2019 investment law consolidated guarantees on national treatment, protection from expropriation and repatriation, and provides for international arbitration. Free economic zones offer staged tax and customs concessions. Privatisation of state enterprises is ongoing, and state dominance in banking and energy remains the practical constraint rather than the legal framework.