ESTABLISHMENT OF THE FINANCIAL CENTER

On March 30, 2026, the President of the Republic of Uzbekistan signed decree no. Up-48 “On the establishment of the Tashkent International Financial Center” (TIFC). TIFC will operate under the following framework:
  • Special legal regime
  • Independent judicial system
  • Dedicated governing bodies
  • Attractive tax benefits
The above decree is adopted as part of the implementation of the national strategy “Uzbekistan – 2030.” The government has set itself ambitious goals to:

  • Develop the financial sector
  • Create a jurisdiction of high reliability
  • Create highly paid jobs
  • Strengthen the sovereign credit rating and boost the country’s international investment rankings
  • Transform Tashkent into a regional financial hub of Central Asia
  • Integrate the country’s capital market into the global financial system
Common law of England and Wales will apply directly on the TIFC territory. TIFC has the right to implement best practices of other international financial centers and to adopt regulatory acts in the areas of civil, corporate, commercial, financial, banking, tax and labor law, public procurement and personal data protection, applicable within its territory
GOVERNING BODIES

The supreme regulator of TIFC is the Council chaired by the President of the Republic of Uzbekistan. The governing bodies of TIFC also include:

  • Financial Services Authority
  • Administration
  • Tashkent International Commercial Court

RIGHTS OF TIFC PARTICIPANTS AND THEIR EMPLOYEES
  • Settlements
    Perform monetary obligations in foreign currencies as contractually specified, including using crypto-assets
  • Labor benefits
    Hire foreign citizens without obtaining work permits
  • Capital repatriation
    Repatriate capital or income derived from activities on the territory of TIFC without any restrictions
  • Special visa regime
    Obtain entry visas for up to 5 years for employees of TIFC and its participants, as well as their family members (as determined by TIFC), upon agreement with the authorized state bodies
PERMITTED ACTIVITIES ON THE TIFC TERRITORY

  • Financial, investment and banking activities
  • Insurance
  • Operations with digital assets (including cryptoassets), securities and payment systems
  • Islamic and “green” finance
  • Financial technologies
  • Provision of audit, consulting and legal services
  • Other types of activities in accordance with the Constitutional Law on TIFC
TAX AND CUSTOMS REGIME WITHIN THE TIFC TERRITORY

UNTIL JANUARY 1, 2076, the following incentives are applicable to TIFC participants:
It should be noted that to implement the above provisions, the Constitutional Law of the Republic of Uzbekistan “On the Tashkent International Financial Center” is to be adopted.
JUDICIAL SYSTEM

The Tashkent International Commercial Court (hereinafter – “TICC”) is established within TIFC. TICC is an independent judicial body that does not form part of the national judicial system of the Republic of Uzbekistan. The court consists of two instances: first instance and appellate instance.
The following categories of cases would fall within the TICC jurisdiction
  • Matters related to the activities of TIFC and the International Center for Digital Technologies
  • Disputes arising from contracts in which the parties have chosen the jurisdiction of TICC
  • Administrative disputes in which one of the parties is a foreign enterprise, an enterprise with foreign participation, or a foreign individual investor
  • Disputes arising from any administrative legal relations, including cases on the application of economic sanctions, provided that the state duty is paid in full by the business entity without subsequent recovery thereof from the state authority
  • Disputes considered by international arbitration institutions where the place of arbitration is the territory of the Republic of Uzbekistan, as well as issues arising from or related to such disputes
Decisions of TICC are binding on the parties and enforced in the manner established for judicial acts of the Republic of Uzbekistan.
HOW BEONE CAN HELP

We would be glad to assist in the following areas:

  • Consulting on the applicability of the special legal regime of TIFC to your company, including assessment of the feasibility of obtaining TIFC participant status
  • Structuring transactions under the common law of England and Wales and principles of equity within the TIFC jurisdiction
  • Assessment of tax benefits from relocating activities to the TIFC territory, taking into account the applicable exemptions on CIT, VAT, PIT and customs duties
  • Support in registration and licensing with TIFC authorities, including preparation of required corporate and licensing documentation
  • Preparation and revision of the contractual base taking into account the applicable English law and the jurisdiction of TICC
  • Monitoring the development of the Constitutional Law on TIFC and subordinate acts of TIFC, preparation of relevant legal opinions as new rules are adopted

CONTACTS


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Address: 23 T. Shevchenko Street, Mirabad District, Tashkent, 100060, Republic of Uzbekistan
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