On 20 January, the President of Uzbekistan Islam Karimov signed a law “On introduction of changes and amendments to some legislative acts of Uzbekistan”.

The Legislative Chamber of Oliy Majlis of Uzbekistan passed the law on 4 December 2013 and the Senate approved it on 13 December 2013.

According to the document, foreign investments are all types of tangible and intangible benefits and their rights, including intellectual property rights, as well as reinvestments, invested by foreign investors to their businesses and other activities, which are not prohibited by law.

Reinvestment are any income from foreign investments, occured in Uzbekistan and invested by foreign investors in the territory of Uzbekistan into business and other activities, which are not prohibited by law, including profits, interest, dividends, royalties, license and fees, payments for technical assistance maintenance and other forms of remuneration.

Private foreign direct investments are investments, made by individuals, who are foreign citizens or have no citizenship, who live permanently outside of Uzbekistan and foreign non-governmental entities.

The document said that foreign investors and enterprises with foreign investments can employ forting citizens and persons without citizenship, who live outside Uzbekistan, in line with the legislation to carry out their activity in Uzbekistan. Such persons can enter and stay in Uzbekistan while their contract into force and should receive multiple visas.

The law underlined that the ministries, state committees, departments and other state bodies, banks, controlling and law enforcement bodies cannot put additional request or limit activities of foreign investors and enterprises with foreign investments.

The foreign investors and heads of foreign enterprises can enter and stay in Uzbekistan during their operation in Uzbekistan via receiving multiple visas.

Uzbekistan also undertake obligation to provide necessary engineering and communication networks due to budget resources and other sources of finances as additional guarantee and measures on protection of foreign investors.

The document said that the state registration of enterprises with foreign investors will be conducted on one-window principle.

The law said that tax system will be kept for newly created enterprises with foreign investments for at least US$5 million for ten years if the tax system changes in Uzbekistan.