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LAW OF THE REPUBLIC OF UZBEKISTAN

of December 25, 2019 No. ZRU-598

About investments and investing activities

Accepted by Legislative house on December 9, 2019

Approved by the Senate on December 14, 2019

Chapter 1. General provisions

Article 1. Purpose and scope of this Law

The purpose of this Law is regulation of the relations in the field of investments and the investing activities performed by foreign and domestic investors.

This Law does not govern the relations connected with centralized investments.

Legal relationship in the field of concessionary activities, the conclusion, execution and the termination of production sharing agreements, investment, share and venture funds, regulations of the capital market, including transactions with securities, public-private partnership, special economic zones are regulated by the separate laws.

Article 2. Legislation on investments and investing activities

The legislation on investments and investing activities consists of this Law and other acts of the legislation.

If the international treaty of the Republic of Uzbekistan establishes other rules, than those which are stipulated by the legislation the Republic of Uzbekistan about investments and investing activities then are applied rules of the international treaty.

Article 3. Basic concepts

In this Law the following basic concepts are applied:

the investment project - complex of the interconnected actions directed to implementation or investment attraction for receipt of economic, social and other benefits;

the investment obligation - obligation of the investor assumed by it for achievement of particular purposes;

investment policy - complex of the interconnected actions for ensuring necessary level and structure of investments into economy of the Republic of Uzbekistan and its separate industries, to increase in investment activity of subjects of the investing activities directed to research of sources of investments and determination of priority industries of their use;

investing activities - the set of actions of subjects of investing activities connected with implementation of investments;

the participant of investing activities - subject of investing activities which provides realization of investments as the contractor of orders or based on the order of the investor;

the investment agreement - the written agreement signed between subjects of investing activities, determining the rights, obligations and responsibility of the parties of the investment agreement;

investments - the material and non-material benefits and the rights to them, including the rights to intellectual property items, and also the reinvestments put by the investor on the terms of execution of risks in objects of the social sphere, entrepreneurial, scientific and other types of activity for the purpose of profit earning which can include:

means, including money (including foreign currency), purpose-oriented bank deposits, shares, shares, shares, bonds, bills of exchange and other securities;

personal and real estate (buildings, constructions, equipment, machines and other material values);

the property rights of intellectual property including patented or the technical, technology, commercial and other knowledge which is drawn up in the form of technical documentation, skills and know-how, productions, necessary for the organization of this or that type, and also other values which are not prohibited by the legislation of the Republic of Uzbekistan is not patented (know-how);

the investor - the subject of investing activities performing investment of own and (or) borrowed funds or other attracted investment resources into objects of investing activities for the purpose of profit earning;

domestic investors are the citizens of the Republic of Uzbekistan, foreign citizens and stateless persons having resident status of the Republic of Uzbekistan including individual entrepreneurs, and also the legal entities of the Republic of Uzbekistan performing investing activities;

reinvestments - any investment income put in objects entrepreneurial and other types of activity including profit, percent, dividends, royalty, license and commission fees, payments for technical assistance, maintenance and other forms of remunerations;

direct foreign investments - investments at the expense of own or borrowed funds of the foreign investor on the terms of execution of risk, without guarantees of the government;

foreign investments - the material and non-material benefits and the rights to them, including the rights to intellectual property items, and also the reinvestments put by the foreign investor in objects of the social sphere, entrepreneurial, scientific and other types of activity;

foreign investors - the foreign states, administrative or territorial authorities of foreign states, the international organizations founded according to agreements or other agreements between the states or which are subjects of the international public law, the legal entities, any other partnerships, the organizations or associations founded and acting according to acts of the legislation of foreign states, the citizens of foreign state and persons without citizenship who are constantly living outside the Republic of Uzbekistan;

the companies with foreign investments in the territory of the Republic of Uzbekistan - the companies in which foreign investments constitute at least fifteen percent of shares (share, shares) or authorized fund (authorized capital).

Article 4. Basic principles of investments and investing activities

The basic principles of investments and investing activities are:

legality;

publicity and openness;

freedom of implementation of investing activities;

justice and equality of subjects of investing activities;

non-admission of discrimination against investors;

presumption of conscientiousness of the investor.

The basic principles of the legislation on investments and investing activities are applied at all stages of process of investment and implementation of investing activities.

Chapter 2. Investments, objects and subjects of investing activities

Article 5. Types of investments on subject to appointment

Investments on subject to appointment are subdivided on capital, financial and social.

The investments put in creation and reproduction of fixed assets including into new construction, upgrade, reconstruction, modernization, and also into development of other forms of production of goods belong to capital investments.

The investments put in shares, corporate, infrastructure and government bonds and also into other types of securities belong to financial investments.

The investments put in human development, skills and know-how and also into development of other forms of the non-material benefits belong to social investments.

Article 6. Forms of implementation of investments

Forms of implementation of investments are:

creation of legal entities or equity in their authorized funds (authorized capital), including by property acquisition and shares (shares);

acquisition of securities, including the debt obligations emitted by residents of the Republic of Uzbekistan;

acquisition of concessions, including concessions on investigation, development, production or use of natural resources, and also participation in the production sharing agreement;

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