Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the NAPP licence, including banking and payment rails.
Get an investment license in Uzbekistan.
A regime rewritten on 1 July 2026. The National Agency of Perspective Projects - securities regulator since 2 September 2023 under Presidential Resolution ПҚ-291 - now licenses investment intermediaries and trust managers of investment assets under its Order No. 3850 of 9 June 2026: charter capital of at least 3,000 BRV per licence, paid in cash - UZS 1.32 billion at the BRV of UZS 440,000 in force since 1 September 2026 - a decision within 20 working days, no fee for the review, and a licence without expiry. The investment consultant needs no licence at all: a notification under Order No. 3852 with own funds of UZS 50 million, confirmed within one working day. Profit tax is 15%, VAT 12%, dividends to non-residents 10%, and the NAPP register holds 75 professional participants for a market of 38.2 million people. No passport; a sandbox since 2024.
27 yrs
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Licenses obtainedlicenses obtained
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Uzbekistan in brief
Rewritten on 1 July 2026: BRV floors, a 20-day clock, no review fee.
Uzbekistan licenses securities business under the Law on the Securities Market, ЎРҚ-387 of 3 June 2015, amended to 25 July 2026, whose chapter 4 defines professional activity as licensed or notified (Article 24) and names the investment intermediary (Article 26), the investment consultant (Article 28) and the trust manager (Article 30). Since 2 September 2023 the authorised body is the National Agency of Perspective Projects, under Presidential Resolution ПҚ-291. On 1 July 2026 the agency's own licensing order took effect - NAPP Order No. 3850 of 9 June 2026 - and it prints the figures the old rules did not. Point 10(б): charter capital in cash of at least 3,000 BRV per licensed activity, rising to 4,000 BRV on 1 July 2027 and 6,000 BRV on 1 July 2028, cumulative where the intermediary and trust-manager licences are combined. Point 17: a decision within 20 working days of acceptance, with no fee for the review. Point 3: the licence is perpetual.
The BRV is the base calculation value the President resets by decree: UZS 412,000 from 1 August 2025 under Decree УП-91, UZS 440,000 from 1 September 2026 under Decree УП-115 - so 3,000 BRV is UZS 1.32 billion, and the soum figure moves with the next decree. The investment consultant left the licence list: under NAPP Order No. 3852, in force the same day, it files a notification with own funds of UZS 50 million (point 5(а)) and receives confirmation within one working day (point 12). Non-resident founders are admitted on an apostilled certificate of no criminal record (point 11(г)); the only origin-based bar is a shareholder from a jurisdiction that does not cooperate on AML (point 10(к)). Tax: profit tax 15% under Article 337(1) of the Tax Code, VAT 12% under Article 258(1), 10% on dividends to non-residents under Article 353. The register holds 75 professional participants; the population is 38.2 million. We build the file from Tashkent.
Since 1 July 2026 the NAPP licenses investment intermediaries and trust managers under Order No. 3850: charter capital of 3,000 BRV per licence in cash - UZS 1.32 billion at today's BRV - a decision in 20 working days, no review fee, a perpetual licence. Consultants notify under Order No. 3852 with UZS 50 million of own funds.
Floors rise to 4,000 BRV in July 2027 and 6,000 in July 2028. Profit tax 15%, VAT 12%, dividends to non-residents 10%; 75 participants on the register; 38.2 million people; a sandbox since 2024. Built from Tashkent.
The two builds
The consultant's notification - or the licensed intermediary.
Two doors since 1 July 2026: the investment consultant files a notification under Order No. 3852 with UZS 50 million of own funds and is confirmed within one working day; the investment intermediary and the trust manager of investment assets take a licence under Order No. 3850 at 3,000 BRV of charter capital each, decided in 20 working days, with no review fee.
The consultant's notification at UZS 50 million - or the 3,000 BRV licence.
01 - INVESTMENT CONSULTANT
The notification route
The инвестиция маслаҳатчиси of Article 28 of the Securities Market Law no longer needs a licence. NAPP Order No. 3852 of 9 June 2026 sets a notification instead: own funds of at least UZS 50 million under point 5(а), confirmation issued electronically within one working day under point 12, no fee named in the order. The lightest regulated entry to the Uzbek market - advice, not execution or custody.
The инвестиция маслаҳатчиси of Article 28 of the Securities Market Law no longer needs a licence. NAPP Order No. 3852 of 9 June 2026 sets a notification instead: own funds of at least UZS 50 million under point 5(а), confirmation issued electronically within one working day under point 12, no fee named in the order. The lightest regulated entry to the Uzbek market - advice, not execution or custody.
- ✓Notification, not a licence - Order No. 3852
- ✓Own funds of at least UZS 50 million (pt 5(а))
- ✓Confirmation within one working day (pt 12)
- ✓Investment advice under Article 28 of ЎРҚ-387
- ✓No fee named in the order
- ✓Certified staff under Resolution No. 635
02 - INTERMEDIARY · TRUST MANAGER
3,000 BRV · UZS 1.32bnThe licensed firm
The investment intermediary (the broker-dealer of Article 26) and the trust manager of investment assets (Article 30) - the licence under which fund assets are managed - both under NAPP Order No. 3850: charter capital in cash of at least 3,000 BRV per licence, UZS 1.32 billion at today's BRV, cumulative if both are held; a decision within 20 working days of acceptance; no review fee; a perpetual licence. From 1 July 2027 the floor is 4,000 BRV, from 1 July 2028 6,000.
Investment intermediary or trust manager under Order No. 3850 - 3,000 BRV per licence in cash (UZS 1.32 billion), 20 working days, no review fee, perpetual.
- ✓Investment intermediary - brokerage and dealing
- ✓Trust manager of investment assets - fund management
- ✓3,000 BRV per licence, in cash (pt 10(б))
- ✓4,000 BRV from July 2027 · 6,000 from July 2028
- ✓20 working days, no review fee (pt 17)
- ✓Perpetual licence (pt 3)
Types per the Securities Market Law ЎРҚ-387 as amended to 25 July 2026 and NAPP Orders No. 3850 and 3852. The order charges nothing for the review; the capital tier, the bench and our fee are itemised in your quote.
Why Uzbekistan
Printed floors, a 20-day clock and a door for foreign founders.
Since 1 July 2026 the case for Tashkent is made in the agency's own orders, figure by figure.
✓
A printed floor at last
Point 10(б) of Order No. 3850: 3,000 BRV of charter capital per licence, in cash - UZS 1.32 billion at the BRV of UZS 440,000 - one figure, one point, one order, for the intermediary and the trust manager alike.3,000 BRV, UZS 1.32 billion.
✓
20 working days, no review fee
Point 17 gives the agency 20 working days from acceptance to license or refuse and charges nothing for the review; re-issuance (point 36) and approvals (point 57) are free as well.No review fee, pt 17.
✓
A licence without expiry
Point 3 issues the licence on a perpetual basis - no renewal cycle, no re-application, one capital test that steps up on 1 July 2027 and 1 July 2028.No renewal, pt 3.
✓
The consultant at UZS 50 million
Order No. 3852 turned investment advice into a notification: own funds of UZS 50 million, confirmation within one working day - the cheapest regulated seat on a market of 38.2 million people.Notification, one working day.
✓
Foreign founders admitted
Point 11(г) asks a non-resident founder for an apostilled certificate of no criminal record and nothing more; the only bar is a shareholder from an AML non-cooperative jurisdiction (point 10(к)), and the law caps no foreign holding.Apostilled certificate, pt 11(г).
✓
The BRV warning
The floor is written in BRV, which the President resets by decree - UZS 412,000 in August 2025, UZS 440,000 in September 2026 - and doubles to 6,000 BRV by July 2028. Budget in BRV, not in soums, and read the next decree.Reset by decree; 6,000 by 2028.
How it compares
How Uzbekistan differs from other routes.
The honest comparison: a BRV floor, a 20-working-day clock and no review fee - against Azerbaijan's AZN 75,000 in 60 plus 30 days, Armenia's AMD 20-300 million in one month and Mongolia's 10 working days.
Uzbekistan vs other jurisdictions
| Feature |  Uzbekistan | Other jurisdictions |
|---|---|---|
| Regime | Securities Market Law ЎРҚ-387 · NAPP Order No. 3850 (2026) | CBA licence Azerbaijan · CBA Armenia · FRC Mongolia |
| Capital | 3,000 BRV per licence · UZS 1.32bn (2026) | AZN 75,000-300,000 Azerbaijan · AMD 20M-300M Armenia |
| Scope | Domestic · no passport · sandbox | Domestic · no passport |
| Timeline | 20 working days (Order 3850 pt 17) | 60 + 30 days Azerbaijan · 1 month Armenia · 10 working days Mongolia |
Regime
UzbekistanSecurities Market Law ЎРҚ-387 · NAPP Order No. 3850 (2026)
Other jurisdictionsCBA licence Azerbaijan · CBA Armenia · FRC Mongolia
Capital
Uzbekistan3,000 BRV per licence · UZS 1.32bn (2026)
Other jurisdictionsAZN 75,000-300,000 Azerbaijan · AMD 20M-300M Armenia
Scope
UzbekistanDomestic · no passport · sandbox
Other jurisdictionsDomestic · no passport
Timeline
Uzbekistan20 working days (Order 3850 pt 17)
Other jurisdictions60 + 30 days Azerbaijan · 1 month Armenia · 10 working days Mongolia
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Uzbekistan | NAPP intermediary · trust manager | 15% · VAT 12% · 10% WHT | 3,000 BRV (UZS 1.32bn) per licence · 20 working days · 75 on register |
 Armenia | CBA investment company | 18% · 5% dividend WHT | AMD 20M-300M by service set · 1 month · 13 on register |
 Azerbaijan | CBA investment company · fund manager | 20% · confirmed per structure | AZN 75k Cat B · AZN 300k Cat A · AZN 125k FM |
 Mongolia | FRC regulated person | 10% / 25% · 20% WHT | IMC MNT 200M · broker floor per Annex 1 · 10 working days |
UzbekistanLicense typeNAPP intermediary · trust manager
Taxation15% · VAT 12% · 10% WHT
Requirements3,000 BRV (UZS 1.32bn) per licence · 20 working days · 75 on register
ArmeniaLicense typeCBA investment company
Taxation18% · 5% dividend WHT
RequirementsAMD 20M-300M by service set · 1 month · 13 on register
AzerbaijanLicense typeCBA investment company · fund manager
Taxation20% · confirmed per structure
RequirementsAZN 75k Cat B · AZN 300k Cat A · AZN 125k FM
MongoliaLicense typeFRC regulated person
Taxation10% / 25% · 20% WHT
RequirementsIMC MNT 200M · broker floor per Annex 1 · 10 working days
Before you apply
Requirements for the NAPP licence.Requirements for the licence.
The agency licenses under its Order No. 3850 and takes consultants' notifications under Order No. 3852, both in force since 1 July 2026. The checklist below is what the orders and the law make certain.
01
Licence type - investment intermediary or trust manager of investment assets under NAPP Order No. 3850; investment consultant by notification under Order No. 3852 - fixed before the entity exists, because the capital follows the type.
02
Charter capital - at least 3,000 BRV per licensed activity, formed in cash, under point 10(б) of Order No. 3850: UZS 1.32 billion at the BRV of UZS 440,000 in force since 1 September 2026.
03
The step-up - 4,000 BRV from 1 July 2027 and 6,000 BRV from 1 July 2028; holding both licences means the two floors added together.
04
Consultant's own funds - at least UZS 50 million under point 5(а) of Order No. 3852, with confirmation within one working day of the notification.
05
Founders - non-residents admitted on a legalised or apostilled certificate of no criminal record (point 11(г)); no participant from a jurisdiction that does not cooperate on AML/CFT (point 10(к)); the Securities Market Law caps no foreign holding.
06
Certified staff - employees holding qualification certificates under Cabinet Resolution No. 635 of 30 November 2023; the register records the count per participant.
07
Client identification - remote digital identification of securities-market clients under Cabinet Resolution No. 238 of 26 April 2024.
08
Income payments - securities income paid through the Central Securities Depository and investment intermediaries under NAPP Order No. 3523 of 28 June 2024.
09
Fees - none for the review (point 17), re-issuance (point 36) or approvals (point 57) under Order No. 3850; any state duty on the licence itself is confirmed for the quote.
10
Timeline - a decision within 20 working days of acceptance of the application (point 17); the licence is perpetual (point 3).
01
Type fixed first.
02
3,000 BRV per licence, cash.
03
4,000 BRV 2027 · 6,000 2028.
04
Consultant: UZS 50M own funds.
05
Non-resident founders: apostille.
06
Certified staff, No. 635.
07
Remote client ID, No. 238.
08
Income via depository.
09
No review fee; duty confirmed.
10
20 working days, perpetual.
Reflects the Securities Market Law as amended to 25 July 2026, Law ЎРҚ-701 and NAPP Orders No. 3850 and 3852 as of 2026. The BRV is reset by presidential decree; the soum equivalent is restated in the quote at the value then in force.ЎРҚ-387 + NAPP Orders 3850 and 3852, as of 2026.
How it works
From first call to the NAPP register.
01
The type
Consultant by notification, or intermediary and trust manager by licence - fixed in writing against what you will actually do, since the floor is per licensed activity.Fixed in writing.
02
The capital
3,000 BRV per licence paid in cash - UZS 1.32 billion at the BRV of UZS 440,000 - or UZS 50 million of own funds for a consultant.3,000 BRV in cash.
03
Entity and staff
Uzbek company formed, founders' apostilled certificates gathered under point 11, staff certified under Resolution No. 635.Certified, apostilled.
04
The electronic file
Application accepted; the agency decides within 20 working days under point 17 of Order No. 3850 - a consultant's notification is confirmed within one working day.20 working days.
05
Register and launch
Entry on the NAPP register, depository and client-identification rails live - managing Uzbek money.Managing Uzbek money.
Quick facts
RegulatorNAPP · since 02.09.2023
LawЎРҚ-387 of 03.06.2015 · Order No. 3850 (2026)
Charter capital3,000 BRV per licence · UZS 1.32bn
Step-up4,000 BRV (2027) · 6,000 BRV (2028)
ConsultantNotification · UZS 50M own funds
FeeNo review fee (pt 17)
Statutory clock20 working days (pt 17)
Register75 participants · 38.2M people
Order No. 3850 sets the clock at 20 working days from acceptance and charges nothing for the review; a file that meets points 10 and 11 at acceptance is the lever. The NAPP publishes no processing statistics.
On the ground in Uzbekistan
Run from our Tashkent office.
Prifinance - Uzbekistan
Tashkent · Uzbekistan
Tashkent, Uzbekistan
01
Type and floor
Consultant, intermediary or trust manager - decided against the client book, with the 3,000 BRV floor or the UZS 50 million own-funds test priced in soums at the BRV then in force.Priced in BRV.
02
The agency dialogue
Founders' documents to point 11 of Order No. 3850 - apostilled no-conviction certificates for non-residents - and the staff's qualification certificates assembled before filing.Founders' documents ready.
03
The electronic file
Charter documents, certified staff and the paid-in capital filed to Order No. 3850, complete at acceptance, so the 20-working-day period runs from day one.Complete at acceptance.
04
Launch
Central Securities Depository access, remote client identification under Resolution No. 238, individual investment accounts and reporting forms live from day one.Depository rails live.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Uzbekistan.
Three printed rates from the Tax Code: 15% profit tax, 12% VAT and 10% on dividends to non-residents - the figures the Government's Investment Guide 2026 restates.
Profit tax 15%
Article 337(1) of the Tax Code sets the base rate at 15%, with 20% for banks; Presidential Decree УП-5837 of 26 September 2019 directed the 15% base rate while leaving the rate on dividend income unchanged.Article 337(1).
VAT 12%
Article 258(1); Law ЎРҚ-812 of 30 December 2022 replaced 15 with 12 from 1 January 2023. Whether a given securities service is exempt is settled per service set.Article 258(1).
Dividend withholding 10%
Ten percent on dividends and interest paid to non-residents under Article 353 - the rate the Ministry of Investment, Industry and Trade's Investment Guide 2026 restates - before any treaty.Article 353, non-residents.
Licence fees
None for the review, re-issuance or approvals under points 17, 36 and 57 of Order No. 3850; any state duty on the licence itself under the Law on State Duty is confirmed for the quote.Order 3850, pt 17.
No compensation fund
No investor-compensation scheme is published by the NAPP, so no contribution is modelled - a point we state rather than assume.None published.
Individual investment accounts
Cabinet Resolution No. 331 of 13 June 2024 created individual investment accounts - the retail vehicle a manager onboards; their tax treatment is settled per structure.Resolution No. 331.
Tax summary
Profit tax15% (art. 337(1))
VAT12% (art. 258(1))
Dividend WHT10% to non-residents (art. 353)
Licence feesNo review fee · duty confirmed
Compensation fundNone published
*Figures as of 2026 per Uzbek law - Tax Code Articles 258, 337 and 353. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Uzbek company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
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Uzbekistan · NAPP
Launch your investment firm in Uzbekistan with expert support.
Full-service assistance - from the licence type and the 3,000 BRV capital to the Order No. 3850 filing, certified staff and launch - run through our Tashkent office.
Get a consultation →Free legal opinion
Is Uzbekistan the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Uzbek investment licence, answered.
What licence does an investment firm need in Uzbekistan?+
Since 1 July 2026, a licence from the National Agency of Perspective Projects under its Order No. 3850 as investment intermediary or trust manager of investment assets - or, for an investment consultant, a notification under Order No. 3852. The types come from the Securities Market Law ЎРҚ-387 of 2015, Articles 26, 28 and 30.
Who is the regulator now?+
The NAPP, since 2 September 2023: Presidential Resolution ПҚ-291 moved the Ministry of Economy and Finance's capital-market powers to the agency (paragraph 8) and made it legal successor with existing licences intact (paragraph 9). Its own licensing orders, No. 3850 and 3852, have applied since 1 July 2026.
What capital is required?+
Charter capital in cash of at least 3,000 BRV per licensed activity (Order No. 3850, point 10(б)) - UZS 1.32 billion at the BRV of UZS 440,000 since 1 September 2026 - rising to 4,000 BRV in July 2027 and 6,000 BRV in July 2028, cumulative where both licences are held. A consultant needs UZS 50 million of own funds.
How long does licensing take?+
Twenty working days from acceptance of the application, under point 17 of Order No. 3850; the licence then runs without expiry under point 3. A consultant's notification is confirmed electronically within one working day under point 12 of Order No. 3852. The NAPP publishes no processing statistics.
Can a foreign group own the licensee?+
Yes. Order No. 3850 admits non-resident founders on a legalised or apostilled certificate of no criminal record (point 11(г)); the only origin-based bar is a participant from a jurisdiction that does not cooperate on AML/CFT (point 10(к)), and the Securities Market Law caps no foreign holding.
What are the fees?+
Order No. 3850 charges nothing for the review of the application (point 17), for re-issuance (point 36) or for approvals (point 57). Any state duty on the licence itself under the Law on State Duty is confirmed for your quote, together with our fixed fee. No investor-compensation contribution exists.
How are Uzbek investment firms taxed?+
Profit tax at 15% under Article 337(1) of the Tax Code, VAT at 12% under Article 258(1) - cut from 15% on 1 January 2023 by Law ЎРҚ-812 - and 10% withholding on dividends to non-residents under Article 353, before any treaty. The Government's Investment Guide 2026 restates all three.
What changed in 2024-2026?+
The sandbox order No. 3493 (29 January 2024); remote client identification under Resolution No. 238 (April 2024); individual investment accounts under Resolution No. 331 (June 2024); the old rules 1108 and 1495 removed in December 2025; NAPP Orders No. 3850 and 3852 in force 1 July 2026; the Tashkent International Financial Centre law ЎРҚ-1158 of 13 July 2026.
Uzbekistan or Azerbaijan for a new firm?+
Azerbaijan's floor is lower - AZN 75,000 for Category B, AZN 300,000 for Category A - AZN 2,750 duty, 60 plus 30 days, 20% tax. Uzbekistan asks 3,000 BRV (UZS 1.32 billion), answers in 20 working days, charges no review fee, taxes at 15% and serves 38.2 million people. Baku for the smaller cheque; Tashkent for speed and size.
Why Prifinance for Uzbekistan?+
We fix the type against Order No. 3850, pay the 3,000 BRV floor in cash at the BRV then in force, assemble the founders' apostilled certificates under point 11 and the staff certificates under Resolution No. 635, and file complete so the 20-working-day clock runs from acceptance - from our Tashkent office with Tallinn behind it.
What licence?+
NAPP, Order No. 3850.
Regulator?+
NAPP since 2023.
Capital?+
3,000 BRV, UZS 1.32bn.
How long?+
20 working days.
Foreign ownership?+
Admitted, apostille.
Fees?+
No review fee.
Taxes?+
15%, VAT 12%.
Changes?+
Orders 3850 and 3852.
Or Azerbaijan?+
Smaller cheque vs speed.
Why you?+
Floor in BRV, Tashkent.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the National Agency of Perspective Projects of Uzbekistan or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.