The Uzbek government is to introduce a simplified visa regime for international investors. The registration process for companies with capital from overseas will also be streamlined, as Tashkent looks to encourage foreign investment.
Under the new rules, signed off by President Islam Karimov on January 20, foreign investors will be able to obtain multiple-entry visas for the entire period of their investment. Previously, most foreign citizens were issued single entry visas with a duration of just three months.
Registration of enterprises with foreign capital will now be carried out on a one-window principle, which will see a considerable reduction in the administrative burden. Restrictions on how investors can dispose of income, including its removal from Uzbekistan, are also being lifted.
Government ministries and other state organisations, banks and law enforcement agencies will not be allowed to impose addition restrictions on foreign investors or enterprises with foreign investments.
Enterprises with foreign investment are defined as those with registered funds of $150,000 or more, with foreign investors holding a share of at least 30%. The law had already been passed by the lower house of parliament, Oliy Majlis, on December 4, 2013 and by the Senate on December 13, UzDaily reports.
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