FEZ “Navoi” to be reformed as a joint-stock company

A draft presidential decree on measures to improve the activities of the free economic zone “Navoi” developed in accordance with the decree of the President of the Republic of Uzbekistan dated December 21, 2018 “On measures to further improve the system of coordination and management of free economic zones” has been posted on the portal of discussions of normative-legal acts.

Within the framework of the bill, it is proposed to transform the SUE Directorate of “Navoi” Free Economic Zone into the Joint-Stock Company Directorate of “Navoi” Free Economic Zone (JSC Directorate of “Navoi” FEZ).

The JSC Directorate of “Navoi” FEZ will become the legal successor to the rights and obligations of the State Unitary Enterprise Directorate of “Navoi” Free Economic Zone, and Agency for State Assets Management will act as a shareholder on behalf of the state in the authorized capital of the JSC Directorate of “Navoi” FEZ.

The main activities of the JSC Directorate of “Navoi” Free Economic Zone are:

• selection and making decisions on the implementation of investment projects for placement on territory of the FEZ;

• registration and maintenance of the register of participants of the FEZ, issuing relevant certificates;

• conclusion of investment agreements with investors selected in accordance with the established procedure on territory of the FEZ;

• realization at “nil” redemption value with the adoption of investment obligations, inactive enterprises and properties that are state-owned in the free economic zones of the FEZ participants;

• provision of land plots for buildings, structures and offices on territory of the free economic zone to the FEZ participants and other business entities;

• rendering services to the FEZ participants, including marketing, consulting, logistics and utilities;

• hotel, educational, insurance and other types of services not prohibited by law.

Also, within the framework of the draft law, from March 1, 2019, on the territory of “Navoi” free economic zone, it is proposed to introduce the followings:

• simplified visa regime and procedure for hiring foreign employees providing for the issuance of entry visas to foreigners on the territory of the FEZ “Navoi” and work permits without consular fees, state fees and other fees based on a written request from the Directorate of the FEZ “Navoi”;

• simplified licensing and permitting procedures for participants of the FEZ “Navoi”.

One can take part in the discussion of the project until February 21.