Foreign ownership restrictions / limitation of foreign investments and equity in corporations

Foreign ownership restrictions and limitations on foreign investment remain a key consideration for companies entering new markets. While many jurisdictions welcome foreign capital, investors often face equity caps, approval requirements, and sector-specific rules that shape business strategies.

GRATA International presents an overview across 14 jurisdictions: Armenia, Azerbaijan, Belarus, China, Cyprus, Georgia, Kyrgyzstan, Mongolia, the Philippines, Russia, Tajikistan, Turkey, Turkmenistan, and Uzbekistan.

Our experts examine how foreign ownership is regulated in local companies, what approvals may be required from state authorities, and which sectors remain closed or restricted for foreign investors. The overview also covers disclosure obligations, the possibility of full foreign ownership, restrictions on real estate acquisition, as well as sanctions and localization requirements applicable in certain jurisdictions.

Read the full material:

You can view information on each country separately using the links in the list below.

List of countries and authors:

Armenia - Hasmik Martirosyan

Azerbaijan - Vafa Teymurzade

Belarus - Kristina Panchenko, Violetta Liudchyk

China - Mingzhu Zhao

Cyprus - Nasos Kyriakides

Georgia - Sophiko Gogishvili

Kyrgyzstan - Aisanat Safarbek kyzy, Elvira Maratova, Zhanygul Kaparova

Mongolia - Bolormaa Volodya, Khulan Ganbold

Philippines - Krisanto Karlo Nicolas

Russia - Juliya Zhadan, Alena Ivanova, Aleksandra Levenkova, Yana Dianova

Tajikistan - Kamoliddin Mukhamedov, Aziz Juraev

Turkiye - Kaan Gök, Gülendam Tüylüoğlu

Turkmenistan - Ikbal Said Alauddin, Serdar Amanov, Kerim Balkanov, Lachin Amandurdiyeva, Annamenli Rozymyradova

Uzbekistan - Bakhodir Karimov, Sitora Kozimjanova