In a period of unprecedented geopolitical turbulence and associated financial and logistical challenges, many entrepreneurs are considering relocating their businesses to more politically and economically stable jurisdictions. An alternative to the countries of the European Union and offshore countries can be rapidly developing member states - Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Tajikistan and Uzbekistan.
If you are interested in establishing a presence in a new market, restructuring your current operations, or expanding the geographical coverage of your business, the jurisdictions of Caucasus and Central Asia could offer a great potential from economic and legal standpoints. The region is strategically located between Europe and Asia, offering a unique position for companies who do business in both markets.
From January 1, 2022, the property tax rate for legal entities has decreased from 2% to 1.5%, but there have been set minimum limits for the value of buildings for calculating property tax of legal entities in absolute terms in the following amounts per 1 sq. m
Unfair competition: problems and methods of trademark protection in Uzbekistan
As of this date, cases of unfair competition are increasing not only in Uzbekistan, but all over the world which, in turn, affect both producers and consumers. As we can notice, the range of counterfeit products is not limited only to high-consumption goods; in the Uzbek market, they can also be found among famous brands of clothing, food products, infant formula, medicines and software.
Unfair competition in the use of intellectual property objects: problems and ways to protect a trademark
Intellectual property (IP) is one of the most valuable assets of any firm. However, in a world of widespread piracy and strong trends in the illegal use of intellectual property, the registration and protection of intellectual property is of strategic importance to reduce unfair competition.
International Arbitration 2021
Arbitration is becoming more and more popular in Uzbekistan as an alternative to litigation. With the adoption of the Arbitration Law in 2006, the number of arbitration tribunals established in Uzbekistan reached nearly 300 in 2021. One of the most active is a network of arbitration courts under Chamber of Commerce and Industry of Uzbekistan (CCI).
Remote work (including remote work of foreign workers)
The interaction of the employee and the employer in the conditions of remote work in many jurisdictions is already a very familiar phenomenon. In the context of the COVID-19 pandemic and the gradual transition of labour relations to the digital space, remote work has become the universal response of employers and employees to the external and internal challenges of 2021.
Remote work in Uzbekistan (including remote work of foreign workers)
Today, the situation with the COVID-19 pandemic around the world is making changes in almost all spheres of people's lives, which in turn leads to the need to adopt additional mechanisms in the regulation of labour relations aimed at solving employment problems and improving the welfare and safety of the population. To some extent, the coronavirus pandemic has become a shift for the further digitalisation of labour relations, as well as the massive introduction of remote work in our republic.
Note on the Law of the Republic of Uzbekistan “On International Commercial Arbitration”
On February 16, 2021 President of the Republic of Uzbekistan has approved the Law “On International Commercial Arbitration” (hereinafter – the “Law”). As a result, Uzbekistan became 85th country and 118th jurisdiction to enact legislation based on the Model Law of the United Nations Commission on International Trade Law(UNCITRAL) on International commercial arbitration (hereinafter – the “UNCITRAL Model Law”). The Law was approved by the UNCITRAL.
Access to international arbitration in investor-state dispute settlement (ISDS) in Uzbekistan
The influx of foreign direct investment in Uzbekistan has found a breath of fresh air after fundamental changes in the higher political structures in 2017-2018. Since that, several reforms pro-business credentials have been vigorously enforced in Uzbekistan.