For entrepreneurs and companies from outside the Eurasian Economic Union (EAEU), choosing between Kazakhstan and Uzbekistan is an important strategic decision when entering Central Asia.

Both countries allow foreign investors to establish businesses and offer access to rapidly developing markets. However, the practical differences can affect taxation, banking, immigration, employment, foreign ownership and the ability to expand into neighbouring countries.

This guide compares Kazakhstan vs Uzbekistan business from the perspective of founders and companies from the US, UK, EU, Middle East, Asia and other non-EAEU jurisdictions.

The right choice depends less on which country has the “lowest tax” and more on where your customers, employees, operations and long-term business plans will be located.

1. Kazakhstan vs Uzbekistan Business: What Should Foreign Companies Compare?

A foreign founder should look beyond the company registration process itself. Before choosing a jurisdiction, consider:

• size and characteristics of the local market
• foreign ownership requirements
• corporate income tax
• VAT
• taxation of cross-border payments
• banking and international transfers
• availability of foreign currencies
• employment costs
• immigration and residence options
• work permits for foreign employees
• licensing requirements
• access to international markets
• availability of qualified employees
• opportunities for regional expansion

The first question should be: Where will the actual business activity take place?

If your company will primarily sell to customers in Uzbekistan, employ people there and maintain its operations there, Uzbekistan may be the more logical jurisdiction.

If you are looking for a regional headquarters for Central Asia, work with international clients, or want to combine local operations with an international legal and financial structure, Kazakhstan may be worth considering.

Kazakhstan may be attractive for:

• regional headquarters
• international services
• IT companies
• professional services
• international trading businesses
• financial and investment structures
• companies working across Central Asia
• businesses seeking an established international business ecosystem

Uzbekistan may be attractive for:

• businesses targeting the Uzbek consumer market
• manufacturing
• retail
• agriculture
• textiles
• construction
• logistics
• consumer services
• businesses requiring a large local workforce

For a non-EAEU company, the best jurisdiction should therefore be selected based on the entire operating model, not simply the country where incorporation appears easier.

2. Kazakhstan vs Uzbekistan: Market and Business Environment

Kazakhstan

Kazakhstan has a long-established relationship with international investors and multinational companies. Its major business centres include Almaty and Astana.

The economy has significant activity in:

• oil and gas
• mining
• logistics
• financial services
• technology
• construction
• professional services
• international trade

For international businesses, another important feature is the Astana International Financial Centre (AIFC). The AIFC operates under a special legal framework based on English common law principles and can be particularly relevant for certain financial, investment and international business structures.

Kazakhstan can therefore be attractive to a foreign company that does not simply want to sell locally but intends to use Central Asia as a regional business base.

Uzbekistan

Uzbekistan offers a different advantage: a much larger domestic population and rapidly developing consumer and industrial markets. Tashkent is the country’s main commercial centre.

Important sectors include:

• manufacturing
• textiles
• agriculture
• construction
• retail
• tourism
• logistics
• IT and outsourcing
• consumer services

For a foreign company whose main objective is to access Uzbek consumers or establish local production, the domestic market can be a major consideration.

A simplified way to look at the two countries is: Kazakhstan → regional and international business hub; Uzbekistan → large domestic and production-oriented market. This is not an absolute rule, but it is a useful starting point.

3. Company Registration for Non-EAEU Foreigners

Both Kazakhstan and Uzbekistan allow foreign investors to establish companies. However, a foreign founder should understand that company registration is only one part of market entry.

Registering a company in Kazakhstan

A common structure for foreign entrepreneurs is a Limited Liability Partnership (LLP). Foreign participation is generally possible, although specific sectors may have additional restrictions or requirements.

Depending on the structure, a foreign founder may need:

• passport
• translated documents
• notarised documents where required
• information about the founder
• information about the director
• legal address
• charter and incorporation documents
• information about business activities
• documents relating to the foreign parent company if the shareholder is a legal entity

A foreign individual may also need to obtain a Kazakhstan IIN, arrange an electronic digital signature and complete other local administrative procedures. If the shareholder is a foreign company, additional corporate documents may be required.

Registering a company in Uzbekistan

Uzbekistan also allows foreign investors to establish companies, commonly through a limited liability company structure.

Depending on the ownership structure, the founder may need:

• passport or corporate identification documents
• company charter
• information about founders
• information about the director
• legal address
• corporate documents of a foreign shareholder
• translated documents
• notarisation or legalisation where applicable

The precise requirements depend on the nationality of the founder, the type of entity and whether the shareholder is an individual or foreign company.

Important for non-EAEU founders

Foreign entrepreneurs should plan registration, banking, taxation and immigration together. Successfully registering an LLP in Kazakhstan does not automatically mean that a foreign founder has an unlimited right to live and work in Kazakhstan.

4. Taxation: Kazakhstan vs Uzbekistan

Taxation is one of the most common reasons foreign companies compare Kazakhstan and Uzbekistan. However, comparing only corporate income tax rates can give a misleading picture.

The actual tax burden depends on:

• business activity
• annual turnover
• VAT registration
• employee salaries
• dividends
• cross-border payments
• withholding tax
• available tax incentives
• special economic zones
• international tax treaties

Kazakhstan

From 2026, the general corporate income tax rate in Kazakhstan is 20%. The standard VAT rate from 1 January 2026 is 16%. Kazakhstan also applies withholding tax to certain payments to non-residents, including specific types of dividends, interest, royalties, capital gains, services and other Kazakhstan-source income. The applicable rate can depend on the type of payment and whether a tax treaty applies.

Uzbekistan

Uzbekistan generally applies a 15% corporate income tax rate and a 12% standard VAT rate, although special regimes, exemptions and incentives may apply depending on the business.

This can make Uzbekistan appear more tax-efficient when looking only at headline rates. However, a foreign investor should also analyse taxation of dividends, withholding tax, cross-border services, payroll-related taxes, VAT obligations, tax treaty benefits and special incentives available to the industry.

Factor	Kazakhstan	Uzbekistan
General CIT	20%	15%
Standard VAT	16%	12%
Foreign ownership	Generally possible	Generally possible
Main business centres	Almaty, Astana	Tashkent
Special international financial centre	AIFC	No direct equivalent
Domestic population	Smaller	Larger
Regional business potential	Strong	Growing
Manufacturing	Strong	Strong
IT sector	Developed	Rapidly developing

Important: tax rates and special regimes may change. A foreign company should obtain a current tax assessment before choosing its structure.

5. Banking and International Payments

For companies from outside the EAEU, banking can be just as important as incorporation.

A foreign-owned company needs to consider not only whether it can open a corporate bank account, but also whether the banking system works for its international operations.

Key questions include:

• Can the company receive international payments?
• Can it send payments to foreign suppliers?
• Which currencies are available?
• How long do international transfers take?
• What documents will the bank request?
• How will the bank verify the source of funds?
• Can the company distribute profits to foreign shareholders?
• What compliance checks will apply?

Kazakhstan

Kazakhstan has an established banking sector and considerable experience with foreign-owned businesses. For international companies, this can be an important advantage. Nevertheless, foreign shareholders should expect KYC and compliance procedures.

Banks may request corporate documents, ownership information, information about ultimate beneficial owners, contracts, business plans, information about the source of funds and explanations of expected transactions.

Uzbekistan

Uzbekistan has also been developing its financial infrastructure and opening its economy to international business. However, companies with significant international operations should review currency regulations, international transfers, banking compliance, foreign-currency availability and procedures for transferring profits and investment funds.

Practical advice: for a non-EAEU company, banking should be assessed before incorporation, not after. The easiest company to register is not necessarily the easiest company to operate.

6. Immigration and Relocation for Foreign Founders

For foreign entrepreneurs, immigration is an important part of the market-entry decision. A company registration does not automatically give a foreign founder unlimited residence or work rights.

These are separate legal questions. A founder should therefore consider:

1. Where will the company be registered?

2. Where will the founder live?

3. Where will the founder perform work?

4. Which employees will relocate?

5. What visa or residence status will be required?

Kazakhstan

Depending on nationality and circumstances, foreign founders may need to consider visa requirements, business-related immigration options, temporary residence, permanent residence, work authorisation where applicable, and registration and notification requirements.

The exact requirements can differ substantially depending on the founder’s citizenship and role in the company.

Uzbekistan

Foreign founders should similarly review visa requirements, registration requirements, temporary or permanent residence options, work authorisation and requirements for foreign employees.

This is particularly important for founders who intend to relocate to Central Asia rather than simply own a local company remotely.

A business structure that looks attractive from a tax perspective may be less convenient if the founder cannot obtain the immigration status required for their planned activities.

7. Kazakhstan or Uzbekistan: Which One Should You Choose?

There is no universal answer. The better choice depends on what you want your company to achieve.

Kazakhstan may be a better fit if:

• you want a regional Central Asian headquarters
• your clients are primarily international
• you work with cross-border transactions
• you are considering AIFC
• you need an established financial and banking environment
• you plan to expand into several Central Asian markets
• your business is connected with finance, logistics, energy, mining or professional services
• you want to build an international services company

Uzbekistan may be a better fit if:

• your main customers are in Uzbekistan
• you want access to a large domestic market
• your business is consumer-oriented
• you are planning manufacturing
• you need a large local workforce
• your business is focused on retail or local services
• Uzbekistan itself is your primary long-term market

What if you want both markets?

For some foreign companies, the question should not be “Kazakhstan or Uzbekistan?” It should be “How should we structure our presence in both countries?”

A company could potentially establish a regional structure in Kazakhstan and later expand into Uzbekistan. Alternatively, a business focused primarily on Uzbekistan could establish its main operating entity there and create a Kazakhstan presence later.

This approach may be appropriate for companies with customers in both countries, employees in both markets, regional management, cross-border supply chains or plans to expand across Central Asia.

However, operating in both countries also means managing two tax systems, two corporate structures and two compliance environments. For that reason, the decision should be made before incorporation.

FAQ

1. Can a non-EAEU foreigner own a company in Kazakhstan or Uzbekistan?

Yes, foreign investors can generally establish and own companies in both Kazakhstan and Uzbekistan. However, certain industries may have specific restrictions, licensing requirements or additional conditions.

2. Which country has lower taxes for foreign companies?

Uzbekistan generally has lower headline rates, with a standard CIT rate of 15% and VAT of 12%, compared with Kazakhstan’s 20% general CIT and 16% standard VAT from 2026. However, the final tax burden depends on the business model, transactions, employees, incentives and tax treaties.

3. Can I live in Kazakhstan or Uzbekistan after registering a company?

Not automatically. Company ownership and immigration status are separate matters. A foreign founder planning to relocate should separately determine the appropriate visa, residence and work authorisation requirements.

4. Which country is better for an international IT company?

Both Kazakhstan and Uzbekistan can be considered for IT businesses. Kazakhstan may be attractive as a regional and international business base, while Uzbekistan can be particularly interesting for companies seeking a large local workforce and domestic market. The right choice depends on the company’s clients, employees, tax structure and expansion plans.

5. Should a foreign company register in Kazakhstan or Uzbekistan first?

Start with the country where the company’s core activity will take place. If you are planning a regional Central Asian operation, it may be worth comparing both jurisdictions before making the decision. Tax, banking, immigration and employment should be analysed together with company registration.

Choosing the Right Jurisdiction for Your Business

For a company from outside the EAEU, choosing between Kazakhstan and Uzbekistan should be treated as a market-entry strategy, not simply a company-registration decision.

The right jurisdiction can affect your taxes, banking, immigration status, employees, contracts and ability to expand throughout Central Asia.

Matias / Amigdala helps international entrepreneurs and companies evaluate market-entry options, establish businesses and structure their operations in Kazakhstan and the wider Central Asian region.

Meldir Erbulekova is an expert in corporate and market-entry matters and advises international clients entering Kazakhstan and Central Asia.

Book a free initial consultation.

We can review your business model, ownership structure, nationality, planned activities and relocation plans and help you determine which jurisdiction is the most suitable for your business.

This article is for general informational purposes only and does not constitute individual legal, tax, immigration or investment advice. Requirements, tax rates and regulations may change and should be verified for the specific circumstances of each business.