When launching a business or investment project in Uzbekistan, especially one involving significant capital investment, a comprehensive analysis is required to assess the real viability of the idea, its fit with market conditions, regulatory requirements, and the investment environment, as well as the project’s potential economic efficiency.
Loialte offers feasibility study services tailored to the specifics of the Uzbekistan market. We help clients make well-founded investment decisions, reduce financial and operational risks, and develop implementation strategies that ensure a high probability of successful and sustainable project execution.
Loialte ‘s feasibility study services are designed to:
Contact us today and learn more about the benefits you will receive by partnering with Loialte!
Yes, a “Feasibility Study” (Tehnik-Iqtisodiy Asosnoma – TEO) is a strict legal requirement for all projects involving state funding, foreign-guaranteed loans, or the use of natural resources. According to the Law “On Public Procurement” and Presidential Decree No. PP-3953, a TEO must be prepared and approved by the Agency for Industrial Cooperation and Public Procurement. Practically, in 2026, only projects exceeding $15 million require a full formal appraisal, while smaller projects use a “Simplified TEO” format. Legally, the study must prove the technical viability, economic efficiency, and “Social Benefit” of the project. A TEO that fails to include a “Risk Management Plan” or a “Digitalization Component” will be rejected by the state expert commissions in 2026.
In 2026, every Feasibility Study for an industrial or construction project must legally include an “Energy Efficiency” and “Environmental Impact” section. Under the “Green Economy” Roadmap, projects that do not demonstrate a plan to minimize water usage and carbon emissions are ineligible for state-backed financing. Practically, your study should account for the 7% increase in water and subsoil use taxes and explain how your technology will mitigate these costs. Legally, you must obtain a “Positive Ecological Conclusion” from the Ministry of Ecology to move from the TEO stage to the construction stage. A feasibility study that ignores the 2026 environmental regulations is considered “non-bankable” and will fail the mandatory state project appraisal.
A 2026 Feasibility Study must use the updated tax rates: 15% Corporate Tax, 12% VAT, and 12% Social Tax as the baseline for the financial model. According to the 2026 Tax Code, you must also factor in the “Sustainability Rating” of the proposed project, as high-rating projects can access lower interest rates and simplified customs. Practically, the study should forecast “VAT Refunds” for any equipment imports, which requires a detailed “Customs and Tax Schedule.” Legally, if the study is for an IT Park resident, it should use the preferential 0% CIT and 1% Social Tax rates, but must also include the mandatory 1% IT Park Fee. Using outdated 2025 tax rates in your 2026 financial model is a major error that will lead to a negative feasibility conclusion.
Yes, for state-funded or “Strategic” projects, a negative conclusion from the Agency for Industrial Cooperation or the Ministry of Finance is a legal barrier that prevents the release of funds and the signing of contracts. According to the Law “On Investment,” the government has the right to “discontinue” any project where the feasibility study shows a negative internal rate of return (IRR) or a failure to meet localization targets. Practically, in 2026, many projects are “returned for revision” if the study is missing the AI-based price analysis of the required goods and services. Legally, the TEO is the “binding contract” between the investor and the state; if the project fails to meet the targets set in the TEO, the state can withdraw its tax incentives. Ensuring your study is realistic and data-backed is the only way to secure a “Go” decision in 2026.
For large-scale and state-strategic projects, the Feasibility Study must be prepared by a licensed engineering or consulting firm with a proven track record in the specific sector. Under the Resolution of the Cabinet of Ministers, only firms that are registered in the “National Register of Consulting Organizations” can issue formal TEOs for state-funded infrastructure. Practically, in 2026, foreign firms often partner with a local “Design Institute” (Loyiha Instituti) to ensure the study meets the specific Uzbekistan Construction Norms (ShNK). Legally, the director of the company and the lead engineer of the consulting firm are personally liable for the accuracy of the technical and financial data in the TEO. A study prepared by an unlicensed individual or an unverified firm will not be accepted by the Ministry of Investment.
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Uzbekistan, Tashkent
United Arab Emirates, Dubai
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Uzbekistan, Tashkent
United Arab Emirates, Dubai
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