Part II Astana Hub And IT Park Uzbekistan: Access To Investment, Visa Support, And Legal Environment

5. Access to investment: venture funds, government programs, investors

The Astana Hub connects startups with investors. The Astana venture capital tool has been launched within the Hub. Hub Ventures, through which the most promising residents can receive direct investment from the fund (after completing the Silkway accelerator or other programs) in the amount of $100,000 to $500,000. This fund was created with the participation of the state and is designed to fill the shortage of seed capital in the local Astana market. Hub The technopark also collaborates with specialised development institutions, such as the QazTech Ventures fund and the MOST accelerator, which also invest in startups. Thirdly, the technopark regularly hosts investor events, including accelerator demo days and the Astana competition. Hub Battle, where projects compete for prizes, as well as closed meetings between startups and business angels. The annual Digital Bridge forum hosts a venture fair attended by major funds from Silicon Valley, Europe, China, and elsewhere.

Additionally, Astana Hub helps startups access international capital markets: joint programs were launched with the Silicon Valley accelerator AlchemistX and Draper University, giving Kazakhstani teams the chance to present themselves in the United States ¹. For example, the startup CITIX became a participant at Draper University and attracted $1 million in investment from Tim Draper himself. Overall, over the six years of Astana's existence, Hub -resident startups have attracted $665.5 million in investments (in total), demonstrating the formation of a strong investor pool around the Hub. Investors include both local angels (the QazAngels community ) and foreign funds (Target Global, Quest Ventures, etc.) interested in Central Asian projects. The government is also stimulating the venture capital industry: a law on venture financing has been passed, and fiscal incentives for investors investing in startups (for example, exemption from capital gains tax) have been provided. All of this provides Astana residents with Hub offers broad access to investment, from early-stage grants and seed rounds to large growth rounds with international VCs.

The venture ecosystem in IT Park Uzbekistan is still in its infancy, but is already gaining momentum with the active participation of the government. IT Park Ventures, the technopark's corporate venture fund, invests in local startups, often in partnership with private funds. Large state-owned banks (for example, the National Bank of Uzbekistan) have been granted the right to create their own venture funds and startup studios, which is already underway: for example, Aloqabank has created the AloqaVentures fund , and Uzcard has created the Uzcard VC fund. These funds invested approximately $1 million in Uzbek projects in 2024. The first private funds, UZVC, Sturgeon Capital, TeamUp Ventures, and others focused on IT, have also entered the market. Thanks to improved conditions, the volume of venture investments has grown sharply: if in 2019-2022, startups attracted only about $16 million in total, then in 2023 alone, IT Park residents attracted approximately $125 million in investments, and by the fall of 2024, taking into account all years, it was already more than $140 million. This growth is due to several factors.

Firstly, the state itself co-invests up to $100 thousand in transactions with the participation of foreign funds (as mentioned above), effectively doubling the capital for startups.

Secondly, international funds began to pay attention to Uzbekistan: in 2024, Uzbek projects received investments from well-known players, for example, Plug and Play invested in startups Zip24 and Zypl AI, the Indian fund Invest India entered into a number of projects, a number of Arab investors supported e- commerce (Arzon Apteka raised $6 million from FOM Group). IT Park is actively attracting such partners by signing agreements: for example, in September 2024, IT Park and Astana Hub signed a memorandum on the Central Asian Alliance of Innovation Hubs for the joint promotion of startups on the global market. IT Park also signed agreements with the Activat VC fund (USA) for the joint development of the venture ecosystem.

Thirdly, a business angel culture is being created in the country: in 2022, the Investors Club community was founded at IT Park, pitch sessions and training programs are being held for potential investors. As a result, more and more individuals are starting to invest in IT projects. Finally, government grants: young startups can receive grant funding from the Ministry of Digital Technologies (through the Startup competition) Initiatives, etc.). Overall, Uzbekistan strives to provide startups with capital from concept to expansion – through a combination of government funding, attracting large foreign VCs, and stimulating the local investment community. Success stories have already emerged confirming investor interest: in 2023-2024, the first Uzbek unicorn, Uzum, received significant infusions (more on that below), fintechs (PayMe, Click) attracted investments and mergers, and marketplaces and logistics platforms are closing multi-million-dollar rounds.

Thus, although Astana Hub has already achieved significant success in attracting international venture capital investment and creating a robust infrastructure for startups, and its startup support system remains more mature and well-established. While IT Park Uzbekistan strives to develop its ecosystem and actively seeks government support, the venture capital industry in Uzbekistan is still in its infancy.

6. Visa and migration support for foreign specialists

For international teams and experts the Astana Hub offers a simplified entry and operating process. Astana Hub participants are completely exempt from the requirement to obtain permits for attracting foreign labor–they are not subject to quotas or requirements for hiring foreign specialists ². Thus, a technopark resident can freely hire developers, mentors, and top managers from abroad without lengthy bureaucratic procedures. In turn, employees and founders of companies participating in Astana Hub are eligible for long-term multiple-entry C3 work visas, issued for up to five years under the special migration regime established by Article 7-1 of the Law of the Republic of Kazakhstan "On the Innovative Cluster Astana Hub" (for comparison, a regular work visa in Kazakhstan is usually valid for up to three years). This visa allows a foreigner to legally live and work in Kazakhstan for the entire period without leaving. Moreover, family members (spouses, children) are also entitled to guest visas and stay. The C3 visa is issued by the Ministry of Internal Affairs upon request. Astana Hub - the technology park acts as the host and helps with coordinating the invitation ³. There is also an Expat Centre in Astana. The Astana Hub is a one-stop shop for services to foreigners (registration at the place of residence, obtaining an individual identification number, opening a bank account, consultations on relocation). An important advantage for foreign specialists employed by the Astana Hub participants is the preferential tax treatment applicable to their employment income: salaries are exempt from individual income tax, while employers benefit from a social tax exemption, substantially reducing the overall tax burden associated with relocation. Kazakhstan has also allowed citizens of many countries to enter visa-free for 30 days, and for those who require a visa, the procedure has been simplified through electronic invitations. In fact, Astana Hub has created comfortable conditions for relocation. Long visa terms (up to five years), no bureaucracy with permits, and assistance with integration have attracted hundreds of foreign specialists–according to the Hub, as of 2024, more than 430 resident companies had foreign participation, and many founders have relocated to Kazakhstan.

The IT Park Uzbekistan is also actively attracting foreign talent and investors to its IT industry. In 2022, a special IT Visa was introduced – a multiple-entry visa valid for up to three years for foreign IT entrepreneurs, investors, and specialists associated with IT Park resident companies. This visa significantly simplifies long-term stays: IT Visa holders can live and work in Uzbekistan for the entire period without leaving the country, and most importantly, they do not require a separate work permit (IT Park residents do not need one, similar to Kazakhstan). The IT Park acts as a guarantor: the visa is issued by the Ministry of Internal Affairs based on a recommendation from IT Park. The advantages of the IT Visa are noteworthy: foreigners with it receive the same rights to medical care and education as Uzbek citizens, can obtain temporary registration for the entire visa period, and can purchase real estate of any value without restrictions. Moreover, close family members of the applicant (spouses, parents, children) are granted guest visas for the duration of the IT Visa. All this creates a comfortable environment for highly qualified foreign personnel. To quickly resolve bureaucratic issues, IT Park launched the One Stop Shop service: foreign investors and companies can remotely register a business in Uzbekistan, open a bank account, and register for tax purposes–without having to be present in person. IT Park consultants support the process, eliminating language and administrative barriers. As a result, hundreds of IT specialists have relocated to the country by 2023: for example, the number of foreign resident employees exceeded 3,000 by the end of 202315. Uzbekistan has also waived 30-day visas for citizens of 86 countries, facilitating entry to negotiations and events. Thus, IT Park offers foreign professionals an attractive immigration regime. Three- year multiple entry visas with special rights, no work permits and fully supports their integration ⁴.

In comparison, both technology parks demonstrate very lenient visa and immigration policies for IT personnel: Kazakhstan offers longer visa terms (up to 5 years) and a complete exemption from income taxes for foreigners, while Uzbekistan offers special rights (healthcare, real estate) for IT Visa holders and families, as well as active assistance through a one-stop shop. Both factors make Astana a popular choice. Hub and IT Park are attractive points of attraction for global specialists.

7. Legal environment and degree of freedom for business

The Astana Hub participants operate under a special statutory regime established by the Law of the Republic of Kazakhstan "On the Innovative Cluster Astana Hub" in conjunction with the Tax Code. Tax incentives for income derived from priority ICT activities are fixed in primary legislation with a defined validity period extending until 1 January 2029, providing a rule-based and predictable incentive framework rather than a discretionary or annually renewable regime.

Secondly, the Astana Hub participants benefit from a significantly simplified administrative and migration regime. Participation is granted through a standardised and public participation agreement, applied on equal terms to all eligible applicants, which limits administrative discretion and ensures procedural transparency. With respect to foreign personnel, Article 7-1 of the Law "On the Innovative Cluster Astana Hub" establishes a special regime for the engagement of foreign labour: foreign employees and founders of Astana Hub participant companies, as well as their family members, may obtain multiple-entry work visas valid for up to five years, with the possibility of extension without leaving the territory of the Republic of Kazakhstan. The same article replaces standard foreign-labour permitting logic with a centralised accounting and reporting mechanism administered through the Astana Hub Fund, thereby substantially reducing the practical impact of quota-based and permit-based restrictions that otherwise apply under Kazakhstan's general migration rules.

Thirdly, Astana Hub functions within a broader state policy aimed at deregulation and support of digital innovation. At the regulatory level, Kazakhstan has established experimental legal regimes and regulatory sandboxes–most notably within the Astana International Financial Centre (AIFC) framework–allowing fintech and other technology projects to test innovative products under controlled and proportionate regulatory conditions (Constitutional Law of the Republic of Kazakhstan "On the Astana International Financial Centre" and AIFC Acts). Although Astana Hub itself does not act as a regulator, it serves as an institutional gateway through which startups can access these experimental regimes, including the AIFC FinTech Lab and other pilot programs for digital and financial technologies.

An important complementary element of Astana Hub's legal environment is its functional interaction with the Astana International Financial Centre, which operates under a separate legal regime based on English common law, with disputes subject to the jurisdiction of the AIFC Court and the AIFC International Arbitration Centre. This architecture allows startups associated with Astana Hub to structure investment rounds, establish holding companies, or conclude shareholder and financing agreements under English law, thereby increasing legal predictability and investor confidence. In parallel, Kazakhstan's general investment and currency regulation permits Astana Hub participants, subject to compliance with applicable law, to attract foreign investment, maintain foreign-currency accounts, and repatriate profits without sector-specific restrictions.

Overall, the Astana Hub operates within a rule-based and predictable legal environment, characterised by clearly defined incentives, limited administrative discretion and a high degree of operational freedom. Regulatory oversight is focused primarily on verifying compliance with core participation criteria, rather than ongoing substantive interference, enabling residents to scale and internationalise their businesses with minimal regulatory friction.

The IT Park Uzbekistan operates under a legal framework formed by a combination of presidential and governmental acts. The strategic foundations were laid by Presidential Decree No. UP-5099 of 30 June 2017 on the development of the information technology industry, while the Technology Park of Software Products and Information Technologies were formally established by Resolution of the Cabinet of Ministers No. 17 of 10 January 2019. The operational regime for residents, including eligibility criteria and incentives, was subsequently defined by Resolution No. 589 of 15 July 2019, as amended by Resolution No. 672 of 30 October 2020, under which core tax incentives are fixed with a statutory validity extending until 1 January 2040.

An important component of this regime concerns currency regulation. IT Park residents benefit from substantial liberalisation compared to the general regime applicable in Uzbekistan. They may open foreign-currency accounts (including accounts abroad, subject to general banking compliance), freely conduct foreign-currency transactions, and credit export revenues from IT services directly to foreign-currency accounts without mandatory conversion or sale. This represents a significant evolution from earlier Uzbek currency regulation, which required compulsory sale of a portion of foreign-currency earnings; this requirement has been abolished for IT service exports, placing residents in a more competitive position internationally.

The import regime for IT Park residents is also simplified. Companies are exempt from customs duties and value-added tax on the import of equipment, software and technical infrastructure used for implementing resident projects. In practice, this substantially lowers entry and operating costs, particularly for early-stage startups and foreign teams establishing offices or development centres in Uzbekistan.

From a regulatory-enforcement perspective, the state formally adheres to a policy of limited interference in the activities of resident IT companies. Scheduled inspections are curtailed, and IT Park residents benefit from broader moratoria and risk-based approaches to inspections applicable to small and medium-sized businesses. Oversight is therefore shifted away from continuous regulatory inspections toward ex post compliance control by the IT Park administration itself. Specifically, compliance with the resident agreement and declared activity profile is monitored, and failure to meet these conditions may result in revocation of resident status. This enforcement mechanism has been actively applied in practice: in 2024, resident status was withdrawn from approximately 300 companies for non-compliance with participation requirements. In this respect, the Uzbek model closely resembles the Astana Hub regime, where continued eligibility depends on substantive engagement in approved technology activities.

Outside these compliance checks, there are no special localisation requirements for IT Park residents: companies may independently determine pricing, select markets, engage foreign contractors and structure transactions, including the use of smart contracts, under general civil and commercial law. Capital controls applicable to IT Park residents are significantly relaxed compared to traditional sectors, although the banking and financial system as a whole remains in transition.

In terms of dispute resolution and legal infrastructure, Uzbekistan has taken steps to internationalise its legal services landscape. The Tashkent International Arbitration Centre (TIAC) has been established to hear disputes arising from international commercial contracts under widely recognised arbitration rules. While this does not equate to the comprehensive common-law jurisdiction of the AIFC, it represents progress toward offering foreign investors a neutral forum for dispute resolution. At the same time, state support measures for intellectual property protection have been expanded, including programs compensating startups for the full cost of patenting inventions and software, thereby promoting formal IP registration and commercialisation.

Looking forward, Uzbekistan is beginning to implement experimental regulatory regimes, including the planned introduction of a regulatory sandbox for startups from 2025. These mechanisms are intended to allow innovative products—particularly in fintech, edtech and other digitally regulated sectors—to be tested under supervised conditions with temporary regulatory relief, with the aim of later adjusting legislation. While this approach mirrors practices already established in Kazakhstan, including within the AIFC, in Uzbekistan it remains at an early implementation stage.

Overall, Uzbekistan has made significant progress in improving its business environment, including digital company registration, reduced capital requirements and expanded incentives for IT companies. Nevertheless, structural limitations persist, particularly in the banking sector and the general court system, resulting in higher residual legal risk. IT Park residents are partially insulated from these risks through a dedicated legal regime, but the system remains in active transition.

By contrast, the Astana Hub benefits from a more mature and institutionally consolidated environment, combining statutory incentives valid until 2029 with close integration into the AIFC's English-law framework and independent dispute-resolution mechanisms. While the IT Park Uzbekistan offers a longer incentive horizon, the Astana Hub currently provides greater legal predictability for complex cross-border and investment-heavy projects.

5. Examples of successful startups

Among Astana residents the Hub has many projects that have achieved success at the national and international levels. For example, Cerebra, a medical AI startup that developed a system for diagnosing strokes using CT scans, has become one of the most well-known Kazakhstani medical technology projects. Cerebra won several international competitions, entered the Indian market, and attracted investment from foreign investors; its solution is now being implemented in hospitals in Kazakhstan and abroad. Sergek, a resident project that has grown into a major company, is an intelligent video recording system for violations (smart cameras on the roads). Sergek has been installed in cities across Kazakhstan and has been successfully exported to Kyrgyzstan and Azerbaijan, with the economic impact of its implementation leading to a reduction in accidents. Fintech projects are also represented: for example, Wooppay and Kaspi Pay (payment services) received support from Astana. Hub and scaled their business. In 2023, Kazakhstani edtech startup CodiPlay (a platform for teaching children programming) raised $9 million in investment to enter the Middle East ⁵. Parqour, a developer of a smart parking system, expanded beyond the country and is reducing parking management costs in several cities ⁶. ApartX, a proptech startup that created a digital platform for housing rentals, entered the UAE markets. Some companies in Astana Hub are also becoming visible on a global level: Zypl.ai, a Silkway Accelerator graduate and Kazakhstan-based AI startup, has attracted $3 million in investment from foreign funds ⁷. In the gaming sector, Accelera Games and Nomad Games became the first Kazakhstani studios to publish projects on global platforms with the support of Astana Hub. Kaspi.kz is also worth mentioning – it is the largest Kazakh fintech (bank and super app) with a market capitalisation of over $12 billion, although it was not incubated by Astana Hub (a company older than the technopark), its success inspired the creation of the Hub, and now Kaspi collaborates with Astana startups Hub for integrating their solutions.

Overall, the niche of successful startups in Kazakhstan is expanding: Astana Hub annually identifies the top 10 startups. In 2023, for example, projects such as SpaceLab (space satellite technology, ranked among the top 15 space startups according to an international ranking) and Alaqan (AI service for the visually impaired, a TechCrunch winner) were recognised. Disrupt audience choice). These successes demonstrate that Astana Hub is capable of cultivating companies that compete globally. The Kazakh government expects its own "unicorns" to emerge from the Astana Hub ecosystem. In fact, the ecosystem has already produced a unicorn-level company: Higgsfield, whose valuation exceeded the USD 1 billion mark, demonstrating the practical viability of Kazakhstan's technology-hub strategy. Looking ahead, further contenders are widely discussed, including Choco Holding (a foodtech and e-commerce platform valued at over USD 300 million) and inDrive, an international ride-sharing service founded by entrepreneurs from the CIS and maintaining a major development presence in Kazakhstan, with a valuation exceeding USD 1 billion.

The main success of IT Park Uzbekistan is its first unicorn – Uzum. Uzum is an ecosystem of digital services (marketplace, fintech, delivery), formed on the basis of the Payme payment service and online retail. In 2023, Uzum Group was valued at $1.16 billion after a series of deals attracting investment from strategic investors (including Russia's VK and several Middle Eastern funds). Uzum has become a symbol of IT Park's capabilities, proving that the Uzbek market is capable of producing large tech companies. Another striking example is Payme, a fintech startup (e-wallet and payment app) founded by local entrepreneurs, which was acquired in 2019 by Kazakhstan's Kaspi.kz for approximately $40 million. Click, a competitor to Payme, has also achieved a multi-million user base and profitability while remaining an independent company. In e-commerce, Korzinka/Uzum Market, an online grocery retailer that has grown significantly amid the pandemic, has achieved significant success. Express24, a food and goods delivery service, has scaled nationwide and attracted investment from international investors, becoming part of SuperApp Uzum. In the AI field, Zypl AI stands out - a machine learning startup that has undergone Plug and Play acceleration and received investment from this fund; Zypl AI is developing an AutoML platform and attracting clients from abroad. EduHR, an educational startup (a platform for recruiting and training students), won a number of regional competitions and received a grant from the World Bank. Arzon Apteka, a digital platform for pharmacies that raised $6 million in investments in 2024, is currently expanding in Central Asia. Among the graduates of the IT Park accelerator, there are projects from neighboring countries that have relocated to Uzbekistan: for example, the Tajik startup Ilmxona (edtech platform) completed acceleration and received support. In the gaming sector, an agreement was signed with Xsolla to create GameDev Academy - the emergence of strong gamedev startups is expected. Finally, it is worth mentioning the traditionally strong outsourcing: EPAM Uzbekistan (an EPAM branch, relocated from Belarus) has grown to over 1,000 employees, and local outsourcers such as Softline and Oxus AI implement projects for clients in 20+ countries, generating foreign exchange revenue. Thus, the panorama of successful projects in Uzbekistan includes more fintech and e-commerce, but is gradually diversifying towards deep-tech (AI, biotech). The number of startups that received funding of over $1 million in 2023-2024 has grown to several dozen –this is significant progress.

Conclusion

The Astana Hub and IT Park Uzbekistan have emerged as two complementary pillars of Central Asia's digital economy. Astana Hub offers a more mature and internationally oriented ecosystem: it combines full tax relief on IT income (including payroll), strong integration with global partners and the AIFC's English-law framework, and a deepening pool of investors, mentors and success cases. Its environment is particularly attractive for startups that already think beyond the region and want rapid access to international capital, expertise and markets.

The IT Park Uzbekistan, by contrast, is characterised by long-horizon incentives and intensive state support. Tax holidays until 2040, generous co-investment and subsidy schemes, and a large, fast-growing domestic market make it especially appealing for early-stage startups, outsourcing companies and teams focused on scaling within Uzbekistan and the broader region. While the broader legal and financial system is still consolidating, IT Park's special regime partially insulates residents from these risks and offers substantial upside to first movers.

Rather than direct competitors, the two hubs can function as a combined platform: founders may pilot and fund early growth in Uzbekistan and then leverage Kazakhstan's more globalised ecosystem to internationalise. For investors and entrepreneurs, the practical question is not "Astana Hub or IT Park?", but how to sequence and combine both jurisdictions in line with their product, risk appetite and growth horizon.

Footnotes

1 Kurbanbayeva I. (2025) Six years of rapid growth: Achievements and future prospects of Astana Hub. Available at: https://astanaHub.com/en/article/shest-let-stremitelvy-astana-Hub (Accessed: 23 November 2025).

2 Article 7-1 of the Law of the Republic of Kazakhstan "On the Innovative Cluster Astana Hub" establishes special conditions for the engagement of foreign labour by the Fund and participants of Astana Hub, including the issuance of entry and work visas for foreign employees and their family members for a period of up to five years, the possibility of visa extension without leaving Kazakhstan, and exemption from standard foreign labour permitting procedures, subject to accounting, reporting and qualification-record requirements imposed on the Fund and its participants in accordance with applicable legislation.

3 Rules for issuing invitations, coordinating invitations for entry of foreigners and stateless persons into the Republic of Kazakhstan, issuing, canceling, restoring from the Republic of Kazakhstan, as well as extending and shortening their validity

4 Asia-Plus (2024) Uzbekistan's IT Park earns US$1 billion. what about Tajikistan? Uzbekistan's IT Park earns US$1 billion. What about Tajikistan? Available at: https://asiaplustj.info/en/news/tajikistan/economic/20241016/uzbekistans-it-park-earns-us1-billion-what-about-tajikistan (Accessed: 08 November 2025).

5 Baltabekkyzy, I. (2024) Резидент Astana Hub – стартап CodiPlay привлек $9 млн для развития в регионе mena. Available at: https://astanahub.com/ru/article/rezident-astana-hub-startap-codiplay-privlek-9-mln-dlia-razvitiia-v-regione-mena (Accessed: 20 November 2025).

6 Baltabekkyzy, I. (2024) Итоги AlchemistX & Silicon Valley Residency: Стартапы привлекли $1,4 млн инвестиций. Available at: https://astanahub.com/ru/article/itogi-alchemistx-silicon-valley-residency-startapy-privlekli-14-mln-investitsii (Accessed: 20 November 2025).

7 Tashetova, A. (2025) Выпускник silkway accelerator – стартап zypl.ai - привлек $3M инвестиций. Available at: https://astanahub.com/ru/article/vypusknik-silkway-accelerator-startap-zypl-ai-privlek-3m-investitsii (Accessed: 20 November 2025).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.