RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of October 14, 2024 No. PP-357

About measures for further development of ecosystem startup projects and venture funding

For the purpose of ensuring execution of the priority tasks determined within the fourth open dialogue of the President of the Republic of Uzbekistan with entrepreneurs spent on August 20 the current year, and also creation of conditions for attraction of foreign venture investments into the country by forming of steady ecosystem startup projects and expansions of the market of venture capital:

1. Approve the offer of the Ministry of digital technologies and the Ministry of Economics and finance on the program implementation of digital startups (further - the Program) directed to full support startup projects in the field of digital technologies.

2. Establish procedure according to which the following legal entities - residents of the Republic of Uzbekistan can participate in the Program:

a) startup projects, meeting the following requirements:

activities duration - from 6 months to 7 years;

comprehensive income in calendar year - no more than 10 billion sum;

availability of the documents confirming the successful termination of programs of incubation or acceleration;

business model availability on the basis of digital technologies with potential of the accelerated development and exit to the foreign markets;

registration availability on ecosystem platform startup projects;

b) participants of ecosystem of startups - venture funds and private investors, and also the subjects of entrepreneurship rendering services in the organization of programs of incubation and acceleration for startup projects.

3. Determine that the following mechanisms of support extend to participants of the Program:

a) allocation of investment funds for startup projects, the attracted investments of the foreign venture funds disposing of investment assets worth more than 50 million US dollars, in amount to proportional to these investments, but not exceeding equivalent of 100 thousand US dollars;

b) compensation of the following expenses:

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