In January 2024, a total of 75 companies were granted IT Park resident status, spanning diverse sectors within the IT industry. Software development emerged as the predominant field among the new entrants, with 31 companies. This trend is encouraging, considering the high value-added nature of software development and the indispensable role of the international software market.
IT education emerged as another prominent sector, with 17 companies, reflecting substantial interest in nurturing and advancing professionals in the field of information technology. A significant number of companies are engaged in BPO (11), license implementation (11), as well as design and multimedia products (3).
Since its establishment in 2019, the total count of companies has escalated to 1652 by the end of 2023. In the preceding year, 846 companies were accorded the status of IT Park resident. However, 304 applications were declined, and 281 companies had their resident status rescinded due to non-adherence to obligations or involvement in unauthorized activities.
The cumulative revenue of resident companies in 2023 surpassed $1bn for the first time. Furthermore, the tally of export-oriented companies reached 551, with an export volume amounting to $344mn.
Benefits of resident status
Resident status bestows exemption from all forms of corporate taxation. Specifically, non-residents are obligated to pay corporate tax ranging from 4-15%, whereas residents are exempt from this obligation. The social tax rate for non-residents is 12%, while residents are exempt from it. Non-residents incur an income tax rate of 12%, whereas residents are subject to a reduced rate of 7.5%. Additionally, non-residents are subjected to VAT on imported services, while residents are not.
At the end of December 2023, new types of activities were approved, attracting applications from residents. One such sector is design and multimedia products, which is being pursued by “UNITED SOFT” LLC. This company specializes in creating animated videos and clips and has participated in developing animation for the Bollywood film “Bahubali”.
International appeal of IT Park
Interest in residency at IT Park continues to draw companies not only from Uzbekistan but also from various other countries. Although the majority of new companies originate from Uzbekistan, registrations from Russia (5), Turkey (2), South Korea, and Australia (1 each) accentuate the international appeal of IT Park and Uzbekistan as a destination for doing IT business.
The full list of IT Park residents can be found on the official website.
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