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Trading · Stock market

How to Buy Stocks in Uzbekistan: Brokers, Fees and Taxes, Step by Step

In Uzbekistan, stocks can only be bought through a licensed broker on the Toshkent exchange. As of 25 September 2026 we checked the NAPP register, the fee schedules of the exchange, the Central Securities Depository and brokers, the trading rules and the Tax Code — from opening an account to receiving dividends.

· 9 min read · Sogdium Editorial
A smartphone showing an exchange order book, a stack of documents and a bank card on a light desk — illustration for a guide on buying stocks in Uzbekistan

In brief: stocks in Uzbekistan can only be bought through a broker — a licensed investment intermediary; trades take place on the Republican Stock Exchange "Toshkent" (the Tashkent Stock Exchange, UZSE), and access to trading is through a broker that is a member of the exchange (uzse.uz, retrieved 25 September 2026). In the NAPP register of professional securities market participants as of 25 September 2026, 47 of 75 organizations are marked as an "investment intermediary." The path: an account with a broker and a securities account at the Central Securities Depository → funding → an order between 9:30 and 16:00, with T+2 settlement. Under the uzse.uz fee schedule retrieved on 25 September 2026, the exchange's "total tariff" is 0.36% from each side of a trade of up to 10 billion soums; brokers charge from 0.63% to 1%; on a sale, according to the Freedom and JETT fee schedules, there is a 0.01% fee to the state budget. Dividends on shares received by individuals are exempt from tax until 31 December 2028 (Presidential Resolution PQ-90 of 17 January 2022), and a resident's income from selling shares on the exchange is not taxed (Article 378 of the Tax Code).

Step 1. Choose a broker: the NAPP register and fees

The NAPP register table as of 25 September 2026 contains no license numbers — only marks by type of activity; numbers are given only in the note on GEM STONE CAPITAL. Caveats to the figure of 47: GEM STONE CAPITAL LLC (row No. 23) has had its licenses suspended from 22 September 2026 to 22 March 2027 by Agency resolution No. 139 of 22 September 2026 (note to the register); row No. 18, FAYZ-REESTR LLC, is marked as an intermediary, although on 11 September 2026 the exchange announced that Fayz reestr LLC had voluntarily ceased operating as an investment intermediary from 10 September 2026 (uzse.uz).

Broker (NAPP register row)Opening an accountFee per stock tradeMinimum, funding
FREEDOM FINANCE investment intermediary LLC (No. 21)online application, then an office visit (9 cities)1.00% up to 1 billion soums, including exchange and depository costs; 2.0% for IPOs/SPOs"from any amount"; bank, Uzum Bank, Payme; account opening is free
KAPITAL-DEPOZIT LLC (KAP DEPO, No. 32), GoInvest app (GOINVEST LLC, No. 24)online in the app1% of the trade value; whether exchange fees are included is not stated on kapdepo.com/broker_service as of 25 September 2026first top-up from 0 soums; top-up fee set by the bank (Uzum Bank — 0.3%)
JETT (MULTIBROKER LLC); brokers per the site footer — ALKES RESEARCH LLC (No. 2) and Silk Capital LLC (No. 54), in the fee schedule — "Finance Invest Brok" (No. 19)online: passport, remote identification, account within 15 minutes during exchange hours"Investor": broker 0.63% + exchange 0.31% + depository 0.05%; "Trader" and "Pro" — broker 1%opening — 5,000 soums; top-up from 10,000 soums
PORTFOLIO INVESTMENTS LLC (No. 43)by agreement after KYCno fees published on piamg.uz as of 25 September 2026not stated there either
KAPITAL SECURITIES LLC (No. 74)the kapitalsecurities.uz website did not open on 25 September 2026not verifiednot verified

Retrieved 25 September 2026: Freedom fees (file dated 16 September 2026), Freedom terms, KAP DEPO, GoInvest, JETT fees, JETT, Portfolio Investments. For GoInvest, Spot cited 0.86% on 2 July 2026, while KAP DEPO states 1% on 25 September 2026 — Spot does not disclose its methodology.

Step 2. Open a brokerage account and a securities account

According to the exchange's "Trading System Structure" page (retrieved 25 September 2026), an account requires a CRP client profile at the Central Securities Depository; the broker can arrange it itself, "with or without an additional fee" (translated from Russian). To open an account online in GoInvest and JETT, according to Spot of 2 July 2026, "you need to verify your identity via MyID and confirm your passport details" (translated from Russian). Freedom asks clients to come to an office to verify their identity.

Under the Central Securities Depository fee schedule (retrieved 25 September 2026), a depositor code is assigned free of charge, while remote opening of a securities account in the UzCSD app costs 0.05 BCV + VAT — 22,000 soums excluding VAT at a BCV of 440,000 soums from 1 September 2026 (Presidential Decree PF-115 of 23 June 2026, in force since 23 June 2026).

Step 3. Fund the account

Freedom accepts money via a bank, Uzum Bank and Payme; KAP DEPO — from a card in GoInvest (GoInvest reviews); JETT — from a linked card. An investor can place an order "only if they have at least 100% of the amount of cash" (uzse.uz, retrieved 25 September 2026).

Step 4. Place an order: trading hours, lot, T+2

Based on the "Trading Schedule" and "Trading System Structure" pages on uzse.uz (retrieved 25 September 2026):

  • Stock trading hours: 9:30–10:00 — opening auction, 10:00–15:30 — continuous trading, 15:30–16:00 — closing auction (with a possible extension of up to 2 minutes); negotiated deals — 11:00–16:00; trading on weekdays.
  • Orders: limit and market; "market orders do not guarantee price," and an order is valid until the end of the trading day.
  • Lot: one share; the tick size depends on the price range: up to 1,000 soums — 0.01, from 1,000 to 5,000 — 5 soums.
  • Limit: ±20% of the reference price (usually the previous day's closing price).
  • Settlement: T+2, "delivery versus payment"; the central counterparty is the exchange itself, and the settlement agent is NBU.

Fees for buying stocks: exchange, depository, broker

Who chargesRateSource, retrieved 25 September 2026
Toshkent exchange, main listing section, trades of up to 10 billion soums"total tariff" 0.36% from each side: 0.3% to the exchange, 0.01% to the SUE "Information and Resource Center of Stock Market," 0.05% to the JSC "Central Depository"; above 10 billion — 0.26%uzse.uz fees
Exchange, unlisted marketplace0.48% from each side, above 10 billion — 0.38%same
State budget, on a sale0.01% of the trade amount in exchange trading, 0.3% in organized over-the-counter tradingfootnotes to the Freedom fee schedule of 16 September 2026

Brokers' rates are in Step 1.

Tax on dividends and on selling shares in Uzbekistan

According to lex.uz as of 25 September 2026: the Tax Code of 30 December 2019 (in force since 1 January 2020, as amended on 6 August 2026) and Presidential Resolution PQ-90 of 17 January 2022 (in force since 17 January 2022, as amended on 27 April 2024; para. 1 as amended by Presidential Resolution PQ-291 of 2 September 2023, in force since 4 September 2023, as amended on 17 April 2026).

IncomeResidentNon-resident
Dividends on sharesArticle 381, part 2 of the Tax Code (unchanged according to lex.uz as of 25 September 2026) — 5%; PQ-90, para. 1 — exempt from 1 April 2022 to 31 December 2028Article 382, para. 1 of the Tax Code (as amended by Law No. ZRU-785 of 26 July 2022) — 10%; PQ-90, para. 1 — exempt for the same period
Selling shares on the exchangenot taxed: Article 378, para. 7 of the Tax Code exempts income from the sale of property other than securities, "except for issue-grade securities sold on a stock exchange" (translated from Russian)the section's exemptions do not apply (Article 366, para. 2 of the Tax Code); Article 382 has no separate line for the sale of shares, other income is taxed at 12% (para. 3); an international treaty takes precedence (Article 2)

Tax on dividends and other property income is calculated by the tax agent paying the income (Article 385 and Article 387, para. 3 of the Tax Code); while PQ-90 is in effect, there is no tax on dividends on shares. Article 378, para. 23 (as amended by Law No. ZRU-1057 of 17 April 2025; the version on lex.uz is an unofficial translation) exempts funds deposited into an individual investment account, subject to all conditions of the paragraph: no more than 100 minimum wages (MROT) per year and 20 MROT per month, with no withdrawal of funds for 12 months; as of 25 September 2026, no such account is offered on the Freedom, KAP DEPO or JETT websites. On 12 August 2026 NAPP proposed extending the dividend exemption to the end of 2038 (Gazeta.uz, 13 August 2026) — this is a proposal, not a rule.

Dividends and withdrawing money

Trading without the right to a dividend begins one trading day before the record date (uzse.uz). According to the JETT FAQ (retrieved 25 September 2026), the holder needs to submit an application, and the money arrives on a card or the brokerage account; a withdrawal from the brokerage account takes 1 exchange business day. Under the Central Securities Depository fee schedule, a 0.6% fee is charged for transferring dividends to the cards of UzCSD app users; according to a footnote to the schedule, this fee "may be paid by the issuer" (translated from Russian).

Which stocks trade on the Toshkent exchange and where to find quotes

The uzse.uz quotation list as of 25 September 2026 has 85 entries: 72 for stocks (Premium — 2, Standard — 32, Transit — 22, Privatizatsiya — 16) and 13 for bonds. As of 25 September 2026 there is no market capitalization column either there or on the "Top 10 listed companies" page. Leaders by number of trades over 30 days on the same page as of 25 September 2026:

  1. UZNF (UzNIF) — 23,665 trades;
  2. HMKB (Hamkorbank) — 12,865;
  3. UZINP (Uzbekinvest) — 11,529;
  4. UZTL (Uztelecom) — 9,743.

By turnover over 30 days, the "Top 10 listed companies" page on uzse.uz as of 25 September 2026 puts DRBK (Davr Bank) first, at 1.65 trillion soums. The last trade in UZNF on 25 September 2026 was at 6.55 soums (trading results) — 40.9% above the IPO price of 4.65 soums in May 2026 (Gazeta.uz, 13 May 2026); for details, see "IPO in Uzbekistan". Quotes, indices and issuers' dividends are on uzse.uz, and company data is on openinfo.uz. For bonds, see our breakdown "Agat Credit".

Risks and limitations

  • Liquidity. Among the market's problems, NAPP names "low liquidity and the lack of mechanisms for complex financial transactions" (translated from Russian) (Gazeta.uz, 13 August 2026).
  • Delisting. On 14 September 2026 the exchange removed the shares of 9 companies from the quotation list (uzse.uz), and from 24 September 2026 the shares of Sarbon-Neftegaz JSC (uzse.uz).
  • A broker leaving the market. According to the Fayz reestr notice published by the exchange on 11 September 2026, client securities and money not transferred to another intermediary by 15 September 2026 are handed over to the Central Securities Depository (uzse.uz).
  • Foreign stocks. According to Spot of 2 July 2026, NAPP "is preparing a separate platform on the Toshkent exchange" (translated from Russian) for them; the Freedom fee schedule of 16 September 2026 covers only the markets of the Toshkent exchange. For tokens on US stocks, see "Wallet in Telegram".

For the basics, see "Trading for beginners".

What's new on the stock market in September 2026

  • 17 September 2026 — UzNIF presented its H1 results: from 18 May to 30 June 2026 its shares on the exchange rose 21.5%, from 4.65 to 5.65 soums (uzse.uz).
  • 22 September 2026 — NAPP suspended the licenses of GEM STONE CAPITAL (see Step 1).
  • From 28 August 2026 — Davr Bank shares were included in the quotation list and became available for trading (uzse.uz).
  • The Law "On the Capital Market" — a bill, passed in the first reading on 28 July 2026 (Spot); as of 25 September 2026 we found no reports of a second reading (Google search of spot.uz, gazeta.uz, napp.uz).

FAQ

How can an individual buy stocks in Uzbekistan? Through a broker marked in the NAPP register as an investment intermediary: open an account (online or at an office), fund it in soums and place an order on the Toshkent exchange. Trading runs from 9:30 to 16:00 on weekdays, with T+2 settlement.

How much does it cost to buy stocks on the Toshkent exchange? About 1% of the trade amount at the brokers checked on 25 September 2026: Freedom — 1% including exchange costs, JETT "Investor" — 0.99% including the exchange and depository, KAP DEPO — 1%. On a sale there is also a 0.01% fee to the state budget.

What is the tax on dividends on shares in Uzbekistan in 2026? There is none: under para. 1 of PQ-90 of 17 January 2022, dividends on shares received by individuals, both residents and non-residents, are exempt from income tax from 1 April 2022 to 31 December 2028. Without the exemption, the Tax Code rate is 5% for residents (Article 381) and 10% for non-residents (Article 382).

Do I have to pay tax when selling shares on the exchange? Residents do not: Article 378, para. 7 of the Tax Code does not tax income from the sale of issue-grade securities sold on a stock exchange. The only payment to the budget on an exchange sale is a 0.01% fee on the trade amount, according to a footnote to the Freedom fee schedule of 16 September 2026 and the JETT fee schedule (retrieved 25 September 2026); these sources do not name the legal act. Non-residents are not entitled to this exemption (Article 366 of the Tax Code).

Can I open a brokerage account online? Yes, with the services checked on 25 September 2026: GoInvest (KAP DEPO) and JETT open accounts in the app, JETT within 15 minutes during exchange hours. Freedom asks clients to come to an office.

Can I buy Apple or Tesla shares through an Uzbek broker? Not through the Toshkent exchange, as of 25 September 2026: according to Spot of 2 July 2026, NAPP is only preparing a platform for foreign securities, and uzse.uz news from 22 June to 24 September 2026 contains no reports of its launch.

Sources

All retrieved 25 September 2026 unless a publication date is given.

High risk

Trading cryptocurrencies and derivatives carries a high risk of losing your funds. This article is for information only and is not investment advice.

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