You want to register a company in Turkmenistan? Below we will talk about the nuances of doing business in the Presidential Republic of Turkmenistan.
The Presidential Republic of Turkmenistan is located in Central Asia. Neighboring with Afghanistan, Iran, Kazakhstan, Uzbekistan. It has access to the Caspian Sea.
- To register an LLC in Turkmenistan is the most common option;
- An individual enterprise;
- A joint-stock company;
- To open a branch/representative office in Turkmenistan. Companies of this type in this jurisdiction are not legal entities and are registered without a commercial purpose;
- One of the features is the ban on the use of the words “Turkmenistan” and “Ashgabat” in the name completely (this is not the case for complicated names in Turkmenistan; it is imperative to translate it into Turkmen language).
- The minimum authorized capital to open an enterprise in Turkmenistan is from 10 thousand US dollars with 50% prepayment and payment of the balance during the year.
- The State Commission of Turkmenistan must decide, that you are allowed to register an LLC in Turkmenistan.
- Founders of LLC can be both residents and non-residents of the state. It is necessary to pay 8 thousand manats to the state treasury. The authorized capital of LLC companies is from 100 thousand US dollars, can be contributed in the form of equipment and other material assets.
- To open a branch in Turkmenistan, only accreditation is required, which is provided for 3 years (with the possibility of extension). The minimum authorized capital is 100 thousand US dollars.
- For non-resident directors of the company, it is necessary to receive a request from Turkmenistan and to obtain a license in the Presidential Republic of Turkmenistan to hire a foreign citizen
- The company’s team may consist of foreign employees by a maximum of 30%.
- an oil production;
- an oil refining;
- a gas industry;
- a construction (including the attraction of foreign specialists and craftsmen);
- a tourism (Avaza resort in the Caspian);
- an agricultural sector;
- a telecommunication;
You can open a bank account in the Republic of Turkmenistan in a local currency, in Euro, in US dollars.
If you still have questions, ask YB Case experts for assistance in starting a business in Turkmenistan. Call our company at the phone numbers listed in the Contact Us section.