So, you want to register a company in Turkmenistan? To be able to do that, you'll need to be aware of several important nuances of doing business in the Presidential Republic of Turkmenistan.
Located in Central Asia, the Presidential Republic of Turkmenistan neighbors on Afghanistan, Iran, Kazakhstan and Uzbekistan. The country also has access to the Caspian Sea.
In what legal forms is it best to establish a company in Turkmenistan?
- The most optimal solution is to register an LLC in Turkmenistan;
- An individual enterprise;
- A joint-stock company;
- To open a branch/representative office in Turkmenistan. In this jurisdiction, companies of this type are not legal entities and are registered without a commercial purpose;
What are the requirements for registering companies in Turkmenistan?
- One of the main requirements is not to use the words “Turkmenistan” and “Ashgabat” in the name of a company (this is not the case with complicated names in Turkmenistan; it is imperative that they be translated into the Turkmen language).
- To open an enterprise in Turkmenistan. The, one must have an authorized capital of no less than 10 thousand US dollars with a 50% prepayment and payment of the balance during the year.Permission to register an LLC in Turkmenistan is granted by The State Commission of Turkmenistan.
- Founders of an LLC can be both residents or non-residents Turkmenistan. 8 thousand manats must be paid to the state treasury. LLCs must have an authorized capital of no less than 100 thousand US dollars, which can be contributed in the form of equipment and other material assets.Those seeking to open a subsidiary in Turkmenistan should keep in mind that doing so only requires getting accreditation. Accreditation is provided for 3 years (with the possibility of extension). The minimum required amount of an authorized capital is 100 thousand US dollars.
- Non-resident directors of the company must receive a request from Turkmenistan and apply for a license with the Presidential Republic of Turkmenistan. Obtaining a license enables them to hire a foreign citizens.
- Percetage of foreign employees must not experts 30%.
In which sectors it is most profitable to register a company in Turkmenistan?
- oil production;
- oil refining;
- gas industry;
- construction (including the attraction of foreign specialists and craftsmen);
- tourism (Avaza resort in the Caspian);
- agricultural sector;
- telecommunication;
In which sectors it is most profitable to register a company in Turkmenistan?
You can open a bank account in the Republic of Turkmenistan in a local currency, Euros or US dollars.
If you still have questions, please do not hesitate to contact YB Case experts . They will be happy to assist you with any matters related to starting a business in Turkmenistan. Please call us at the phone numbers listed in the Contact Us section.
