Turkmenistan

 Turkmenistan flag

Official Name:                     Turkmenistan  

                                  Ashgabat 

                           Turkmen, Russian

                              Turkmenistan Manat

   

Turkamenstan globe   

 OUR SERVICES;                      

  • Consultation (in person, online, phone)
  • Helping to prepare your documents
  • Start to finish your company registration process
  • Immigration services

Turkmenistan

Turkmenistan is the 52nd largest country in the world with an area of ​​488,100 square kilometers. It is bordered by Afghanistan and Iran to the south, Uzbekistan and Kazakhstan to the north, the Caspian Sea to the east, and the Republic of Azerbaijan and Russia via the Caspian Sea.
The name Turkmenistan consists of two parts, “Turkmen” and “Stan”, which means “Turkmen land”. Most of the people of this country are Turkmen and speak the Turkmen language. Carpet weaving is one of the most important handicrafts in Turkmenistan.
Most of the people of Turkmenistan work in agriculture and animal husbandry. The country is world famous for its cotton production. In recent years, issues related to silkworm breeding as well as wheat production in Turkmenistan have developed significantly.

General Questions

How long does it take to register a company in Turkmenistan?
3 months to 6 months

What is the minimum capital to register a company in Turkmenistan?
$ 10,000 and up

How much does it cost to register a company in Turkmenistan?
$ 24,000

Do you need a physical location for the company?
Yes. You need to rent or buy a place for the company.

How much is the corporate income tax?
From 8% to 20%

What investment opportunities are there in Turkmenistan?

  • The agricultural sector by planting a variety of oilseeds such as soybeans,
  • Cultivation of cereals such as wheat and barley
  • Launching lines of agricultural machinery such as tractors
  • Livestock sector (production of halal dairy products)
  • Industry sector (cotton, livestock, wool and textile)
  • Production of machine-made carpets
  • Drug manufacturing
  • Export of electrical products

The benefits of company registration in Turkmenistan

  • Early return on investment in exports and imports
  • Growing government support for investors
  • High level of oil and gas resources in this country
  • Ease of public participation
  • Agricultural attractions in the watersheds of Turkmenistan
  • Appropriate income tax rate in this country
  • Low economic corruption rate compared to most Asian countries

The disadvantage of company registration in Turkmenistan

  • Non-membership in the WTO
  • High corruption (ranked 161 in the corruption index)
  • Excessive restrictions for investors
  • Problems with investors’ communication with government employees and the public (few Turkmen speak English)
  • Requires government approval to open bank accounts and transfers.
  • Turkmenistan is ranked 164th in the 2018 Economic Freedom Index by the Hertz Foundation, and all government facilities are provided to state-owned companies.
  • Registration of a branch in Turkmenistan takes between 3 to 6 months and all documents must be submitted for review and approval.
  • All documents must be translated into Russian and Turkmen and approved.

Type of company in Turkmenistan

  • An individual enterprise
  • A joint-stock company
  • Branch/representative office

The company registration process 

  • Submitting a company registration application to the Foreign
  • Investment Agency of Turkmenistan
  • Determine the name and get confirmation
  • Preparation and adjustment of the company’s articles of association with complete information (name, type of company, details of shareholders and amount of shares, names of company managers, address of the company)
  • Official translation of the articles of association into Russian and
  • Turkmen and registration with the company registration office
  • Submitting a letter of introduction to the bank for the foreign currency account number
  • File in the Department of Economic Affairs and Finance
  • Register the file in the Chamber of Commerce and obtain a business card
  • Introducing a person by the board to do the work of the company in Turkmenistan
  • Presenting a justification plan for the intended business activity in
  • Turkmenistan in Russian and Turkmen.
  • Making a company seal