Entity set up in Turkmenistan

Turkmenistan – Company establishment

Global Expansion Plus provide you with legal, corporate and secretary services in Tajikistan. Before you start the process of registration you need to consider the following questions:

Legal forms in Turkmenistan

  • How to choose the most appropriate legal form for your business?
  • What are the advantages and disadvantages of a given legal form?
  • What are the main requirements of each form?
  • What is the “Business entity” legal form, and does it differ from classic LLC?
  • What risks are associated with each form?

Please refer to our publication and articles to find more information.

Taxation regime in Turkmenistan

  • What tax incentives you can use in your business?
  • What the official tax loops available for your business?
  • What are the tax benefits which can be used for your business?

Please refer to our publication and articles to find more information.

Name of the company in Turkmenistan

After choosing a legal form of business, you must select several variants of a name. Using the words “Turkmenistan” and “Ashgabat” is not allowed, but it is possible to use similar names, for example, with “Turkmen-.”

Registration address in Turkmenistan

Every company in Turkmenistan needs a registered address at incorporation. There are options to rent an office or to use a virtual seat service provided by Global Expansion Plus.

Founder: legal or individual in Turkmenistan

Depending on where the founder (owner оr shareholder) is going to be a foreign legal entity or physical individual, the process of incorporation can be different. Citizens of any country, not only of Turkmenistan, may establish a company. There are no obstacles connected with registration, limitations related to participation as a founder for the foreign citizens, except for the cases of violation of Turkmen or international law.n.
Natural persons may be registered as private entrepreneurs. But there are some mandatory requirements: obtaining of business license, passing of business courses, subscription to the Rysgal state newspaper (more than 2,500 manats for all items).

Types of activity in Turkmenistan

It is necessary to make a proper choice of types of business activity considering the planned activity of the future company. Some activities will require higher authorized capital. Also, you need to apply for a business license.

Amount of issued/share capital in Turkmenistan

The authorized capital must be at least 100,000 – 200,000 USD, depending on the types of business activities of the company. Such amounts of the authorized capital are not legally established; there is only a government fee of 5,000 manats (approx. 1,450 USD). But to open a company, you need to obtain approval from the State Committee of Turkmenistan, and the amount of authorized capital will make an effect on its decision. The authorized capital can be paid in cash or property with at least the abovementioned value. After obtaining a decision on registration by the State Committee, one can pay the state duty.

Directorship in Turkmenistan

It is possible to appoint either a citizen of Turkmenistan or a foreign citizen to the position of the director. To appoint a foreigner, it is necessary to request a special license to engage foreign labor force on behalf of a Turkmen company – future employer. The special committee will decide to issue (or deny) of permit to invite foreign citizens for temporary work in Turkmenistan. In case of a positive decision, a company receives a permit to invite and hire foreign citizens for temporary work, and the foreign employees obtain approval of the right to conduct work in Turkmenistan. But the number of foreign employees must be no more than 30% of the total company’s employees.

Client journey

Initial stage

  • Consultation with our corporate lawyer targeting all points listed above;
  • Preparation of notarized and apostilled Power of Attorney for incorporation (if needed);
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Registration Stage

  • Preparation of the article of association;
  • Preparation of the minutes of the meeting of founders or decision of sole owner;
  • Obtain approval from the State Committee;
  • Paying off government fee (5000 manats);
  • Filling out an application for state registration of a legal entity;
  • Registration of the company with state registrar;
  • Obtain a registration certificate.

Tax Stage

  • Registration in the tax authority
  • Directors employment registration with tax authorities;
  • Registration in extra-budgetary funds;
  • Sign an accounting outsourcing contract to support your activities and tax compliance;
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Final stage

  • Open a bank account.
  • Signing a legal support contract
  • Order and receive a seal

Additional services

  • Transaction support- mergers and acquisitions;
  • Change of the legal address;
  • Change of name of the company;
  • Change of director;
  • Change in the issued capital;
  • Other changes to the charter documents of a legal entity;
  • Registration of TM (trademark);
  • Copyright registration;
  • Contract preparation;
  • Obtaining certificates or tax registration;
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