GSL / Offshore and International Law. Offshore companies registration. / Offshore zones / Turkmenistan / Legislation of Turkmenistan

Legislation of Turkmenistan

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
Civil Code
Civil Code
Enterprise Law
Companies
Law on Joint Stock Companies
JSC
Law on Firm Names
Firm Names
Law on Combating Money Laundering, Financing of Terrorism and Financing the Proliferation of Weapons of Mass Destruction
Combating Money Laundering
Law on licensing of certain types of activities
Licensing
Law on Free Economic Zones
FEZ
Law on the Legal Status of Foreign Citizens
Foreigners
Securities Market Law
Securities
Law on Registration of Rights to Real Estate and Transactions with Real Estate
Real Estate
Law on Foreign Investments
Foreign Investments
Tax Code
Taxes
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Tax treaties entered

Armenia
Austria
Azerbaijan
Bahrain
Belarus
Belgium
China
Croatia
Czech Republic
Estonia
Finland
France
Georgia
Germany
Hungary
India
Iran
Japan
Kazakhstan
Kyrgyzstan
Latvia
Lithuania
Malaysia
Moldova
Pakistan
Romania
Russia
Saudi Arabia
Singapore
Slovakia
South Korea
Switzerland
Tajikistan
Turkey
Ukraine
United Arab
Emirates
United Kingdom
United States
Uzbekistan

Tax Exchange Information Agreement (TIEA)

No

List of state regulatory authorities

Ministry of Justice
https://minjust.gov.tm/
Ministry of Foreign Affairs
https://www.mfa.gov.tm/
State Tax Service
http://www.tax.gov.tm
Central Bank
https://www.cbt.tm/
Turkmenistan. Golden Age
https://www.turkmenistan.gov.tm/

Corporate info

Legal system
The legal system is based on the continental legal tradition
Types of entity
- State-owned enterprise;
- Sole proprietorship;
- Cooperative enterprise;
- Joint venture;
- Public organization enterprise;
- Business company;
- Joint stock company
Shelf companies permitted
Yes
Incorporation timescale for a new company
2,5-3 months
Company suffix
The company name must contain the full name or abbreviation of the form of incorporation
Sensitive words
A name that is the same with or similar to the name of an existing registered enterprise may not be used
Cyrillic alphabet permitted in company name
Yes
Local registered office
Yes
Local registered agent
No
Information to be kept at the registered office
Corporate documents, accounts
Seal required, type of seal
Seal is required
Redomiciliation (to, from) permitted
Not permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
None, but there are nuances of employment
Corporate directors permitted
No
Directors’ meetings/frequency/location
No limitations
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
No
Residency requirements for a secretary
No
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
2
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No limitations
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
TMT 5 000 (100 times the basic value set to calculate taxes and duties)
Minimum issued share capital
TMT 5 000
Minimum paid share capital
TMT 5 000
Authorized capital payment deadlines
50% must be paid during the period from the signing of the founding documents to the filing of the enterprise’s incorporation application
Issued capital payment deadlines
50% must be paid during the period from the signing of the founding documents to the filing of the enterprise’s incorporation application
Standard currency
TMT
Standard authorized share capital
100 times the basic value set to calculate taxes and duties
Standard par value of shares
1
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
10%
Сorporate tax
8%
Corporate tax (in detail)
Branches of foreign companies are taxed at a 20% rate, whereas Turkmen legal entities are taxed at an 8% rate (or a 2% rate if the company qualifies as a small or medium-sized enterprise)
Capital gains tax
8%
Capital gains tax. Details
Regular rate
VAT
15%
VAT. Details
VAT is normally paid at a 15% rate. Zero rate applies to exported goods (except for oil and gas) and international transportation services
Withholding tax
15% (dividend), 15% (interest), 15% (royalty)
Other taxes
Property tax, payroll tax, mining tax, car sales tax, etc.
Exchange control
Yes
Government fee
Yes
Stamp duty
No

Accounts

Requirement to prepare accounts
No
Requirement to file accounts
No
Publicly accessible accounts
No
Requirement to file Annual Return
—
Publicly accessible Annual Return
No
Audit required
No

General information shortly

Location
Southwestern part of Central Asia
Total area
491 210 sq. km
Population
5 942 000 (2019)
Capital
Ashgabat
National currency
Turkmen manat
Conditional reduction of currency
TMT
Against USD
0,29 (2024)
Climate, average max and min t°
Sharp continental, arid
Time difference from Moscow
+ 2 hours
Dialing code
+ 993
State language
Turkmen
Ethnic groups
85,6% - Turkmens, 5,8% - Uzbeks, 5,1% - Russians
Literacy rate
99,91 (2023)
History
—
Credit rating
B+
Government type
Presidential Republic
Executive branch
The Cabinet of Ministers is an executive and administrative body. The Cabinet of Ministers is headed by the President of Turkmenistan
Legislative branch
Parliament (Majlis). Elected for a 5-year term in single-mandate constituencies with approximately equal number of voters. It consists of 125 deputies
Judicial branch
Judicial power in Turkmenistan is exercised by the Supreme Kazyet (court) and other Kazyets
Unemployment
5,1% (2021)
GDP per capita rank
73 (2021, IMF)
Corruption perceptions index rank
Corruption Perception Index - 18 (2023)
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