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Turkmenistan

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$500

3 months

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Document checklist:

1.Passport
2.Proof of Residence 

Requirements:

Local legal address (Handled by B2B Hub) 

Turkmenistan

Registrar

Abbreviation 

Email

Phone

Location

Capital

Official languages

Population

Currency

ISO 4217

Ashgabat

Turkmenistan

Turkmen, Russian

6,516,100

TMT

Turkmenistani Manat

Directory of companies
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Delivery

  • Certificate of incorporation 

  • Articles of association

  • Meeting minutes 

  • Company stamp

FAQ for company formation in Turkmenistan

Frequently Asked Questions (FAQ) for Company Formation in Turkmenistan:


1. What types of companies can be formed in Turkmenistan?

Turkmenistan allows the formation of several types of companies, including Joint-Stock Companies, Limited Liability Companies, General Partnerships, and Limited Partnerships.


2. What is the minimum number of shareholders or partners required to form a company in Turkmenistan?

The minimum number of shareholders or partners required to form a company in Turkmenistan depends on the type of company. For example, a Joint-Stock Company must have at least two shareholders, while a Limited Liability Company can be formed with a single founder.


3. What is the minimum share capital required to form a company in Turkmenistan?

The minimum share capital required to form a company in Turkmenistan varies depending on the type of company. For example, the minimum share capital required for a Joint-Stock Company is TMT 500,000 (approximately USD 142,857), while a Limited Liability Company can be formed with a minimum share capital of TMT 50,000 (approximately USD 14,285).


4. Can foreigners or non-residents form a company in Turkmenistan?

Yes, foreigners and non-residents can form a company in Turkmenistan. However, they may be subject to certain restrictions depending on the type of company and the industry.


5. What are the registration requirements for forming a company in Turkmenistan?

To register a company in Turkmenistan, the following steps must be completed: 

a) Reserve a company name with the Ministry of Finance and Economy; 

b) Prepare the company's charter and obtain notarized copies; 

c) Open a bank account and deposit the minimum required share capital; 

d) Register the company with the State Tax Service and obtain a tax registration number; and 

e) Obtain a business license from the Chamber of Commerce and Industry.


6. How long does it take to form a company in Turkmenistan?

The process of forming a company in Turkmenistan can take between two to three months. This is due to the various registration requirements and the need for approvals from different government agencies.


7. What are the tax obligations for companies in Turkmenistan?

Companies in Turkmenistan are subject to a corporate income tax rate of 20%. Additionally, social security contributions and value-added tax (VAT) may also apply.


8. Can a foreign company operate in Turkmenistan without forming a local subsidiary?

Foreign companies can operate in Turkmenistan without forming a local subsidiary, but they must register their business activities and obtain necessary licenses and permits. However, certain industries may require a local presence or joint venture with a local company.


9. What are the accounting and auditing requirements for companies in Turkmenistan?

Companies in Turkmenistan must maintain accurate accounting records and prepare financial statements in accordance with local accounting standards. Additionally, companies are required to undergo an annual audit conducted by a local certified public accountant.


10. Are there any special incentives or benefits for foreign investors in Turkmenistan?

Turkmenistan offers several incentives and benefits for foreign investors, including tax exemptions, duty-free imports of machinery and equipment, and the ability to repatriate profits and dividends. However, the availability and extent of these incentives may depend on the industry and the size of the investment.

"Turkmenistan has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 6.2% in 2019, and is projected to grow by 6.3% in 2020. The country's inflation rate has also been relatively low, with an average of 4.2% in 2019. The unemployment rate in Turkmenistan is also low, at just 2.2%.

The country has seen a steady increase in foreign direct investment (FDI) over the past few years. In 2019, FDI inflows to Turkmenistan totaled $1.2 billion, a significant increase from the $0.8 billion in 2018. The country has also seen an increase in exports, with exports totaling $7.2 billion in 2019, up from $6.3 billion in 2018.

Overall, Turkmenistan has seen a steady growth in its economy over the past few years, with GDP growth, low inflation, low unemployment, and increasing FDI and exports."

Taxation in Turkmenistan:

- Corporate income tax rate is 20% on taxable income

- Personal income tax is progressive, ranging from 0% to 10% for residents and 10% to 20% for non-residents

- Capital gains are taxed as ordinary income

- Dividends are taxed at a flat rate of 10%


Tax Payment and Calendar:

- The tax year in Turkmenistan runs from January 1 to December 31.

- Corporate income tax returns and payments are due within three months after the end of the tax year.

- Personal income tax is withheld by employers and paid to the tax authorities on a monthly basis.

- Taxpayers must file an annual tax return by April 1 of the following year.

- There are also various other taxes in Turkmenistan, including value-added tax (VAT), social security contributions, and property taxes.


It is worth noting that Turkmenistan's tax system can be complex and compliance can be challenging for businesses and individuals. Additionally, there is limited information available publicly on the tax system in Turkmenistan. It is recommended to consult with a tax professional familiar with the specific circumstances in Turkmenistan for personalized advice on tax matters.

Application without registration

The first director

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The second director

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The third director

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The first shareholder 

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The second shareholder 

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The third shareholder 

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