How to Register a Business in Turkmenistan

Turkmenistan, located in Central Asia, is an emerging market for business ventures. The country is rich in natural resources, has a growing economy, and a favorable business environment. If you’re looking to start a business in Turkmenistan, you’ll need to know the legal requirements for registering your business. In this article, we’ll guide you through the steps you need to take to register your business in Turkmenistan.

Choose your business structure

Before registering your business in Turkmenistan, you need to decide on the legal structure of your business. There are four types of legal entities in Turkmenistan:

Sole proprietorship

Limited liability company (LLC)

Joint-stock company (JSC)

Partnership

A sole proprietorship is the easiest and most common type of business structure in Turkmenistan. It is suitable for small businesses with a low turnover. A limited liability company (LLC) is a separate legal entity from its owners and is suitable for businesses with medium to large turnovers. A joint-stock company (JSC) is a public company that can raise funds from the public by issuing shares. A partnership is suitable for businesses where two or more people work together.

Reserve a business name

The next step is to reserve a business name. You can do this by submitting an application to the State Service of Intellectual Property of Turkmenistan. The application must include the proposed name of your business, a brief description of the business, and the legal structure of the business. Once the name is approved, you will receive a certificate of name reservation.

Register with the Chamber of Commerce

All businesses in Turkmenistan must be registered with the Chamber of Commerce. You can do this by submitting an application to the Chamber of Commerce, along with a copy of your certificate of name reservation. The application must also include the legal structure of your business, the address of your business, and the name of the owner or owners.

Obtain a business license

To conduct business in Turkmenistan, you must obtain a business license. The license is issued by the Ministry of Finance and Economy of Turkmenistan. The application for a business license must include a copy of your certificate of name reservation, the legal structure of your business, the address of your business, and the name of the owner or owners. The Ministry of Finance and Economy may also require additional documents, such as financial statements or a business plan.

Register with tax authorities

All businesses in Turkmenistan must be registered with the tax authorities. You can do this by submitting an application to the State Tax Service of Turkmenistan. The application must include the legal structure of your business, the address of your business, the name of the owner or owners, and the tax registration number.

Register with the State Statistics Committee

Finally, all businesses in Turkmenistan must be registered with the State Statistics Committee. You can do this by submitting an application to the State Statistics Committee, along with a copy of your business license and tax registration number. The application must also include the legal structure of your business, the address of your business, and the name of the owner or owners.

In conclusion, registering a business in Turkmenistan involves several steps and can be a complex process. However, with the right guidance and support, it can be a smooth journey. Generis Global, our firm, can help you with your business in Turkmenistan. Our experienced team can assist you with the legal part of your business journey in this country. Contact us today to learn more about how we can help you.