Doing Business in Turkmenistan

Turkmenistan is a closed economy with heavy state control. Doing business requires navigating a complex regulatory environment, obtaining government approvals, and understanding the local business culture. Foreign investment is welcome in certain priority sectors but subject to significant oversight.

Business Environment

Turkmenistan's economy is dominated by the state, particularly in the hydrocarbon sector. Key characteristics include:

Registration Procedure

Step 1: Company Name Approval

Reserve the company name with the Ministry of Justice. The name must be unique and comply with local naming conventions.

Step 2: Company Registration

File the articles of incorporation and required documents with the Ministry of Justice. Required documents include the charter, foundation agreement, and proof of registered address.

Step 3: Tax Registration

Register with the State Tax Service for a Tax Identification Number.

Step 4: Statistical Registration

Register with the State Committee on Statistics.

Step 5: Social Security Registration

Register with the social security authorities.

Step 6: License and Permits

Depending on the business activity, various licenses and permits may be required from the relevant ministries.

Costs and Timeline

Foreign Investment

Foreign investors face additional requirements:

Ongoing Compliance