Small business setup in Turkmenistan
Turkmenistan offers a promising environment for small businesses looking for opportunities in energy resources, the energy sector, and infrastructure development. We are experienced in assisting start-up and growing small businesses by providing support in company formation and guiding you through the necessary documentation and processes to launch your enterprise in Turkmenistan. Let’s explore the benefits of starting a small business in Turkmenistan and how our specialized solutions can help facilitate your success.
Formalities and procedure
The process of officially establishing a small business in Turkmenistan includes a series of steps that can typically be finished within a few weeks.
Choose a business name
The name of the business must be original and currently not in use. The Turkmenistan Trade Registry’s website can be used to verify if a name is available.
Select legal entity type
Choosing the right legal structure is crucial for the prosperity of your small business. In order to assist you in making a knowledgeable choice that suits your unique needs and future goals, we offer professional advice on Sole Proprietorship (İK), Partnership (BK), Branch Office, Holding Company.
Set up legal address
It is crucial to have a legal address when beginning a business, as it acts as the primary point of contact for government agencies, legal authorities, and important business communications. Selecting a legal address that complies with local regulations and meets the needs of your business is essential.
Get the necessary paperwork ready
Our team of professionals will assist you in developing detailed and tailored documentation that aligns with your company’s structure and objectives. We assure compliance with all legal requirements and will handle the submission process on your behalf.
Open a bank account
Setting up a corporate bank account is necessary for starting businesses in Turkmenistan. We will guide you through the process to ensure you follow the regulations and help you open an account with a well-known financial institution in Turkmenistan for your small business activities.
Company registration
We take care of the registration process with authorities such as the Trade and Companies Register and tax authorities, freeing you from the administrative responsibilities. This ensures that your small business is legally recognized and compliant from the beginning.
Setup accounting
In order to effectively start a small business, it is crucial to keep precise financial records. Our team of accounting professionals can assist with setting up efficient accounting and bookkeeping procedures that adhere to Turkmenistan’s laws.
Small business examples
Small businesses operate in various industries and sectors, each having unique requirements. Here are a few examples of small businesses:
- Business support: Smaller consultancies, individual service providers
- DIY retail: Locally-owned hardware shops, small home improvement stores
- Education: Tutoring services, small language schools, independent trainers
- Farming: Smaller, family-run farms
- Fitness: Individual trainers, small local gyms or studios
- Food and beverage retail: Independent grocery stores, coffee shops, bakeries
- Hotels and motels: Smaller, independent hotels or motels
- Laboratory: Smaller independent testing labs
- Marketing: Freelance marketers, small local agencies
- Media: Independent content creators, niche publications, small production companies
- Printing: Small local print shops
- Real-estate: Individual realtors, very small brokerage firms
- Restaurant: Independent, non-chain restaurants
Benefits of establishing a small business in Turkmenistan
Turkmenistan is an attractive location for starting a small business, providing a variety of benefits:
Strategic location
Turkmenistan presents attractive possibilities for companies interested in the energy sector and infrastructure development, as it offers abundant energy resources and strategic advantages like vast natural gas reserves and a central location in Central Asia. The government’s efforts to encourage investment further enhance the appeal of doing business in Turkmenistan’s dynamic market.
Favorable tax regime
Turkmenistan maintains a steady corporate income tax rate of 20%. Efforts are being made to lure foreign investment, particularly in fields like energy and infrastructure. The country’s advantageous position in Central Asia offers numerous business opportunities across different sectors.
Banking
Turkmenistan’s developing banking industry provides a stable environment and potential investment opportunities for individuals seeking banking and financial services in a growing economy.
Our small business setup solutions
We understand that your time and resources are valuable. Therefore, we offer two convenient options to make the process of company formation easier.
Business formation online
By utilizing the online platform offered by Turkmenistan, individuals can start and finalize the process of setting up a business from any location globally. The option to track progress, upload necessary documentation, and access our services via secure digital platforms guarantees a seamless and hassle-free experience.
Business formation remotely
If you would rather not be directly involved, we are capable of managing all the paperwork for you. Our experienced team will handle all the necessary paperwork, communicate with the appropriate authorities, and take care of all required formalities to ensure your peace of mind.
Contact us today and launch your small business success
Contact us today to schedule a consultation and begin pursuing your business goals. Together, we can take the initial leap forward.