Business accounts: Turkmenistan

Updated 6 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A business account in Turkmenistan is opened only for a company, branch or representative office registered in the country. The registering authority is the Ministry of Finance and Economy, and companies without an approved government contract go through an interagency commission, which usually takes about six months. So an account here is part of a larger project tied to a specific contract: supplies, construction, services for state customers, the oil and gas sector.

The main constraint is currency. The official rate of 3.5 manat per dollar is available only in cases set out in law and with government approval. Companies and individuals cannot freely convert manat into dollars, so repatriating profit, paying dividends to a foreign owner or paying for imports out of manat revenue is very hard. On the unofficial market the dollar costs several times the official rate. In practice foreigners are given foreign currency accounts rather than manat accounts, and contract payment is set in dollars or euros from the start.

Where the account is opened

Foreign settlements go mainly through the State Bank for Foreign Economic Affairs of Turkmenistan. It is the only institution in the country where dollar cash can be withdrawn from an account, and payments under foreign contracts usually pass through it. Foreign suppliers mostly work with Turkmen customers on dollar prepayment or through this bank. A manat account for local costs, taxes and payroll is opened at one of the state banks.

A practical setup for a foreign company: keep the main balance in an account in another country and send to Turkmenistan only what is needed for running costs, taxes and payroll. Transfers out of the country depend on approvals and are not guaranteed, so surplus cash is not kept inside.

Documents for the bank

• Registration certificate of the company, branch or representative office and tax registration.
• Charter, founders' resolutions, the foreign founder's documents with an apostille or consular legalisation and a Turkmen or Russian translation.
• Orders appointing the director and chief accountant, specimen signatures.
• Passports, visas and permits of foreign managers.
• The contract the company works under and its registration details.

Timeline

1. Approval and registration of the company - about six months without a government contract, faster with one.
2. Opening a foreign currency account after registration - usually a few weeks.
3. Registration of import and export deals at the State Commodity and Raw Materials Exchange - before the first payments under them.

Taxes and mandatory rules

• Profit tax - 8% for joint ventures with Turkmen participation and 20% for wholly foreign-owned companies.
• VAT - 15%, dividends - 15%.
• At least 90% of a foreign-owned company's staff must be Turkmen citizens.
• The bank will not process deals not registered at the exchange.

Common problems

• A contract paid in manat: the revenue cannot later be converted.
• No government contract or clear local partner, so approval drags on.
• A deal not registered at the exchange, so the payment stops.
• Foreign managers' visas not renewed, leaving nobody to sign at the bank.

What we do

We assess whether you need a company and account in Turkmenistan at all or whether the contract is better run through a company elsewhere. If you do, we set up currency payment terms, register the company, open the foreign currency account, register deals at the exchange and keep the books. We quote after a consultation.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property

FAQ