Company formation in Turkmenistan

Updated 5 October 2026

Who approves a foreign company's registration, which taxes and restrictions apply in 2026, and when a company here makes sense.

Turkmenistan is one of the most closed economies in the region, and company formation by a foreigner here is a project, not a formality. The registering authority is the Ministry of Finance and Economy. Foreign companies with an approved government contract usually register without major delays. Others go through approval by an interagency commission, according to the US State Department's 2025 investment climate statement.

A company in Turkmenistan therefore makes sense mainly for a specific contract: supplies, construction, services for state customers, or oil and gas work. Without such a contract we assess upfront whether working through a company in another country is simpler.

Who approves registration

An application from a company without a government contract is reviewed by a commission that includes:

• the Ministry of Foreign Affairs;
• the Agency for Protection against Economic Risks;
• law enforcement agencies;
• the ministry for the company's industry.

Registration usually takes about six months and depends on how clear the company's purpose and partners are. Besides the company itself, import and export deals and investment projects are registered with the State Commodity and Raw Materials Exchange and the Ministry of Finance and Economy, including a price justification review.

Company taxes in Turkmenistan

• Profit tax: 8% for joint ventures with Turkmen participation and 20% for wholly foreign-owned companies. Ownership structure directly drives the tax.
• VAT: 15%.
• Dividends are taxed at 15%.
• Personal income tax: 10%.

Inspections are frequent, so bookkeeping and reporting are run with a local accountant from the first month.

Money and currency: the key constraint

The official rate is 3.5 manat per dollar, but it is available only in cases set out in law. Companies and individuals cannot freely convert manat into dollars, so repatriating profit, paying dividends to a foreign shareholder or paying for imports out of manat revenue is difficult. In practice foreigners are given foreign-currency accounts rather than manat accounts. The contract is therefore structured for payment in foreign currency, and this is built in before registration, not after.

Staff and visas

• Local staff. At least 90% of the workforce of a foreign-owned company must be Turkmen citizens. Exceptions exist for highly specialised staff, and oil and gas companies face softer rules.
• Visas. There is no e-visa. Entry is based on an invitation requested by a ministry or a Turkmen company and approved by the State Migration Service.
• Renewal. Foreign company representatives usually renew their visas every six months.
• Land belongs to the state; offices and warehouses are leased.

How registration works with us

1. Assessing the task. Contract, customer, industry, payment scheme. If you can do without a Turkmen company, we say so at once.
2. Structure. A joint venture or a wholly foreign-owned company: this decides the tax and approvals.
3. Documents. Articles, founders' resolutions, founders' documents legalised and translated.
4. Approval and registration with the Ministry of Finance and Economy, through the commission where needed.
5. Account and bookkeeping. Foreign-currency account, tax registration, local accountant.
6. Contract registration on the exchange if the company imports, exports or runs an investment project.

Why problems arise

• No government contract or clear local partner: approval drags on.
• A contract paid in manat: revenue cannot later be converted.
• The 90% local staff rule was ignored: the team has to be rebuilt.
• Deals not registered on the exchange: payments and deliveries stop.
• Foreign staff visas not renewed on time.

What we do

Murblz specialists assess whether you really need a company in Turkmenistan, choose the structure, prepare and legalise documents, support approval and registration, the foreign-currency account and tax registration, and then maintain the company. The basic registration package, including the founding tax and registry fee, is $32,000; with bank account pre-approval $33,300; legal maintenance with address and representative $30,800 a year.

Fees

See also

Business account · Personal account · Investment property

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