The Law of Turkmenistan on Tourism

Part V1. National tourist zone

Article 21 (i). Creation of national tourist zone

    According to the solution of the President of Turkmenistan the "Awaza" National Tourist Zone is specially allocated territory with precisely defined administrative-territorial borders and special legal, tax and customs procedures.
    Establishing the objects of the tourist industry and developing the infrastructure of the tourist zone can be carried out mainly by attraction of foreign investments.

Article 21 (ii). Subjects of tourist zone

    Subjects of tourist zone are physical and legal persons of Turkmenistan, foreign legal persons who realize the investment projects approved by the Commission in the territory of tourist zone, projects on managements of objects of the tourist industry and concluded corresponding contracts with the State Committee of Turkmenistan.
    From the moment cancellation of the contract, the subject of the tourist zone loses the status and cannot render tourist services or carry out other economic activities on the territory of tourist zone.

Article 21 (iii). The order of tourist zone

    The rights and duties of subjects of the tourist zone are established on terms of concluded contracts according to the legislation of Turkmenistan.
    Granting the ground areas in territory on the tourist zone to subjects of the tourist zone is carried out by way established by the Land Code of Turkmenistan.
    When the time of recovery of outlay of investments and receiving the profits expires the objects erected on the territory of the tourist zone gratuitously are transferred to the possession of Turkmenistan by way of and on the bases established by the legislation of Turkmenistan about concession and conditions of the concluded contract.

Article 21 (iv). Special law on entrepreneur activities on the territory of the tourist zone

    The legal entities of the tourist zone are applied special law on entrepreneur activities, are offered tax, customs and other benefits in accordance with the Tax Code of Turkmenistan.

The law of Turkmenistan
ON THE FREE ENTERPRISE ECONOMIC ZONE

Article 4. Setting up and liquidation of enterprises in the free enterprise economic zone

    1.Registration of the enterprises in the free enterprise economic zone shall be carried out in an order provided by the legislation of Turkmenistan.
Registration of the enterprises with foreign participation shall be carried out by the body authorized by the Cabinet of Ministers of Turkmenistan.
    The enterprise with foreign participation acquires the status of the legal entity from the moment of reception of the certificate on the state registration (re-registration) from the Major state register, entitled to register the enterprises and organizations of all types of ownership and management.

    2.Liquidation of enterprises in the free enterprise economic zone shall be effected irrespective of their organizational-legal forms in accordance with the legislation of Turkmenistan.

Article 5. Guarantees of the rights and interests of managing parties

    1. Turkmenistan shall guarantee the observance of the rights and legitimate interests of managing parties in the free enterprise economic zone.

    2. Nationalization by the state of property of managing parties in the free enterprise economic zone shall not be permitted.

    3. Any discrimination against enterprises with foreign investments as compared to other enterprises operating in the free enterprise economic zone, as well as compulsory withdrawal of foreign investments (nationalization, requisition, and confiscation) or other measures entailing the similar consequences shall not be effected.
    The sequester of the invested property, except the abeyance of the rights before the investor repays its debts, shall not be carried out.
Compulsory withdrawals can only be carried out pursuant to a court ruling and on condition that compensation be paid which shall be equal to the real (market) cost of the investments to be withdrawn, including the lost profit as estimated at the time of the actual withdrawal or that of making the decision to take the action to that end.
Compensation is to be made in the currency of the initial investment.

    4. The right of the foreign investors operating in the free enterprise economic zone to repatriate after-tax foreign exchange proceeds (hard currency) shall be ensured.
Foreign investors shall have unlimited rights in the free enterprise economic zone to remit, transfer, pawn, export and terminate the investments of hard currencies.

    5. Bodies of the state and local management shall not interfere with free moving of citizens of Turkmenistan from the free enterprise economic zone to other regions of the country.

Section II

FUNCTIONING OF THE FREE ENTERPRISE ECONOMIC ZONE

Article 6. Main principles of operation of managing parties

    1. Enterprises based in the free enterprise economic zone shall maintain business relations by entering into contracts. The enterprises shall develop their own production programs and realize their products (services) independently. Products of the free enterprise economic zone shall be left at their complete disposal.

    2. Formation and functioning of the free enterprise economic zone is carried out on the basis of self-financing, including hard currency.

    3.The managing parties operating in the free enterprise economic zone shall have right to raise credits from foreign banks and to engage foreign insurance companies to conclude all kinds of insurance contracts.

    4.The state regulation of the means directed to the consumption of the enterprises located in the free enterprise economic zone shall not be allowed.

    5. For foreign investors conditions of economic activities connected with search, exploration, operation and extraction of renewable and non-renewable resources, including the off-shore economic zone shall be governed by pertinent branches of the legislation of Turkmenistan.

Article 7. Export-import operations regulations

In the free enterprise economic zone simplified procedure of export-import operations shall be used, providing the following:
    - The exportation of goods manufactured in the free enterprise economic zone shall not be subject to establishing a quota and licensing, except for the special kinds of production, list of which is specified by the Cabinet of Ministers of Turkmenistan;
    - The goods shall be considered as produced in the free enterprise economic zone if ratio of the added cost of processing exceeds 30 percent of its total cost;
    - The enterprises and organizations shall have the right to carry out barter exchanges and intermediary operations with the goods and the services originating from free enterprise economic zone;
    - The importation of goods (services) into the free enterprise economic zone shall be carried out without assigning quotas and licensing, except for those which are imported under specific intergovernmental agreements and rules.

Article 8. Customs procedures

    1. Within the borders of the free enterprise economic zone, special customs treatment shall be introduced providing the following:
    - the exemption of duties on goods and other assets imported into the free enterprise economic zone.
    - the exemption of duties on goods and other assets exported from the free enterprise economic zone to other countries with the exception of those of foreign origin.
    - mandatory declaration of goods and other assets imported into territory of the free enterprise economic zone and exported therefrom.

    2. The transit and resale of commodities, without processing in the free enterprise economic zone, to other regions of Turkmenistan as well as the exportation of goods originating from other regions of Turkmenistan through the free enterprise economic zone shall not be covered by the customs and taxation privileges.

    3. Control over the exportation from the free enterprise economic zone of goods and other assets of foreign origin imported thereto on the duty-free basis shall be exercised by the State Customs Service of Turkmenistan by checking the documents pertaining to the case in question.

Section III

THE CURRENCY AND FINANCIAL-CREDIT MECHANISM, PRICING

Article 10. Monetary and currency circulation

    1. Investors operating in the free enterprise economic zone can open current accounts and payment accounts (in foreign currency and in the monetary unit of Turkmenistan) with banks of Turkmenistan enjoying the right to use appropriate means all over the territory of Turkmenistan in accordance with the legislation of Turkmenistan.
To transfer funds kept in their accounts out of the country, foreign investors operating in the free enterprise economic zone may purchase foreign currency at the rate of the day at the currency exchange of Turkmenistan.

    2. In cases of attracting foreign investors into the task of manufacturing in the free enterprise economic zone import-substituting products essential to the economy of Turkmenistan the part of an investor’s profit due to him in the monetary unit of Turkmenistan may be repatriated using currency sources of the parties concerned at an agreed rate.

    3. Control over the registration of banks and other credit institutions in the free enterprise economic zone including branches and subsidiaries of foreign banks and banks with foreign participation as well as control over the performance of credit and financial operations and the circulation of all types of currency within the free enterprise economic zone shall reside with the State Bank of Turkmenistan.

    4.To promote free enterprise in the free enterprise economic zone, the State Bank of Turkmenistan shall be authorized to issue licenses for conducting operations with foreign currency, whether cash or non-cash, and to establish a special procedure for using it in the territory of the free enterprise economic zone and transferring it out of the country.

    5. Banks of the free enterprise economic zone shall have the right to open manat and foreign currency accounts of legal entities and physical persons of Turkmenistan and other states.

Article 11. Pricing

    In a free enterprise economic zone free pricing treatment on all kinds of the produced goods and services shall operate.

Article 12. Leasing relations

    1. Legal entities and physical persons of Turkmenistan and other countries, operating in the territory of a free enterprise economic zone, are exempted for three years from rental payment for the land from the date of the conclusion of the lease agreements.
After termination of a grace period the rent for the land shall be charged under the discounted mortgage: for the enterprises in which the foreign participant authorized fund capital share makes more than 30 percent –by 50 percent, for legal entities and physical persons of Turkmenistan by 20 percent.

    2. Investors of Turkmenistan and other states operating in the free enterprise economic zone shall have the right to take and give a sublease of property and proprietary rights, and to re-assign the user by mutual consent of the signatories of a lease agreement or their legal successors. The user may serve the investor as security.

    3. Changes in terms and conditions of lease agreements signed by foreign investors to rent plots of land, buildings, structures and other objects shall be permitted in compliance with the legislation of Turkmenistan on the basis of mutual consent of the parties to the contract or a decision of the economic court.

Article 13. Foreign-economic activity

    Legal entities and citizens operating in the free enterprise economic zone shall participate in foreign economic activity including commercial intermediary on their own.
Participants in foreign economic activity in the territory of the free enterprise economic zone shall register with the Commission on Foreign Economic Relations of the Presidential Office.

Article 14. Business relations

    1. Business relations between employers and employees and those among the latter at the enterprises based in the free enterprise economic zone shall be regulated by collective agreements and individual contracts in accordance with the legislation of Turkmenistan.
In regulating wages and salaries, the pay tariff system shall be referred to as a recommendatory source only.

    2. Minimal wages, salaries, student grants, pensions, benefits and other allowances in the free enterprise economic zone can not be established at levels lower than those specified in the legislation of Turkmenistan.

    3. Enterprises of the free enterprise economic zone are entitled to pay their employees’ wages and salaries in foreign currency.

    4. Labour conditions with respect to foreign personnel of enterprises of the free enterprise economic zone shall be stipulated in individual contracts. The after-tax foreign currency income of foreign employees may be repatriated abroad without restrictions.

    5. Restriction of hiring Turkmen employees by free enterprise economic zone organizations due to the place of inhabitancy within the territory Turkmenistan shall not be permitted.

Article 15. Resolving Disputes

    Disputes of subjects of free enterprise economic zone in Turkmenistan with state authorities and other legal entities and physical persons of Turkmenistan, as well as the disputes among the subjects of the free enterprise economic zone themselves shall be heard in the courts of Turkmenistan.

RESOLUTION OF PRESIDENT OF TURKMENISTAN

On “Avaza” National tourist zone

(Collection of Acts by President of Turkmenistan and Decisions of government of Turkmenistan, 2007, ¹ 7, Article 539)

(With amendments and additions made by Resolution of President of Turkmenistan of 01.02.2009 ¹ 01222)

(Extract)

    With the aim of comprehensive solution of the tasks on expanding tourist services, including hotel business and concomitant activities, on developing tourism infra-structure to meet the world standards as well as on creating favorable investment climate to develop citizens’ rest and recreation zones I decree the following:

1. To establish “Avaza” national tourist zone on the Caspian Sea eastern shore and approve the Regulations enclosed.

2. The Service on Land Resources at the Ministry of Agriculture of Turkmenistan jointly with the municipality (Hakimlik) of the city of Turkmenbashy and the State Committee of Turkmenistan on Tourism and Sport shall define the boundaries of Avaza national tourist zone.

3. The State Committee on Tourism and Sport, the Ministry of Construction and Industry of Construction Materials of Turkmenistan and the municipality (Hakimlik) of the city of Turkmenbashy shall work out and approve, upon agreeing with the Cabinet of Ministers of Turkmenistan, the plan of development of “Avaza” national tourist zone.

5. With the aim of the state support of the development of “Avaza” national tourist zone as well as guaranteeing the investment repayment
a) the State Migration Service of Turkmenistan shall issue expedient visas and allow the foreign specialists and workers who arrive in Turkmenistan to work in “Avaza” national tourist zone for the period of construction and exploitation of this zone objects without charging consulate and registration fees;
- Shall process the entry visas in a simpler way on the spot and at the arrival moment for the tourists arriving in the cities of Ashgabat and Turkmenbashy for rest in “Avaza” national tourist zone if they have a tourist pass;

b) The Ministry of Economy and Development of Turkmenistan shall make a state registration without collecting registration fees: from the legal entities who carry out construction and exploitation of the “Avaza” national tourist zone objects; from the investment projects realized on the “Avaza” national tourist zone territory;

c) The Central Bank of Turkmenistan shall
- Secure convertation of net profits of foreign investors as a result of the services made to the residents of Turkmenistan on the “Avaza” national tourist zone in mantas into free convertible currency;
- Secure the convertation of the national currency of the Ministries, agencies, their subordinate subdivisions and enterprises of Turkmenistan, regardless of the forms of property into free convertible currency necessary for foreign currency credits repayments, payment for the construction works and services made, production materials, equipment and goods purchase;
- Set up a separate order for carrying out on the territory of “Avaza” national tourist zone transactions, expenditures and transfers abroad in cash and not involving cash in foreign currency;

d) the State Goods and Raw Materials commodity of Turkmenistan in the set up order shall register the agreements without collecting commodity fees on the “Avaza” national tourist zone;

e) The Main State Service “Turkmenstandards” shall certify the equipment and materials imported into Turkmenistan by investors and other individuals engaged in construction and exploitation of the objects on “Avaza” national tourist zone without collecting fees for certification services;

f) The State Insurance Organization of Turkmenistan shall insure the property interests of the investors and other persons engaged in the operations on the “Avaza” national tourist zone in accordance with the insurance rules and regulations in force taking into account the world insurance experience;

g) The State National Service “Turkmenairlines”, the Ministry of Railway Transport of Turkmenistan, the Ministry of Automobile Transport and Auto Roads of Turkmenistan, “Turkmen Marine and River Ways” Department shall provide:
delivery of cargo for the construction and exploitation of objects on “Avaza” national tourist zone in accordance with the terms of the agreements concluded;
transportation of specialists, workers and tourists on the international and local flights;
organization of charter flights for these purposes.

7. The ministry of Nature Protection of Turkmenistan shall provide monitoring the observance of nature protection legislature on the “Avaza” national tourist zone while projecting, construction and exploitation the tourist industry objects.


Approved by Turkmenistan President’s Resolution July 24, 2007 ¹8855

PROVISION
“AVAZA” NATIONAL TOURIST ZONE

(with amendment and addition, made by Turkmenistan President’s Resolution of 01.02.2009 ¹10224)

(Extract)

I. General Provisions

1. The present Provision determines legal and economic basis for establishment, development and operation of national tourist zone “Avaza”.

2. National tourist zone “Avaza” (hereinafter- tourist zone) is a specially territory allocated by Turkmenistan President’s Resolution eastern coast of the Caspian Sea with precisely specified administrative and territorial boundaries and with particular legal, tax and customs regimes.

3. Tourist zone’s establishment aims at promoting investment activity directed to the comprehensive decision of the tasks on tourist infrastructure’s advancement and enhancement, meeting international standards and tourist development.

III. Subject of Tourist Zone

6. The subjects of tourist zone are physical individuals and entities of Turkmenistan foreign entities, which are implementing the investment projects approved by the Committee on tourist zone’s territory, the projects on tourist industry’s management, and which have concluded the corresponding agreements with the State committee.

7. An entity of physical individual, claiming for obtaining a tourist zone subject’s status, submits to the Committee an application being enclosed with the corresponding project, financial and technical proposals on their implementation and their substantiation reports as well.

8. Their legitimacy, solvency, working experience in the appropriate field, allowing to fulfill the assumed investment and other obligations are deemed to be compulsory requirements for an applicant.

9. Documents confirming an applicant’s legitimacy are:
for entities-residents of Turkmenistan – the copies authorized documents being notarized, an extract from the Unified State Registry as well as power of attorney or the order, certifying an applicant representative’s authorities;
for entities- non-residents of Turkmenistan –an extract on the foreign founder from the Trade Registry on the place of entity’s registration, and a copy of statute as well;
for physical individuals- the notarized copies of an entrepreneur’s registration license without foundation of entity and (or) patent, applicant’s passport copies as well.

10. Documents, confirming an applicant’s solvency, including overdue indebtedness on tax payment to the budget, are the certificates of a bank or tax administration on their registration on the filing date of their proposals.

11. Documents, confirming an applicant’s working experience in the appropriate field, are the references and (or) copies of agreements (treaties).

12. Documents, submitted by non-residents of Turkmenistan, shall be legalized in accordance with the procedure of Turkmenistan’s consular departments abroad or the Ministry of Foreign Affairs in Turkmenistan, in case otherwise is provided for with international agreements, in which Turkmenistan is a signatory.

13. Examination of financial and technical proposals submitted by the applicant and their substantiation report, expertise of investment projects and decision’s taking on their approval or cancellation are carried out within the term of not later than 30 calendar days after these documents’ filing date.

14. An applicant, whose project was approved by the Committee, concludes an appropriate agreement with the Committee, afterwards being recognized as a subject of the tourist zone. Investment projects are subject to the registration in accordance with the procedure.

16. The order of recognition (cancellation) as subjects of the tourist zone, conclusions and terminations of a corresponding agreement, as also rules ensuing from the current Provision, are assigned by the State Committee.

17. The subject of the tourist zone shall observe Turkmenistan’s legislation while carrying out the activity on thetourist zone’s territory.

IV. Procedure of Tourist Zone’s Functioning

18. The establishment of tourist industry objects and tourist infrastructure development are mostly implemented with the attraction of foreign investments and investments from the private sector of Turkmenistan’s economy on long term basis in accordance with Turkmenistan’s legislation.

19. The construction and development of tourist zone base infrastructure (access roads, gasification, water supply, power and heat supply, sewage) are carried out for the account of share participation of corresponding ministries, organizations and investors in compliance with concluded agreements or other sources not prohibited with Turkmenistan’s legislation.

20. On the tourist zone territory the tourist zone subjects can create enterprises of any legal establishments, and also affiliates of operating enterprises which can perform any type of activities stipulated in an agreement and not prohibited with Turkmenistan’s legislation.

21. Physical individuals and entities, which are not the subjects of tourist zone, are entitled to retail trade and render services (entrepreneur activity) on the territory of tourist zone on the general basis and in accordance with Turkmenistan’s legislation.

22. Allocation of land sites on the territory of the tourist zone to the subjects of the tourist zone is carried out in the order stated in Turkmenistan’s Land Code:
To physical individuals and entities in Turkmenistan- in use or lease to foreign entities- in lease.
Land sites are handed over in lease for the period of no more than 40 years.

23. Rights, obligations and liabilities of the tourist zone subjects and the State Committee are determined with the terms and conditions of the agreements made in accordance with Turkmenistan’s legislation.

24. The subjects of the tourist zone, duly performing the agreement’s conditions on works and services have preferable rights to their extension. Moreover, the, terms and conditions of agreements can be amended under the consent of parties in accordance with Turkmenistan’s legislation.

26.The requirements of ecology safety and environment protection shall be met when designing, locating, constructing, reconstructing and operating of the objects on the tourist zone territory.

27. Labor relations at the enterprises, situated in the territory of the tourist zone, are regulated with the collective and individual agreements (contracts) in accordance with Turkmenistan’s legislation.

28. The size of a minimum salary on the tourist zone territory shall not be lower than one fixed with Turkmenistan’s legislation.

29. Labor conditions of foreign employees are determined in individual contracts. An income obtained by these workers in foreign currency after tax payment can be transferred abroad without any obstacles.

V. Special Legal Regime of Entrepreneurship Activity and Incentives on the Territory of the Tourist Zone

30. Special legal regime of entrepreneurship activity is applied to the tourist zone subjects and incentives are presented in accordance with the current Provision.

31.The tourist zone subjects are provided with tax benefit in accordance with Tax Code of Turkmenistan. 32.The registration of investment projects and entities carried out the objects’ construction and operation in the tourist zone is made without charging registration’s levies.

33.The tourist zone subjects are exempted from:
- consular and registration’s duties;
- customs duties and fees when importing goods in Turkmenistan designated for the objects’ construction and operation in the tourist zone;
- exchange duties for a contract’s registration;
- payments from profits to non-budget funds established by the legislation of Turkmenistan.

34.Certification of the equipment and materials imported in Turkmenistan by investors and other persons, performing the activity on construction and operation of the objects on the territory of the tourist zone, is made without charging any payment for certification’s services.

35.The right to transfer the foreign currency earned by them is guaranteed to the foreign investors operating on the territory of the tourist zone after their tax paying. 36.The subjects of the tourist zone while whole sale and retail trade and service rendering, effect settlements in the following way;
- with entities and physical individuals- residents of Turkmenistan-in manats according to the fixed rates;
- with entities and physical individuals- non- residents of Turkmenistan- in free convertible currency according to the fixed rates, based on the resolutions, issued by the Central Bank of Turkmenistan.

VI. Final Provisions

37. Should the international agreement where Turkmenistan is a party, establish other rules than those comprised in the present Provision, so the rules of an international agreement are applied.

38. Disputes, arisen out of an agreement’s performance and termination, the protection of investors’ and state’s legal rights as well, are settled in the way of negotiations or in the court in accordance with Turkmenistan ’s legislation.

"Awaza"-National Tourism Area

    The Turkmen sector of the Caspian Sea has great possibilities for sanatoria, resort and ecological tourism. The sector has mild climate, mineral and mud sources, long golden sand beaches, magnetic sea view, noisy rookeries on the bio diverse unique water-mash areas of Hazar State Reserve. The presentation of the National tourism area of Avaza in June 2007 became an event of international significance. It marked the beginning of a new approach towards the use of great natural and economic potential of the country based on foreign investments into the tourism and recreation industry. Its main aim is the implementation of a very important aspect of social policy of Turkmenistan the formation of necessary conditions for full fledged life of the population of the country.
    The construction of the tourism zone of an international standard on 16 kilometers coast line is stipulated by the plan. The experience of many countries and cities proves that free economic areas bring people together, stimulate foreign capital inflow and the development of territories and wellbeing of the country. Many projects on building of super modern hotels, nursery sanatoria, boarding houses, villas, and trade and business centers are being implemented by foreign firms and companies.
    All necessary environmental and protective requirements have to be provided in projecting, building, reconstruction, allocation and operation of these projects. The presence of transport communications, such as a seaport, an airport, motorways and railways, is also of great importance. The construction of a new railway line North-South opens wide perspectives for the development of tourism in the Caspian Sea region. With the development of the national tourism area of Avaza foreign guests can awake their interest to other recreation areas especially to internationally famous sanatoria with mineral and mud health care sources.

    Favorable conditions have been established for the investors and tourism business with the development of the National tourism area of Avaza

They include a wide range of prerequisites:

- the permission of unused profits to transfer overseas remittance gained in the result of rendering services for Turkmenistan residents;

the conversion of national currency into freely convertible currency;

- simplification in obtaining entry visas and permissions to foreign specialists and workers who arrive in national tourism area;

- simplification in obtaining entry visas for tourists who have tourist vouchers;

- state registration of juridical persons and investment projects on the territory of without levy of registration and exchange tax collections and without payment for certification;

- free provision of land form rent;

- during the first 15 years of construction value added tax, income tax and property tax will be exempt.

    At present time the area of Avaza has been determined as 1700 hectares. The list and size of 90 plots of land of first-priority category of the resort development has been approved. The building of Hydro-power station with 254,2 megawatt capacity is planned on the territory of the National tourism area of Avaza in 2008.

    International experience of tourism areas proves the fact of rapid development of not only tourism, but also of the accompanying fields and business activity in the economy of the state.

Entrepreneurship and small-scale business

    The development of entrepreneurship and small-scale business is one of the most important strategic factors of the acceleration of the socio-economic progress of the country. This market institution favors the effectiveness of industrial resources, the increase of employment and incomes of the population. In this connection wide range of activities on further development of entrepreneurship are:

- the legislative and information base is being created;

- the infrastructure on supporting and development of entrepreneurship is being formed;

- the system of taxation is being optimized for the subjects of this sector of economy;

- the relation between state power institutes and that of local administration in the sphere of support and acceleration of the entrepreneurship is being regulated;

- methodical and personnel supply of the entrepreneurship is planned and the mechanisms of crediting and insuring entrepreneurship are being formed.
   
    The Decree concerning crediting of the entrepreneurship structures has been enacted with this purpose. It deals with 5% of annual crediting for 10 years term buying fixed assets and crediting for up to one year for purchasing of working assets. The Association of manufacturers and entrepreneurs has been established in Turkmenistan

THE LIST OF NECESSARY DOCUMENTS FOR THE REGISTRATION OF FOREIGN LEGAL ENTITIES IN TURKMENISTAN

THE LIST OF DOCUMENTS SUBMITTED FOR REGISTERING BRANCHES AND REPRESENTATIVE OFFICES OF FOREIGN FIRMS IN TURKMENISTAN:

1.Application form for opening a branch office, stating the purpose of the activities on the territory of Turkmenistan, information about the enterprise, profile of the investor characterizing its practical activity (signed by the founder).

2. Decision about founding a branch (signed by the founder).

3. Regulations about the founder branch, in two copies in Turkmen and Russian (signed by the founder).

4. Personal form (personal profile) of the head of the branch in Turkmenistan with 3x4 cm sized photo and passport copy attached.

5. Authorization letter for the head of the branch from main office.

6. Copy of the charter of foreign enterprise ? investor, certified (legalized by either the consular office of Turkmenistan abroad or by Ministry of Foreign Affairs of Turkmenistan).

7. Extract from the document about the official registration of a foreign investor, issued by the registration agency of the investor`s country - in the original form. The extract must be certified (legalized) by either the consular office of Turkmenistan abroad or by Ministry of Foreign Affairs of Turkmenistan.

8. Statement of financial conditions of a foreign investor (bank statements) in the original certified form (legalized by either the consular office of Turkmenistan abroad or by Ministry of Foreign Affairs of Turkmenistan).

9. Written confirmation of the legal address issued by either velayat hakimlik (regional council) or Ashgabat hakimlik (city council).

10. Document providing the payment of the registration fee.

The documents are submitted in the language of the investor`s state, stamped in the original (can not be sent by fax), with the translation into Turkmen and Russian. The translation is certified by the agency that did the translation.


THE LIST OF DOCUMENTS FOR THE STATE REGISTRATION OF THE ENTERPRISES AS ECONOMIC ASSOCIATION, JOINT-STOCK COMPANY WITH FOREIGN INVESTMENTS :

1. Application form for opening a company, stating the purpose of the activities on the territory of Turkmenistan, information about the enterprise, profile of the investor characterizing its practical activity (signed by the founder).

2. Protocol of founding a company (signed by the founder).

3. Constituent agreement and charter in two copies in Turkmen and Russian (are signed by the founder).

4. Personal form (personal profile) of the head of the branch in Turkmenistan, with 3x4 cm sized photo and passport copy attached.

5. Copy of the charter of foreign enterprise ? investor, confirmed (legalized) by either the consular office of Turkmenistan abroad or by Ministry of Foreign Affairs of Turkmenistan.

6. Extract from the document about the official registration of a foreign investor, issued by the registration agency of the investor`s country - in the original form. The extract must be certified (legalized) by either the consular office of Turkmenistan abroad or by Ministry of Foreign Affairs of Turkmenistan.

7. Statement of financial conditions of a foreign investor (bank statements must be certified (legalized) by either the consular office of Turkmenistan abroad or by Ministry of Foreign Affairs of Turkmenistan) - in the original form.

8. Written confirmation of the legal address issued by either velayat hakimlik (regional council) or Ashgabat hakimlik (city council).

9. Document confirming the deposit of 50% of the total amount of authorized fund specified in the charter of a founding enterprise.

10. Document about deposit appraisal (when founding an enterprise with non-cash investment).

11. Document about the payment of the registration fee.

Founder-physical parties submit:

1.Statement of financial conditions of a foreign investor (bank references) in the original form.

2. Personal form (personal profile) with 3x4 cm sized photo and passport copy attached.

The documents are submitted in the language of the state of the investor, stamped in the original (should not be sent by fax), with the translation into Turkmen and Russian. The translation is certified by the agency that did the translation.




THE LIST OF DOCUMENTS SUBMITTED FOR THE STATE REGISTRATION OF AN INDIVIDUAL ENTERPRISE WITH FOREIGN INVESTMENTS:

1. Application form for opening a branch office, stating the aims of the activity in Turkmenistan, information about the founder-investor (signed by the founder).

2. Decision about founding an enterprise (signed by the founder).

3. Charter in two copies in Turkmen and Russian (signed by the founder).

4.Personal form (personal profile) of the head of the branch in Turkmenistan, with 3x4 cm sized photo and passport copy attached.

5. Personal form (personal profile) of the founder, with 3x4 cm sized photo and passport copy attached.

6. Statement of financial conditions of a foreign investor (bank statements) ? in the original form.

7. Written confirmation of the legal address issued by either velayat hakimlik (regional council) or Ashgabat hakimlik (city council).

8. Document confirming the deposit of 50% of the total amount of authorized fund specified in the charter of a founding enterprise.

9. Document about the deposit appraisal (when founding an enterprise with non-cash deposit).

10. Document about the payment of the registration fee.

The documents are submitted in the language of the state of the investor, stamped in the original (should not be sent by fax), with the translation into Turkmen and Russian. The translation is certified by the agency that did the translation.