Turkmenistan
Key entity, tax, banking, visa, and compliance guidance for foreign founders incorporating in Turkmenistan.
Foreign Ownership Eligibility
Turkmenistan welcomes 100% foreign-owned companies
Fully remote formation — you never need to set foot in the country.
- 100% foreign ownership permitted in most sectors
- Legal system: Civil Law (Soviet tradition)
- Primary registration authority: Ministry of Justice (Minjust TM)
- Registry website: https://www.minjust.gov.tm
- Tax authority: State Tax Service (Turkmenistan)
- Corporate income tax (CIT): 8% - Source: CIT: 8% (Turkmenistan MoF). VAT: 15%.
- VAT / sales tax: 15%
- Estimated formation timeline: 14-30 days - Via Minjust TM. Source: Minjust Turkmenistan
- Annual compliance and renewal obligations apply
Ownership
100% Foreign OK
Formation
100% Remote
Tax at a glance
Turkmenistan Tax Overview
8%
Corporate Income Tax (CIT)
CIT: 8% (Turkmenistan MoF). VAT: 15%.
15%
VAT / Sales Tax
CIT: 8% (Turkmenistan MoF). VAT: 15%.
State Tax Service (Turkmenistan)
Tax Authority
https://www.minjust.gov.tm
Pros & cons
Advantages & Considerations
Key Advantages
100% foreign ownership permitted in most sectors
Legal framework: Civil Law (Soviet tradition)
Primary registry: Ministry of Justice (Minjust TM)
Tax rate: 8% CIT
Incorporated company has access to Turkmenistan market
Considerations
Local professional guidance recommended for regulatory compliance
Banking KYC requirements can be extensive - allow time for account opening
Professional services market may be limited compared to major financial centres
Verify sector-specific restrictions before investing
Currency risk: TMT fluctuations may affect USD-denominated investments
Incorporation Process
The process is strictly digital. Each stage builds on the previous one.
Name reservation
Prepare incorporation documents
Submit registration application
Tax registration
Open corporate bank account
What you'll pay
Cost Architecture
Government Fees
Annual Ongoing
Professional Services
Government fees change frequently. Always verify current fee schedule at https://www.minjust.gov.tm before committing.
Still unsure about costs?
These are estimates — your actual cost depends on your structure
Every Turkmenistan setup is different. A 15-minute call with one of our specialists will give you a personalised cost breakdown — completely free.
Fintech & Banking
Can non-residents open accounts without visiting? NO.
Banking options for non-resident founders in Turkmenistan. Remote account opening availability varies by institution.
| Institution | Type | Ease for Non-Residents | Notes |
|---|---|---|---|
| Turkmenbashi Bank | Traditional bank | Low (Visit Required) | |
| Turkmenbashy Commercial Bank | Traditional bank | Low (Visit Required) | |
| Rysgal Bank | Traditional bank | Low (Visit Required) |
Regulatory requirements
Annual Compliance Matrix
| Requirement | Deadline | Details |
|---|---|---|
Annual company filing | Ongoing | File annual returns with Ministry of Justice (Minjust TM) to maintain good standing. |
Corporate income tax return | Ongoing | Submit annual CIT return to State Tax Service (Turkmenistan). Rate: 8%. |
VAT filing | Ongoing | VAT-registered businesses file periodically. Rate: 15%. Verify threshold with State Tax Service (Turkmenistan). |
Accounting records | Ongoing | Maintain statutory books per Civil Law (Soviet tradition) requirements. |
Beneficial ownership disclosure | Ongoing | Verify current UBO requirements in Turkmenistan. |
Frequently Asked
Speak with a Turkmenistan specialist
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