Turkmenistan Approves Procedures for State Registration of Individual Entrepreneurs

BUSINESS TURKMENISTAN
Turkmenistan Approves Procedures for State Registration of Individual Entrepreneurs
The document was prepared in order to streamline the work of small and medium-sized businesses and improve tax and legal relations in Turkmenistan.

Turkmenistan approved the procedure for state registration of individuals engaged in entrepreneurial activities without forming a legal entity.

President of Turkmenistan Gurbanguly Berdimuhamedov signed the decree, approving the procedure during the regular meeting of Cabinet of Ministers of Turkmenistan on Wednesday.

The document was prepared in accordance with the provisions of the “Law on Entrepreneurship” in order to streamline the work of small and medium-sized businesses and improve tax and legal relations in Turkmenistan.

With the changes arising from the Decree, Turkmen President assigned the Ministry of Finance and Economics, together with the Ministry of Justice, to prepare and submit to the Cabinet of Ministers proposals on amendments to the legislation of Turkmenistan within a month.

During the meeting of Cabinet of Ministers of Turkmenistan on November 8, Deputy Chairman of the Cabinet of Ministers Gochmyrat Myradov said that the legislation is on par with Turkmenistan’s “Law on Entrepreneurship”.

According to the Law of Turkmenistan “On Entrepreneurship”, the Cabinet of Ministers provides for approval of the procedure for state registration of individuals - individual entrepreneurs engaged in entrepreneurial activity without forming a legal entity. The new document will state in details the necessary procedures to register such entrepreneurial activity.

Law of Turkmenistan on Enterprises regulates the procedures for state registration of legal entities engaged in entrepreneurial activity.