What are Legal Guarantees of Entrepreneur in Turkmenistan?

BUSINESS TURKMENISTAN
What are Legal Guarantees of Entrepreneur in Turkmenistan?
An entrepreneur has the right to establish any type of enterprise to carry out their activities.

The Law of Turkmenistan on Entrepreneurship is aimed at creating conditions for a wide manifestation of initiative and entrepreneurship of citizens on the basis of the implementation of the principle of equality of all forms of ownership, freedom to dispose of property and choice of spheres of activity.

In accordance with the Law of Turkmenistan on Entrepreneurship, an entrepreneur has the right:

  • to establish any type of enterprise to carry out their activities;
  • to purchase in whole or in part the property of enterprises, or other property regardless of the form of ownership, rights to property and non-property;
  • to participate with their property in the activities of other economic entities;
  • use, by agreement of the parties, the property of legal entities and individuals;
  • hire and fire employees on the terms of the contract and on other terms established by law;
  • independently establish the forms, systems and amounts of remuneration and other types of income of employees;
  • independently form a program of economic activities, choose suppliers and consumers of their products (works, services), set prices and tariffs for it (them) in accordance with the legislation of Turkmenistan and concluded agreements;
  • open bank accounts, perform foreign exchange and other transactions;
  • use a seal, stamp, letterhead, emblem, trademark in their activities;
  • freely dispose of the profit (income) remaining with him. When carrying out entrepreneurial activity on the basis of a contract, the procedure for distribution of profits is regulated by the contract;
  • receive any income that is not limited in size;
  • use the state system of social protection of the population;
  • to appeal in accordance with the established procedure the actions of state and other bodies that infringe on his rights or legitimate interests;
  • to act as a participant in foreign economic relations in accordance with the legislation of Turkmenistan.

Source: Law of Turkmenistan on Entrepreneurship