Legal Framework For Entrepreneurship Expands in Turkmenistan

BUSINESS TURKMENISTAN
Legal Framework For Entrepreneurship Expands in Turkmenistan
According to Article 134 of Turkmen Constitution, the economy of Turkmenistan is based on the principles of market relations.

The new edition of the Constitution of Turkmenistan, adopted by the Mejlis of Turkmenistan on September 14, 2016, includes a new section VІI entitled "Economy and financial-credit system".

This section consists of 6 articles, from 134 to 139, which are directly related to the development of entrepreneurship in Turkmenistan.

According to Article 134, the economy of Turkmenistan is based on the principles of market relations. The state encourages and supports entrepreneurship, promotes the development of small and medium-sized businesses.

Information related to the development of entrepreneurship in Turkmenistan is provided for by the following laws of the country:

  • Civil Code;
  • Labor Code;
  • Tax code;
  • Customs Code;
  • Law on State Support For Small and Medium-Sized Businesses;
  • Law on Entrepreneurial Activity;
  • Law on Enterprises;
  • Law on Joint Stock Companies;
  • Law on Property;
  • Law on Free Economic Zones;
  • Law on Foreign Investments;
  • Law on Union of Industrialists and Entrepreneurs;
  • Law on Microfinance Organizations and Microfinance;
  • Law on Commercial Secrets;
  • Law on Inventions and Industrial Designs;

as well as other laws of Turkmenistan.

Amendments and additions to Turkmenistan’s Customs and Labor codes, as well as to the Law on Taxes were made on October 1, 2021.

Sources: Constitution and other legislations of Turkmenistan