What are the Rights of an Entrepreneur in Turkmenistan?

BUSINESS TURKMENISTAN
What are the Rights of an Entrepreneur in Turkmenistan?
An entrepreneur has rights to acquire fully or partially the property of enterprises, regardless of the form of ownership, property and non-property rights.

According to Article 6 of the Law of Turkmenistan on Entrepreneurship, an entrepreneur has the following rights:

  • acquirer fully or partially the property of enterprises, regardless of the form of ownership, property and non-property rights;
  • 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 a contract and on other conditions established by law;
  • independently establish the forms, systems and amounts of remuneration and other types of income of persons working for hire;
  • independently form a program of economic activity, 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, make foreign exchange and other transactions;
  • use a seal, stamp, letterhead, emblem, trademark in their activities;
  • freely dispose of the remaining profit (income). When carrying out business activities on the basis of a contract, the procedure for distributing profits is regulated by the contract;
  • receive any, not limited in size, income;
  • use the state system of social protection of the population;
  • appeal in accordance with the established procedure against the actions of state and other bodies that infringe on his rights or legitimate interests;
  • act as a participant in foreign economic relations in accordance with the legislation of Turkmenistan.

Source: Law of Turkmenistan on Entrepreneurship

2022