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LAW OF TURKMENISTAN

of October 9, 2017

About free economic zones

This Law determines legal, organizational and economic basis of creation, functioning and liquidation of free economic zones in the territory of Turkmenistan.

Chapter I. General provisions

Article 1. Basic concepts

In this Law the following basic concepts are used:

1) the free economic zone - specially allocated territory with accurately certain administrative borders within which for members of free economic zones the particular legal regime is set;

2) particular legal regime - set of the precepts of law establishing preferential procedure and conditions of the taxation, currency, customs regulation, the simplified procedure for entrance, stay and departure of physical persons, employment relationships, financial and credit activities and other modes directed to goal achievement of creation of free economic zones;

3) the agreement on conducting activities, lease of the parcel of land and (or) state-owned property in the territory of free economic zones (further - the agreement) - the agreement signed in writing by creation of one document signed by Committee and the member of free economic zones, on conditions of conducting investing and business activity in the territory of free economic zones, and determining their rights, obligations and responsibility;

4) Committee - the executive body performing functions of managerial control by free economic zones;

5) Authorized body - the central executive body enabling development and the realization of single state policy in the field of creation, functioning of free economic zones, and also general management by free economic zones;

6) Regulating authorities - the bodies of Customs, migratory Service, tax authorities and other executive bodies providing functioning of particular legal regime in free economic zones;

7) technopark - the consolidation of the scientific organizations, design bureaus, educational institutions, production enterprises or their divisions created for the purpose of acceleration of development and application of scientific and technical and technology achievements thanks to concentration of highly qualified specialists, use by the equipped relevant production, experimental, information base;

8) technopolis - the regional center for development and production development of products of high technological level created based on integration of production, science and education for activation, acceleration of innovative processes, assistance to bystry and effective application of technical and technology innovations;

9) the tourist and recreational free economic zone - the international (regional) center for rendering medical and improving and tourist services formed based on resorts, recreational zones, medical and improving areas, reserves for the purpose of development of their potential;

10) offshore banks - the banks performing foreign currency transactions for servicing of nonresidents who are registered in offshore zones, their affiliates, subsidiary banks and separate divisions who are not independent legal entities;

11) industrial parks - the special territory in which production and other enterprises are combined with general field of activity (the profile industrial park) and (or) using single engineering infrastructure (the infrastructure industrial park) - power supply facilities, gas supply, irrigation, water supply, the sewerage, communication network, alarm systems and providing their protection.

Article 2. The legislation of Turkmenistan about free economic zones

1. The legislation of Turkmenistan on free economic zones is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

2. If the legislation of Turkmenistan establishes other rules, than those which are provided by this Law are applied rules of this Law.

Article 3. Coverage of this Law

Operation of this Law extends to the legal relations arising after its introduction in force.

The particular legal regime extends only to the activities of members of free economic zones performed by them in the territory of free economic zones.

Article 4. Purposes of creation of free economic zones

Creation of free economic zones in Turkmenistan is directed to the following purposes:

1) creation of new infrastructure of certain regions and territories, development of existing;

2) increase in efficiency of business activity;

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