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LAW OF TURKMENISTAN

of March 3, 2008 No. 184-III

About foreign investments

This Law determines the legal basis of activities of foreign investors, the companies with foreign investments in the territory of Turkmenistan and is directed to attraction and effective use of foreign investments in Turkmenistan.

Chapter I. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) foreign investments - attachment of the foreign capital in object of business activity in the territory of Turkmenistan in the form of the objects of the civil laws, including money, securities, other property, property rights having money value, exclusive rights on results of intellectual activities (intellectual property) belonging to the foreign investor and also services and information;

2) foreign investors:

- the foreign legal entity, including its branch and representation in Turkmenistan;

- international organization;

- foreign state;

- the foreign physical person, and also the person without citizenship who at the time of implementation of investments is constantly living in the territory of foreign state;

- the citizen of Turkmenistan having the permanent residence outside Turkmenistan;

3) the company with foreign investments - the company created in the territory of Turkmenistan according to the procedure, established by the legislation of Turkmenistan which belongs to the foreign investor completely or on the basis of equity with legal entities and physical persons of Turkmenistan;

4) direct foreign investments - ownership, acquisition by the foreign investor at least 10 percent of shares (shares, contribution) in authorized capital of the created or newly created company in the territory of Turkmenistan; capital investments in fixed assets of the branch of the foreign legal entity created in the territory of Turkmenistan;

5) the investment project - the reasons for economic feasibility, amount and terms of implementation of capital investments including the design estimates developed according to state standards (regulations) and also the description of practical actions for implementation of investments (business plan). The priority investment project - the investment project which realization is enabled based on the decision of the Cabinet of Ministers of Turkmenistan;

6) payback period of the investment project - term from the date of the beginning of financing of the investment project with use of direct foreign investment about one day when the difference between the cumulative amount of net profit with the depreciation charges and amount of investment costs of the company with foreign investments, branch of the foreign legal entity acquires positive value;

7) reinvestment - implementation of capital investments in objects of business activity in the territory of Turkmenistan by profit (income) of the foreign investor, the company with foreign investments which is got by them from foreign investments in the territory of Turkmenistan;

8) the free economic zone - the economic free enterprise zone, the national tourist area, and also other types of free economic zones, procedure for education which functioning and liquidations it is established by the legislation of Turkmenistan.

Article 2. Legislation of Turkmenistan on foreign investments

1. The legislation of Turkmenistan on foreign investments is based on the Constitution of Turkmenistan and consists of this Law and other regulatory legal acts of Turkmenistan.

2. If the international treaty of Turkmenistan establishes other rules than containing in this Law and other regulatory legal acts of Turkmenistan, then rules of the international treaty are applied.

Article 3. Forms of implementation of foreign investments

Foreign investments are performed in shape:

1) equity in the companies together with legal entities and physical persons of Turkmenistan;

2) creations of the companies which are completely belonging to foreign investors, branches of foreign legal entities or acquisition in property of operating plants;

3) acquisitions of the personal and real estate except for limited in civil circulation to the legislation of Turkmenistan;

4) provisions of foreign loans and loans;

5) acquisitions of rights of the property and non-property rights established by the legislation of Turkmenistan.

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