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 - investment 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;

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