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LAW OF TURKMENISTAN

of June 15, 2000 No. 28-II

About the companies

(as amended on 13-03-2021)

This Law determines legal, economic and organizational basis of creation, functioning and termination of activities of the companies in Turkmenistan.

Chapter I. General provisions

Article 1. Company

The company is the independent subject of economic activity created according to this Law for production, sales of goods, performance of works and rendering services for the purpose of requirements satisfaction of society and profit earning.

Article 2. Legislation of Turkmenistan on the companies

The legislation of Turkmenistan on the companies is based on the Constitution of Turkmenistan and consists of this Law, other acts of the legislation of Turkmenistan governing the relations in field of activity of the companies.

Article 3. Legal status of the company

1. Legal status of the company is system of the rights affirmed in legislative procedure and obligations of the company as person of law.

2. The company becomes the person of law from the moment of its state registration.

3. The company on its own behalf acquires and performs the rights, assumes obligations.

Article 4. Guarantees of the rights of the companies

1. The state guarantees observance of the rights and legitimate interests of the companies, provides them equal opportunities of access to material, financial, labor and other resources, promotes development of free competition.

2. Information security, being official or trade secret of the company is guaranteed.

3. Intervention of state bodies or their officials in activities of the company, except as specified, stipulated by the legislation Turkmenistan is not allowed.

Article 5. Attributes of the company

1. The company has own name, legal address, seal.

2. The company has the right to have commodity and other signs used in its activities.

Article 6. Name of the company

1. The company has the name. Under the name the company is subject to state registration.

2. The name of the company shall contain:

the specific name of the company allowing to distinguish it from the existing companies;

complete designation or abbreviation organizationally - legal form.

The company cannot use the name, coincident or, by determination of body of state registration, similar to the name of other company which is already registered.

3. Branches and representative offices of the company perform activities under its name.

4. The company which name is registered has exclusive right to its use on goods, their packaging, in advertizing, signs, prospectuses, accounts, official forms and other documentation connected with its activities.

5. The name of the company created with foreign participation can include specifying on the state accessory of his founders.

Article 7. Legal address

1. Legal address of the company is officially the address of the company registered and entered in accordance with the established procedure in the Unified State Register of Legal Entities determining its location.

2. The company can have only one legal address.

Article 8. Seal and forms of the company

The company uses seal, stamp and forms in the activities. The seal, stamp and forms of the company contain the official name of the company.

The name of their higher state body and the image of the State Emblem of Turkmenistan according to the procedure, established by the legislation of Turkmenistan are located on seals and forms of the companies, on form of business which are the state companies and a part of the system of public authorities.

Article 9. Enterprise management

1. The procedure for enterprise management is determined according to this Law and other regulatory legal acts of Turkmenistan and is enshrined in constituent documents of the company.

2. Voided according to the Law of Turkmenistan of 04.05.2012 No. 300-IV)

Article 10. Terms of activities of the company

The company is created without restriction of term of activities if the legislation of Turkmenistan or constituent documents of the company do not establish other terms of activities.

Chapter II. Creation of the companies

Article 11. General terms of creation of the company

1. The company is created according to the decision of his founder (founders).

2. Capable physical persons and legal entities including foreign states can be founders of the company.

3. The company can be created on the basis of allocation from the company of one or several new companies, and also as a result of its separation.

Article 12. Foundation agreement of the company

1. Basis for creation and activities of the company is the foundation agreement which is signed by founders of the company.

The foundation agreement is the constituent document of the company.

2. The foundation agreement is not signed during creation of the state company, and also if the company is created by one founder.

3. The foundation agreement shall contain:

decision on creation of the company, its name and location;

the list of founders with indication of their name, legal address, bank details if founder is the legal entity; or name, the residence and data of the identity document if founder is the physical person; procedure for creation of the company;

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