| LLC | JSC | Rep. Office | Branch | |
|---|---|---|---|---|
| Company Setup Time | 35 days | 45 days | 8 weeks | 8 weeks |
| Bank Account Opening | 15 days | 15 days | 15 days | 15 days |
| Government Grants Available | Yes | Yes | No | No |
| Government Contracts Bidding | Yes | Yes | No | No |
| Limited Liability | Yes | Yes | No | No |
| Client Required to Travel | No | No | No | No |
| Inquiry | Inquiry | Inquiry | Inquiry |
Corporate Structure Explained
Limited Liability Company
- This entity requires at least two shareholders, which may be individuals or corporate entities. Also the company has to appoint a director, who may not be resident in the country.
- An LLC needs a minimum share capital of US$ 20,000 and is required to submit financial statements for annual audit.
Joint Stock Company
- A JSC in Turkmenistan needs two shareholders and one director, who can be a non-residents. The minimum share capital must be 200 times the monthly minimum wage (US$ 33,600).
- A JSC may be closed or a partnership may be opened with shares distributed among founders or shares offered to the public respectively. A JSC is generally preferred when our clients plans to make the shares available to the public.
- It is mandatory for the JSC to submit annual audited financial statements
Branch Office
- Clients can use branch offices to work in any business sector. The scope of their operations is defined by the parent company.
- The Branch is not considered to be a separate legal entity from the parent company. The entity must be legally responsible for the operation of the branch.
Representative Office
- This entity can conduct promotional activities on behalf of the parent company.
- The representative office must appoint a resident manager. The scope of the representative office is defined by the parent company at the time of incorporation.