Arzuw NEWS - Turkmenistan news

The Union of Industrialists and Entrepreneurs is working on a new Regulation on Admission of Foreign Companies to the SPPT

The Union of Industrialists and Entrepreneurs of Turkmenistan (UITP) is working on a new Regulation on Admission of Foreign Nationals and Legal Entities to the UITP. This item is included in the SPPT Action Plan for 2020.

The regulation is being developed in accordance with the new version of the Law "On the Union of Industrialists and Entrepreneurs of Turkmenistan", adopted in October 2019. This law allows individuals and legal entities engaged in business abroad to become members of the Union.

The seventh article of the Law states that foreign parties engaged in business activities based on mixed ownership, as well as holdings, groups, associations (associations) of companies can also be members of the Union and act on behalf of their structures.

The plan also calls for the creation of a unit in the SPPT's legal department to handle registration as a member of the Union.

At present, admission to the Union of Industrialists and Entrepreneurs is carried out by the General Department. Entrepreneurs with an annual income up to 200 000 manat pay 200 manat at the admission and the same amount for the annual membership fee. If the annual income of the businessman exceeds 200.000 Manat, the "admission ticket" is 800 Manat and the membership fee is 600 Manat. Pensioners, tenants, landowners and owners of homestead lands are exempted from membership fees. Daihan farms do not pay dues for the first two years.

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