Turkmen law on ‘Enterprises’ amended

Business Materials 10 May 2012 15:01 (UTC +04:00)

Turkmenistan, Ashgabat, May 10 / Trend H. Hasanov /

Turkmen President Gurbanguly Berdimuhamedov approved amendments and additions to the Turkmen law on 'Enterprises', the official Turkmen source said today.

According to the document, the enterprises operate in the following legal forms: public, individual and cooperative enterprises, joint ventures, a company of social organisation, economic society and a joint stock company.

According to the law, the joint venture is a company established in accordance with the Turkmen legislation to gain profit at the expense of the generalisation of the property of Turkmen physical and (or) legal entities and physical and (or) legal entities of foreign countries.

According to new articles, a joint venture is being established on the basis of a contract concluded between the founders. The share of each founder in the authorised capital must not be less than 10 per cent of total property.

The property of a joint venture is formed by uniting the shares (deposits) of physical and (or) legal entities that are its parties in the authorised capital, as well as income.

It is also indicated that the minimum amount of authorised capital of the joint venture must hit a 100-fold amount of the minimum wage set in Turkmenistan.

The joint venture is responsible for the undertaken obligations within the limits of its property. The supreme body of joint venture is a general meeting of its members. The terms and the procedure for convening and holding general meetings are determined by constituent documents of the joint venture.