Turkmenistan client case studies in 2024

Oil services firm sets up Turkmenistan Branch Office


  • In 2018, our Client approached Healy Consultants Group to set up a Branch Office in Turkmenistan, and open a corporate bank account for the new entity;
  • The company had secured a contract with Petronas Carigali Turkmenistan Sdn Bhd, a unit of Malaysia’s state oil company, to provide inspection and corrosion monitoring services in the Central Asian country;
  • Our Client provided us with details of the contract, and the services to be provided.

Engagement planning

  • Our Client paid a retainer fee for us to provide further professional advice on setting up a business in Turkmenistan, including answering their initial questions regarding branch set up;
  • We provided our Client with a detailed proposal, outlining costs breakdown, time frame, and accounting and tax liabilities. All fees were agreed upfront;
  • We prepared and emailed our Client an engagement advancement proposal. This included a formal invoice itemising costs for agreed services including i) Turkmenistan branch formation ii) tax and VAT registration and iii) corporate bank account opening;
  • Healy Consultants Group prepared and emailed our Client a draft corporate structure and business plan for his review, amendments and email return.

Turkmenistan branch registration

  • Our Client had already appointed their local Turkmenistan director. Healy Consultants Group prepared a power of attorney for the local representation in Turkmenistan and the legal registration documents, and emailed the same to our Client for i) signature ii) notarisation in Malaysia and iii) legalisation by the Ministry of Foreign Affairs in Malaysia;
  • Despite weekly follow ups by our staff, the signature and attestation of documents above was delayed by our Client due to conflict with his professional schedule. This caused an initial engagement delay of six weeks. Our Client finally completed and couriered all required documents to Turkmenistan;
  • Once we had received payment and had reviewed the due diligence documents to ensure our Client was a legitimate businessperson, we began the branch office registration process;
  • Upon receipt of the documents, Healy Consultants’ Turkmenistan Office translated the same to Russian and Turkmen, and a complete, notarised set was submitted to Ministry of Finance and Economy registration office;
  • Within three months of submitting the branch office application, we obtained approval and temporary extract of registration, and immediately emailed our Client a scan copy of the same, along with company tax registration details;
  • Unfortunately, after the temporary extract was issued, the council authorities of Ashgbat informed Healy Consultants Group that the premises which our Client chose to use as their legal address was classified as a shop. We then had to prepare and submit re-registration documents to the authorities. This caused another three-month delay;
  • Branch registration was completed 15 months after the start of the engagement. Healy Consultants Group supplied Velosi with Certificate of Participant of Foreign Economic Relations and Extract of Registration.

Turkmenistan corporate bank account opening

  • Healy Consultants Group approached multiple Turkmen banks to secure in writing their interest in welcoming a corporate bank account opening application from our Client;
  • Our Client signed the final version of the quality business plan to be submitted to the banks for consideration;
  • Healy Consultants Group emailed our Client a proposed meeting agenda between the local director and Senagat Bank;
  • Following the meeting between the local director and the bank, the account was opened within 2 days.

Engagement completion

  • Once the above was complete, Healy Consultants Group’s Turkmenistan Office handed over to the Client’s local director a complete company kit, including all registration documents.

Contact us

For additional information on our company registration services in Turkmenistan, please contact our in-house country expert, , directly:
Ministry of foreign affairs Ministry of Finance tdh - Turkmenistan news Chamber of Commerce central bank of Turkmenistan government website