Today.Az » World news » Registration procedure of individual entrepreneurs approved in Turkmenistan
20 December 2019 [12:54] - Today.Az

By Trend

The procedure for state registration of individuals engaged in entrepreneurial activities without forming a legal entity has been approved in Turkmenistan, Trend reports referring to a published presidential decree.

The document was prepared in accordance with the provisions of the “Law on Entrepreneurship” in order to streamline the work of small and medium-sized businesses and improve tax and legal relations.

This issue was discussed at a meeting of the Turkmen government, the Turkmenistan State News Agency reported. Turkmen President Gurbanguly Berdimuhamedov emphasized that the state pays great attention to accelerating the transition to market relations, in particular, to the development of the non-state sector of the economy.

In November, International Monetary Fund (IMF) reported that developing the private sector and diversifying the economy away from hydrocarbon exports requires stepping up reforms to ease administrative control, opening the economy to competition, and improving transparency.

Turkmenistan has set a course for gradual transition to market economy, which was reflected in the amended constitution. The work is underway for creating a regulatory framework, as well as the conditions for free wholesale trade.

Meanwhile, commodity and raw materials, currency and labor exchanges have already been formed. Goals have been set for creating a commodity market, a stock market, a securities market, information, advisory and audit centers in the country.

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