The ISO code of Turkmenistan is TM according to the ISO 3166 standard. The local name of the country is the same as its English name. Turkmenistan capital city is Ashgabat. People in Turkmenistan speak the Turkmen language. On 27 October 1991, Turkmenistan emerged as a sovereign political entity. In the year 10/27/1991, Turkmenistan emerged as a sovereign political entity. The largest city in Turkmenistan is Ashgabat.
Turkmenistan is located in the UTC +05:00 time zone, which is also called Turkmenistan Time or TMT. The internet country code top-level domain (ccTLD) for Turkmenistan is .tm. The International dialing code for Turkmenistan is 993. People in Turkmenistan drive on the right side of the road. Total land area of Turkmenistan is 488,100 km² (approx. 188,456 mi²). Turkmenistan is a landlocked country.
Turkmenistan is located in Asia. Turkmenistan is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Turkmenistan faces various issues, including contamination of soil and groundwater with agricultural chemicals, pesticides, salination, water logging of soil due to poor irrigation methods, Caspian Sea pollution, diversion of a large share of the flow of the Amu Darya into irrigation contributes to that river's inability to replenish the Aral Sea, desertification.
Doing business in Turkmenistan
We offer various corporate services in Turkmenistan jurisdiction. These services can serve both, people coming from Turkmenistan and foreigners. If you plan on doing business in Turkmenistan you might be interested in contacting us.
To find out about starting your business in Turkmenistan click on company formation in Turkmenistan.
To find out how to open a bank account in Turkmenistan and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Turkmenistan.
Choose preferred service below or continue reading to find out more about Turkmenistan.
Demographics of Turkmenistan
The total population of Turkmenistan is 5,851,466 people. In Turkmenistan, the population density is 10.7 people per square kilometer (28 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Turkmenistan is 0.3918. Turkmenistan has approximately 226327 foreign immigrants. The median age is approximately 26.6 years. In Turkmenistan, 7.2 in every 100 people use internet. Turkmenistan has a Human Development Index (HDI) of 0.698.
The majority religion of Turkmenistan is Islam, Turkmenistan is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Turkmenistan.
Culture of Turkmenistan
People in Turkmenistan speak the Turkmen language. One of the most popular national dishes of Turkmenistan is palaw. To read more click on culture of Turkmenistan.
Geography of Turkmenistan
Turkmenistan is considered to be a large nation because of its total area. Its total land area is 488,100 km² (approx. 188,456 mi²). Turkmenistan is located in Asia. Its capital city is Ashgabat. Turkmenistan has 4 neighbouring countries. Its neighbours include Afghanistan, Iran, Kazakhstan, and Uzbekistan. Total length of land borders of Turkmenistan is 4158 kilometers (~1,605 miles).
The highest point of Turkmenistan is Gora Ayrybaba, with its official height being 3139 m (10,299 ft). Including land mass and EEZ, the total area of Turkmenistan is approximately 488,100 km² (~188,456 mi²). The most notable natural resources found in Turkmenistan are petroleum, natural gas, sulfur, salt.To read more click on geography of Turkmenistan.
Economy of Turkmenistan
The currency of the country is Turkmenistan manat. The symbol used for this currency is m, and it is abbreviated as TMT. 3.4% of population in the country are unemployed. The total number of unemployed people in Turkmenistan is 198,950. Each year, Turkmenistan exports around $17.13 billion and imports roughly $12.48 billion. The Gini Index of the country is 40.8. Turkmenistan has a Human Development Index (HDI) of 0.698.The Global Peace Index (GPI) for Turkmenistan is 2.135. Turkmenistan has a government debt of 21% of the country's Gross Domestic Product (GDP), as assessed in 2012. Turkmenistan is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are natural gas, oil, petroleum products, textiles, food processing.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Turkmenistan is $82,395 billion. Each year, consumers spend around $18,594 million. The ratio of consumer spending to GDP in Turkmenistan is 0%, and the ratio of consumer spending to the world consumer market is 0.0536. The corporate tax in Turkmenistan is set at 20%. Personal income tax ranges from 10% to 10%, depending on your specific situation and income level. VAT in Turkmenistan is 15%. In 2013, Turkmenistan received 38 million USD in foreign aid.In 2014, the foreign aid amounted to 38.6 USD.To read more click on economy of Turkmenistan.
Infrastructure of Turkmenistan
Infrastructure quality in Turkmenistan is rated to be at 2.06. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Turkmenistan, 100% of the population has access to electricity. There are 714 internet hosts in Turkmenistan. Turkmenistan has 26 airports nationwide.
The logistics performance index of Turkmenistan is 2.3. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 2.32. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
To read more click on infrastructure of Turkmenistan.
Politics of Turkmenistan
Turkmenistan, is a unitary presidential republic. With regard to political and civil freedoms, Turkmenistan is 3. Citizens in Turkmenistan experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Gurbanguly Berdimuhamedow.
According to the World Bank Group, the government effectiveness index of Turkmenistan is -0.86. This indicates that the government of Turkmenistan is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Turkmenistan, the legislative power is vested in a Assembly. The Global Peace Index (GPI) for Turkmenistan is 2.135. In 2013, Turkmenistan received 38 million USD in foreign aid. In 2014, the foreign aid amounted to 38.6 USD. Turkmenistan is a member of the United Nations (UN). On 2 March 1992, it joined the UN as a full member state. Turkmenistan is a member of the World Bank. To read more click on politics of Turkmenistan.
Environment of Turkmenistan
Turkmenistan emits 12.2 metric tons per capita of CO2. 41270 km² of Turkmenistan's territory is covered in forests. and forest land comprises 8% of all the land in the country. To read more click on environment of Turkmenistan.
Company formation in Turkmenistan
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Turkmenistan.
When establishing a company in Turkmenistan, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Turkmenistan that will affect the establishment and growth of one's business. Contact us or click on company formation in Turkmenistan to read additional information when setting up a business.
Bank account opening in Turkmenistan
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Turkmenistan. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Turkmenistan, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Turkmenistan or contact us.