Illegal entrepreneurship is defined as conducting business activities without state registration or without obtaining a license, if required. State registration is not required, however, for small entrepreneurs paying "patent fees" and agricultural workers. There are multiple penalties for illegal entrepreneurship prescribed by criminal, administrative and tax laws: Administrative fine of AMD 15,000 - 30,000 (USD 32-64); [...]
Armenian regulations of marketing are mostly found in the Law on Advertisement and are enforced by designated bodies, such as the National Commission on Television and Radio or local authorities. The Code of Administrative Offenses provides the following penalties for violations of marketing regulations: Failure to comply with official notices and warnings regarding outdoor advertisement - [...]
An employment contract is an agreement between the employee and the employer that specifies the rights and obligations of each party. According to the Labor Code of Armenia, employment contracts must contain the following information: the date, month, year, and place of signing the contract, the employees name (including their patronymic if they wish), the employing [...]
Armenian law does not require businesses to own or rent brick and mortar offices or employ staff. Thus many local companies, especially foreign-owned, may choose to use virtual offices. Virtual offices allow their users to do business without having to rent, own or otherwise occupy the business addresses used for their registration or business correspondence. With a [...]
It is possible for a person (including a foreign citizen) to register as individual entrepreneur (sole proprietor) in Armenia to do business without forming a company. It is important to remember that in Armenia only individuals registered as entrepreneurs are allowed to engage in business activities. Failure to register may result in very harsh administrative and [...]
Company liquidation can happen for a number of reasons: by the decision of its founders (shareholders, participants) (including on expiry of the period or the accomplishment of the objectives for which it was established) by a court decision to invalidate its registration based on violations of law during the registration by a court ruling for performing [...]
On June 21 the National Assembly passed a new Law on Money Laundering and Terrorist Financing which provides for mandatory reporting of cash transactions in the amount of AMD 5 million (around USD 12,200) or more. Issuance and servicing of bearer securities and payment instruments will be prohibited. The law also provides for new documentation [...]
The Government of Armenia approved amendments to the law on accounting, which exempt large organizations (defined as those with assets or annual turnover exceeding AMD 1 billion) from mandatory audit of annual accounts.