Armenia has emerged as an attractive destination for entrepreneurs seeking a dynamic and supportive business environment. With its strategic location, skilled workforce, and government incentives, the country offers promising opportunities for business growth.
This guide provides an overview of the key steps and considerations for setting up a business in Armenia.
Armenia has shown steady economic growth over the past decade, with a focus on diversifying its economy. Key sectors include technology, agriculture, tourism, and manufacturing.
Common Business Structures
Private Entrepreneur (PE)
A Private Entrepreneurship (PE) is technically not a legal entity but an individual who registers as a business and obtains a tax ID. Being the simplest form of business structure, PEs are not subject to dividend taxes and generally lower costs for accounting and tax compliance services.
Suitable for small businesses and startups, a PE involves minimal paperwork and allows for full control over business decisions.
Limited Liability Company (LLC)
An LLC is a popular choice for many entrepreneurs due to its flexibility. It offers the significant advantage of limited liability protection. This means that the personal assets of the business owner are safeguarded and remain out of reach from the business's creditors. In the event of financial difficulties or legal claims against the business, only the company's assets are at risk, ensuring the owner's personal property is protected.
With no minimum capital requirement, an LLC has a minimum of one shareholder and one director.
Convenient Registration Process
Entrepreneurs enjoy the flexibility of completing the registration process both in-person and remotely, with the assistance of lawyers submitting required documents using a power of attorney.
Timeframe
Typically, company registration is finalized within a single business day of document submission. However, establishing branch offices or non-profit entities might require slightly longer processing times.
Required Documents
While specific document needs may vary based on individual circumstances, generally, both individual and corporate shareholders, as well as directors, must provide essential documentation.
Individuals: Original or legalized (Apostille or consular legalization) passports.
Corporates: Legalized copies of registration certificates, articles of incorporation, and other relevant corporate documents.
All submitted documents must undergo notarized translation into the Armenian language.
Corporate Income Tax (CIT): Medium and large businesses are subject to an 18% CIT and a 20% VAT. Export of goods and services is subject to a 0% VAT rate.
Turnover Tax: Businesses with annual sales under AMD 115 million (around USD 298,000) may opt for a 5% turnover tax, replacing CIT and VAT. This rate will increase to 10% in 2025.
Microbusinesses: Certain businesses with annual sales under AMD 24 million (around USD 60,000) are tax-exempt, although specific exclusions apply.
By following these steps and seeking expert advice, one can increase the chances of successfully setting up and growing a business in Armenia.
Seda Soghomonyan
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Interested in gaining residency in Armenia? Our Residency by Investment program is an excellent pathway for investors looking to establish a strong presence in the country. Discover how you can secure your future and enjoy the numerous benefits Armenia offers. Learn more by visiting our Residency by Investment page.
Maintaining residency in Armenia does not require physical presence; remote application is possible.
The residency application usually takes about 80 days and only a valid passport is required.
Residents can sponsor extended family for residency (parents, siblings, grandchildren, etc.)
After living in Armenia for three years, citizenship can be obtained. Dual citizenship is allowed.
Managing Attorney
LL.M., Georgetown University
Licensed Attorney, Armenia (License no. 903)
Licensed Attorney, New York (License no. 5148945)
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