Business Opportunities in Armenia


Foreign business owners and investors find Armenia to be an appealing destination due to its favorable economic reforms, emphasis on safety, openness, and freedom. The country has established a welcoming environment for foreign investment, with minimal restrictions on ownership of companies, real estate, and other assets. Notably, Armenia ensures the unrestricted repatriation of both invested capital and profits, further boosting its appeal to international investors. In order to promote business opportunities in Armenia, the country offers attractive incentives, including tax benefits and comprehensive government assistance programs. This approach encourages the initiation of investment projects, fostering economic growth and providing numerous business opportunities in Armenia.

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Disclaimer: Please note that the original content of the website is in English, and translations into other languages are provided through an online translation tool; for precise information, please refer to the English text.

1. Business Opportunities in Armenia by Sectors

agriculture

• Beekeeping & honey production
• Greenhouse (flowers, vegetables, berries, herbs, lemons, etc.)
• Dried fruits (apricots, prunes, peaches, etc.)
• Winemaking
• Vegetables (celery, asparagus, broccoli, etc.)
• Poultry farming & hatchery operation
• Berries (strawberry, blackberry, raspberry, etc.)
• Cattle farming
• Sheep & goat farming
• Pig farming
• Fish farming (crawfish, caviar, etc.)
• Herb growing (herbal teas, spices, medicinal herbs, stevia)
• Dried herbs and medicinal herbs
• Wild harvest
• Paulownia tree farming
• Crops (buckwheat, emmer wheat, etc.)
• Corn farming
• Cotton farming
• Mushroom farming, harvesting
• Snail farming
• Horse breeding

food processing

• Cold storage for fruits and vegetables
• Slaughterhouse
• Fish processing
• Cheese making, milk processing
• Meat processing
• Canning, packaging, freezing, etc.
• Juice
• Compote, jam, syrup, concentrate, pickles
• Mushroom processing
• Vodka (grape, apricot, apple, plum, etc.)
• Brandy, fruit & herbal wine, tinctures
• Pasta manufacturing
• Processing of wild harvest (canned fruits, berries, herbs)
• Flour milling
• Oil production (olive, linseed, grape seed, etc.)
• Livestock feed manufacturing
• Organic fertilizer production
• Leasing of farm equipment

travel and tourism

• Guest house, bed & breakfast
• Camping & glamping
• Wooden, light-structure, treehouse cottages
• Rest area (shelter, food, WC, market, souvenir shop, etc.)
• Co-living space
• Workcation space
• Rental of recreational vehicles
• Travel agency
• Souvenir shop
• Gastronomy & wine tourism
• Restaurants (café, pavilion, gastro-yard, etc.)
• Craft tourism
• Archeological tourism
• Adventure tourism
• Hiking trails & tours
• Horseback riding
• Mountain climbing
• Cave tourism
• Off-road tours
• Rental of all-terrain vehicles
• Bicycle rental station
• Mountain bike trails & tours
• Fishing
• Eco-village
• Birdwatching
• Winter tourism (ski lodges, ski equipment rental)
• Rental of snowmobiles
• Recreational & athletic facilities
• Amusement park
• Skating rink
• Zip line
• Ropeway

automotive

• Gas station
• Auto parts
• Auto pawnshop
• Car wash
• Car service station
• Carsharing
• Help with buying used cars

children's products and services

• Children's center
• Play rooms and playgrounds
• Kindergartens
• Goods for kids
• Children's clothing
• Mental math
• Toys and games for children
• Children's' hairdressing salons

food

• Café
• Restaurant
• Fast food outlet
• Bar
• Coffeehouse
• Coffee to go
• Beer house
• Sushi, rolls
• Canteen
• Hookah bars
• Children's café
• Burgers
• Pizzerias
• Pancakes & waffles
• Ice cream
• Shawarma

education

• Courses
• English language schools
• Schools & training centers
• Schools of programming and robotics
• Language schools and centers
• Football schools

manufacturing

• Bakery
• Food production
• Building materials production

trade

• Car accessories
• Liquor stores
• Pharmacies
• Vape shops, hookahs
• Vending machines
• Healthy food
• Pet shops
• Stationery
• Confectionery
• Cosmetics and perfumery
• Furniture
• Butcher shops
• Underwear
• Equipment and tools
• Shoes
• Clothing
• Optics
• Gifts
• Food
• Fish
• Sweets
• Building materials
• Bags and suitcases
• Phones & gadgets
• Household goods
• Health and beauty products
• Dropshipping
• Flowers and plants
• Jewelry

services

•  Rentals and hire
•  Apartment rentals
•  Car rentals
•  ATV & snowmobile rentals
•  Bicycle and scooter rental
•  Manpower supply
•  Food delivery
•  Call center
•  Cleaning services
•  Courier delivery services
•  Shipping and cargo services
•  Nursing homes
•  Advertisement/marketing agency
•  Phone repair service centers
•  Construction and renovation
•  Taxi, cargo transportation
•  Shooting range
•  Pet grooming
•  Photo studios
•  Dry cleaners, laundries
•  Certification centers
•  Security & surveillance
•  Co-working spaces

health and beauty

• Epilation and sugaring
• Fitness clubs
• Athletic clubs
• Dentistry
• Beauty salons
• Hairdressing salons
• Eyelash extension
• Medical laboratories
• Medical centers
• Manicure, pedicure
• Massage parlors
• Barbershops
• Grooming salons
• Fitness/yoga studios

online and home-based businesses

• Online stores
• Digital & social media marketing

entertainment

• Quests
• Bookmakers
• Pools, water parks
• Virtual reality
• Computer/cybersport clubs

finances

• Insurance brokers
• Pawnshops
• Credit brokers
• Cryptocurrencies & mining

Professional services

• Legal services
• Real estate
• Migration center
• Consulting
• Bankruptcy
• Accounting services
• Visa application centers 

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2. Government Subsidies for Agriculture

Agriculture stands as a driving force within the Armenian economy, yet the nation's untapped potential remains a compelling opportunity. In a strategic move, the government has introduced a range of subsidy programs aimed at propelling selected agricultural sectors to new heights, highlighting the vast business opportunities in Armenia.

                                                          Orchards & Vineyards

Armenia's history of fruit farming and wine cultivation is rich and enduring. Presently, over 60,000 entities are actively involved in these sectors, with grape, apricot, and peach cultivation taking center stage. Orchards have doubled in size between 1998 and 2016, with yield surging by 14.5% from 2008 to 2017, attributed to innovative technological implementations.

To bolster this sector, the government extends two subsidy models: compensation for vineyard/orchard establishment costs and low-interest rate loans.

Loan Structure:
Interest Rate: 2% (0% for border community farmers and cooperatives)
Vineyard/Orchard Size: 0.5-100 hectares
Maximum Loan Amounts:
            Vineyards: $2.9 million
            Intensive Orchards: $5 million
            Berry Farms: $4.7 million
Loan Term: 8 years, with a 5-year grace period

Compensation Approach:
Covers 50% of setup costs for vineyards/orchards
Vineyard/Orchard Size: 0.5-10 hectares
Maximum Allowable Costs:
           Vineyards: $24,800 per hectare
           Intensive Orchards: $44,800 per hectare
           Berry Farms: $36,700 per hectare

                                                                Cattle Farming

Cattle farming constitutes over 50% of livestock-generated GDP, with recent years witnessing increased cattle counts and meat/milk prices. Despite these gains, suboptimal technology adoption within small households constrains the sector's full potential.

To bolster cattle farming, the government devised subsidized agricultural loans, slashing financing interest rates from 14% to 2%. Approximately 60% of these subsidies were channeled to cattle breeding projects in 2018. The government also seeks to elevate purebred breeding and has eliminated VAT on imported purebred cattle. This initiative resulted in importing over 2,000 purebred cows between 2013 and 2018, with expectations of surpassing 10,000 imports from 2019 to 2024.

Subsidy Structure:
Lowers interest rate to 2% (0% for border community farmers)
Maximum of 300 heads of purebred cows, not exceeding $600,000
Loan Term: 5 years

                                                       Sheep and Goat Breeding

Sheep and goat breeding, a traditional sector, yields around AMD 50 billion (USD 129 million) in annual revenue. With enhanced management, this figure could double. This sector focuses on food, wool, and leather production, offering high profits with relatively low risks. Benefitting from a favorable climate, more than 50 percent of agricultural land in Armenia are pastures.

Armenia holds substantial potential for lamb exports, as evidenced by exporting 20 thousand sheep and over 2,000 tons of lamb in the past four years. The main directions for export are Iran, United Arab Emirates, Qatar, Kuwait, and Georgia. Despite this, the 2019 count of sheep and goats stood at around 640,000, merely half the 1991 count.

The government's $6.2 million subsidy program targets sheep and goat acquisition, with 70% co-financing for agricultural cooperatives and 30% for individuals. The program is projected to facilitate the acquisition of around 30,000 sheep and goats, with a maximum value of approximately $1,000 per purebred animal.

Subsidy Specifications:
Covers 23% of actual acquisition costs (27% for border community farmers), excluding transportation costs
Maximum of 2,000 purebred sheep or goats, with the total expenditure capped at $1.8 million

3. Bank Deposits and Bonds

Rates as of Feb. 2022

Bank Deposits

Bank

Armenian Dram (1-3 Years)

US Dollar (1-3 Years)

ACBA

7.5%-9%

3.25%-4%

Ameriabank

8%-9%

2.4%-3%

Araratbank

8%

4%

Ardshinbank

8.75%

2.75%-3.5%

Armbusinessbank

8.75%-10.25%

3.2%-4.35%

Armeconombank

8%-9.25%

3.7%-4.5%

Armswissbank

8.5%-9.25%

3.75%-4%

Artsakhbank

8.5%-9%

3%-4.25%

Byblos Bank Armenia

9%-9.25%

4%-4.25%

Converse Bank

8.75%-10%

3.25%-4.5%

Evocabank

8.25%-10.75%

3.25%-5.25%

HSBC Armenia

7%-7.5%

1.5%

ID Bank

8%-9%

3%-4%

Inecobank

9%-9.5%

3.15-3.4%

Unibank

9%-9.75%

2.9%-4.1%

VTB

9.3%

1.75%-2.15%

Bonds

Issuer

Armenian Dram 

US Dollar 

Spayka

11․3%

8.65%

Ucom

11․5%

7.5%

ASCE Group

11․75%

6․85%

ZCMC

11%

5․75%

Image of Nerses Isajanyan, an expert in Armenian passport and citizenship law

Nerses Isajanyan

Managing Attorney

LL.M., Georgetown University

Licensed Attorney, Armenia (License no. 903)

Licensed Attorney, New York (License no. 5148945)

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What Clients Say

I can only speak very highly of the wonderful lawyers I met with here. Hasmik and Luiza made the whole process of applying for a residence permit very simple, smooth and straightforward. I may need assistance at some point in the future to apply for a permit for one of my employees. I highly recommend this firm. Thank you very much.

Emma S.

Everything was great I really appreciate the high quality service of your firm. The outcome is desirable and I am pleased. All lawyers are professional and very helpful. Thank you very much for your services. I will give 5 star for everything.

Y. Xu

My family and I would like to express our highest appreciation to Arman and the team for the responsive and professional support along the journey. Although there was an unexpected situation, Arman helped follow our cases through and provide us regular updates. Thank you.

Jackson C.

All was exactly as described. Practical, cost-effective, and trustworthy legal services for all and any legal work in the Republic of Armenia. My long-term experience with this team has been good, and I am happy to recommend them for personal legal services. They respond promptly to communications, and their English/Armenian language skills are of professional standard. I will be using the services again for any issue that I have.

Simon C.

Keep up the good work. So far, I am very satisfied with the overall service. Arman is a pleasure to work with.

Justin E.

Excellent communication with clear and concise explanation of what was needed to be done with prompt follow up and guidance. Hasmik was a pleasure to work with.

John P.

John B.

I worked with Vardanyan & Partners for a couple years now and they have been of great help! I am 100% satisfied and fully recommend their services.
Idriss C.

Ms. Hasmik Mirzoyan was my main point of contact and provided informative and timely correspondence; as well as assisted me with contacting a local accountant for questions I had pertaining to future income tax implications. I felt well supported and assisted throughout the process. Ms. Hasmik Mirzoyan is very professional and always helpful and certainly an asset to your firm.

Shane L.

Ms. Mirzoyan at Vardanyan & Partners has provided me with a truly unparalleled customer service experience. Polite, transparent, attentive, and honest are the words which come to mind when I think of how I've been treated by this law firm. Õ·Õ¶Õ¸Ö€Õ°Õ¡Õ¯Õ¡Õ¬Õ¸Ö‚Õ©ÕµÕ¸Ö‚Õ¶!
Vikram R.

This law firm exemplifies professionalism and offers exceptional post-service guarantees. I highly recommend their services.

Dina Y.

We were impressed by business ethics, accuracy and professionalism of the company, which make this company stand out from the rest. The team that processed our case proved to be highly efficient and professional. Starting a business in Armenia while abroad and having to rely 100% on on-line communication is a big challenge in terms of trust and confidence. We are very happy with the work the team's done for us and will definitely continue cooperating with them in the future. We highly recommend this company as a reliable partner.

Anna A.

They were a fast and competent team. They helped me to get all the needed information and then provided all the services. I highly recommend them as a partner in Armenia.

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Vardanyan & Partners have been by my side throughout my entire experience of relocating to Armenia, residing in Armenia, and eventually becoming a citizen of the Republic of Armenia. I'm very happy overall with the services which they rendered for both me and my family members, and am very glad I chose this law firm for all my immigration issues.
Richard W.

Thank you for your excellent work and highly competent approach to execute the process both on the spot and remotely. I am glad I have chosen your company to handle the application and the process of obtaining my Armenian passport by descent. Everything was done promptly and with appropriate reaction and solution when the circumstances changed (due to law changes in the country). Shnorhakalut’yun!

Stephen M.

Worked with them for over 3 years now. Always professional, excellent service and communication, the staff all speak English. Highly recommend, particularly for foreigners doing business in Armenia.

Patrick E.

After my research on a reliable lawyer who could follow my request for residency in Armenia, I selected the firm Vardanyan & Partners. The website made an excellent impression on me, complete with all the information. I contacted them and they then resolved my doubts within a few days. Furthermore, they also offer a guarantee on their service. I was very satisfied and happy with my choice.

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Very good quality of service. I highly recommend using the services of Vardanyan & Partners especially with Arman Batikyan. The team is very pleasant, competent and available.

Adrien W.

I had a challenging case, and Vardanyan & Partners exceeded my expectations in handling it. Their unwavering dedication and persistence ensured a successful resolution, even when obstacles seemed insurmountable. I'm deeply appreciative of their support. The team's professionalism, patience, and kindness—from the accountants to the lawyers and assistants, all the way to the Managing Attorney—were exceptional. I wholeheartedly recommend Vardanyan & Partners, and I eagerly anticipate the opportunity to work with them again in the future.

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The company is the great team of professional specialists. They have formally defined mature processes, that helps to serve client's requests clearly, on time, without red tape and bureaucracy.

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The team members were all professional, knowledgeable and most importantly, honest. They are hard-working and patient and were always responsive to my messages and questions. What I like most is, they are very well organized and have a modern system of work.

H. Rassa

It is always daunting when dealing with immigration, visas in a foreign country. The team at Vardanyan & Partners made the process for registering the business and applying for residency so much easier. I had no worries at all. The team overall really went out of their way to accommodate and assist us.

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The team of Vardanyan & Partners led us through the whole process seamlessly by navigating the bureaucracy end to end. Extremely professional yet personal and friendly service.

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As an American living in Armenia, I definitely need legal representation to help guide me through the many rules and regulations here, and I am happy that Vardanyan & Partners has been able to do just that.

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Why Choose Us


Decade of Excellence

Over 10 years of specialized experience in immigration and business setup.


Tailored Solutions

Our team of locally licensed, English-speaking attorneys specializes in immigration, incorporation, and compliance matters, providing bespoke legal strategies for each client.


Fast & Fluent Communication

We prioritize your concerns with a 24-hour response policy and communicate effectively in both English and Russian.


Client-Centered Approach

At Vardanyan & Partners, client care is paramount. Our emphasis on honesty and transparency ensures that you are always informed and confident in your legal journey.


Secure Transactions

Benefit from our secure online payment system without the worry of hidden charges.


Reputable & Reliable

Established in 2012, Vardanyan & Partners has built a reputation for excellence and reliability. With our team, you are not just hiring attorneys; you are partnering with insured legal experts committed to your success.

Where to find us

Nestled in the heart of the Davtashen district in Yerevan, our office is a stone's throw away from the Migration Service building, ensuring seamless coordination on immigration matters. If you refer to the map above, you will pinpoint our exact location. For those journeying from the city center, anticipate a brief 20-30 minute taxi ride to reach us. We look forward to welcoming you and addressing your legal needs.

Address

4/3 Pirumyanner, Suite 12, Yerevan, 0054, Armenia

Phone

+37499001167

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