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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1. Business Opportunities in Armenia by Sectors
• 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
• 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
• 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
• Gas station
• Auto parts
• Auto pawnshop
• Car wash
• Car service station
• Carsharing
• Help with buying used cars
• 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
• 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
• Courses
• English language schools
• Schools & training centers
• Schools of programming and robotics
• Language schools and centers
• Football schools
• Bakery
• Food production
• Building materials production
• 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
• 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
• 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 stores
• Digital & social media marketing
• Quests
• Bookmakers
• Pools, water parks
• Virtual reality
• Computer/cybersport clubs
• Insurance brokers
• Pawnshops
• Credit brokers
• Cryptocurrencies & mining
• 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% |
