Address

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

Phone

+37499001167

2024 Guide to Business Registration in Armenia


With registration completed within one to three business days, no minimum capital requirements, and no government fees, starting a business in Armenia is hassle-free. Full foreign ownership is permitted, and Armenia's favorable tax regime, including zero-tax statuses and low turnover taxes, further enhances its appeal. Strong privacy protections, a skilled workforce, and robust economic growth make Armenia an attractive destination for business and investment. Additionally, owning an Armenian company can provide pathways to residency and citizenship, supported by international trade agreements and investment protection treaties. Explore the opportunities that Armenia offers for your business success.

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1. Benefits of Registering a Company in Armenia

Swift and Effortless Registration: Armenia offers ultra-fast, one-day registration for businesses with sample documents, while customized or remote registrations take just one to three business days. A registration certificate with a taxpayer ID number is swiftly provided, enabling immediate operations.

Affordable Setup and Maintenance: With no minimum capital requirements and an option for a nominal paid-up capital of $1, Armenia ensures cost-effective registration. No government fees accompany company registration or renewal, eliminating recurring reporting costs. Inactive entities are exempt from taxes and tax filings, while obligations like office rental, local hires, or compulsory bank accounts are non-existent.

Foreign Ownership Freedom: Armenia welcomes foreign ownership without constraints. Full ownership can be held by foreigners, exempt from local partnerships or agents. Citizenship or residency of shareholders poses no limitations. Non-resident directors and employees, even sole foreign directors, can manage and wholly own companies without local presence mandates.

Residence and Citizenship Avenues: Operating or owning an Armenian company can open paths to various residency statuses for you and your family. Three years of residency under general naturalization rules can lead to Armenian citizenship eligibility.

Advantageous Tax Regime: Micro-businesses, IT startups, entities in economic or industrial zones, and more qualify for zero-tax status. Companies with annual sales of less than 115 million drams (approx. $299,000) incur sales (turnover) tax of 1.5-5%. Dividend taxation at 5% is flexible due to numerous double-tax treaties, while capital gains on asset sales remain untaxed. Additionally, gifts, inheritance, net worth, and insurance/pension payments incur no taxes.

Privacy and Credibility: Selecting the right corporate structures or using nominee services is possible for ownership privacy. Armenian bank secrecy is law-protected and disclosing it is a crime. As of 2022, Armenia does not participate in CRS automatic exchange of information (AEOI). Armenia does not appear on any list of offshore jurisdictions, lending to its positive image and credibility. The country has an up to date anti-money laundering legislation, and the Central Bank has ensured the safety, stability and good reputation of the banking system.

Skilled Workforce and Low Labor Costs: Armenia offers a highly educated, skilled workforce with a 99.7% adult literacy rate. Multilingual universities contribute to a qualified labor pool. The minimum monthly wage stands at $195, while the national average is approximately $690.

Economic Growth, Integration, and Diaspora: In 2022, Armenia's GDP grew by 12.6%. Membership in the Eurasian Economic Union (EAEU), WTO, and free-trade agreements with CIS countries, Canada, Japan, Norway, and Switzerland position Armenia favorably. The global Armenian diaspora, numbering 7 million, enriches the country's resources.

Investment-Friendly Environment: Armenia ensures free repatriation of capital and profits, allows foreign land ownership, and encourages investments through tax incentives and government aid programs. Extensive double taxation and foreign investment protection agreements strengthen Armenia's investment appeal.

2. Corporate Forms

Choosing the appropriate business structure entails a comprehensive assessment of both tax and non-tax considerations. These encompass factors like limited liability, establishment and maintenance costs, confidentiality, number of shareholders, managerial framework, and exit strategies.

Private Entrepreneur (PE)

A Private Entrepreneur is an individual registered within the State Registry, assigned a tax ID. Operating as a PE does not constitute a distinct legal entity; thus, personal liability extends beyond the invested business assets. In essence, business and personal assets remain undivided, potentially leading to personal accountability for business-related liabilities. However, the advantages include its uncomplicated and economical setup and maintenance, absence of dividend taxes, and streamlined accounting procedures. This structure best caters to smaller businesses owned and managed by a sole proprietor.

Limited Liability Company (LLC)

The Limited Liability Company (LLC) is the predominant corporate form in Armenia. As the name suggests, shareholders in an LLC benefit from limited liability, safeguarding them from company debts. This form's popularity stems from its straightforward and cost-effective establishment, uncomplicated managerial hierarchy, and reduced corporate formalities. Membership is capped at 49 shareholders. Alternatively, an Additional Liability Company mirrors the LLC but varies in that shareholders bear responsibility for company debts, as outlined in the organization's articles.

Joint-Stock Company (JSC)

The Joint-Stock Company proves suitable for medium to large enterprises with multiple shareholders. This strong structure offers enhanced shareholder privacy and increased flexibility in share capital structure and company management. An Open Joint-Stock Company (OJSC) enables unrestricted share transfers, devoid of shareholders' preemptive acquisition rights.

Header

Limited Liability Company (LLC)

Joint-Stock Company (JSC)

Shareholder Register

The register of shareholders is maintained by a governmental agency (State Registry) and is annexed to the articles of organization. The register is public. Articles of organization have to be amended every time share ownership changes.

The register of shareholders is maintained by a bank or an investment company for a fee. The register is not public.

Exit and Sale of Shares

Shareholders have preemptive rights to purchase shares before they are offered to third parties. A shareholder may exit the company any time and claim a refund equal to the value of his share.

In a close joint-stock company (CJSC) shareholders have preemptive rights to purchase shares. In an open joint-stock company (OJSC) no such rights exits and shares can be freely transferable.

Share Capital

Capital may be divided in registered shares.

Share capital can consist of certain classes of common/preferred, voting/non-voting shares.

Annual Meeting of Shareholders

Annual meetings can be held remotely with shareholders casting their votes means of distant communication.

Annual meetings can be held anywhere in the world, and shareholders can be represented by proxies.

Board & Management

Shareholders appoint one executive manager (director). Creation of an upper-tier board of directors is optional.

Shareholders appoint one executive manager or a management board. Creation of an upper-tier board of directors is required only for companies with more than 50 shareholders.

Internal Audit

An internal auditor or audit committee is optional for companies with less than 21 shareholders.

An internal auditor or audit committee is mandatory.

In-Kind (Non-Cash) Contributions

A report by an external appraiser is required if the nominal value of the shares issued in exchange for in-kind contributions exceeds AMD 500,000.

A report by an external appraiser is required for all in-kind contributions.

Partnership

Partnerships can take the form of a distinct legal entity or a contractual agreement among partners. Partnerships offer more flexibility and are less regulated. Unlike an LLC or JSC with a single director, a partnership can be actively managed by multiple partners. You have the option to create a general partnership, where partners bear debt liability, or a limited partnership, with passive investors who risk only their initial investment. A contractual partnership doesn't require registration, but notifying the tax office is necessary.

Cooperative

Cooperatives are worker associations, where each member holds an equal vote, and profits reflect labor contributions, not capital. This unique structure suits smaller employee-owned businesses valuing labor over capital. Specific rules apply to agricultural cooperatives.

Private Equity Fund

A private equity fund is used for investing in real estate, securities, and other assets. Registered by the Central Bank of Armenia, it enjoys significant tax benefits, including a mere 0.01% annual tax on net asset value and tax-free profit distribution.

Non-Corporate Forms of Doing Business

Business partners can also engage in non-corporate collaborations via contractual agreements like joint ventures, franchising, trust management, agency, commission, and delegation.

NON-PROFIT ORGANIZATIONS

Non-profit entities in Armenia are typically founded as either foundations or public associations.

Public Association: A public association operates as a membership-driven entity, primarily catering to its members' needs (e.g. professional associations, clubs, etc.). Oversight of a public association falls to an executive manager (management board) appointed by the members' general assembly.

Foundation: Foundations lack members and are primarily established to fund charitable initiatives benefiting specific groups or society as a whole. Governance of foundations rests with a board of trustees, initially designated by the founders, and an executive manager appointed by the board.

Both foundations and public associations have the capacity to engage in business and revenue-generating activities. Income generated from such activities is subject to regular taxation rates applicable to for-profit establishments. However, fees from memberships, charitable contributions, and other voluntary transfers (monetary and in-kind) directed toward non-profit organizations remain non-taxable. Non-profit entities may choose to create for-profit businesses (LLC, JSC, etc.) to segregate commercial operations from their core pursuits.

Religious Organization: Registering a religious organization mandates obtaining certification from the Council of Religious Affairs, verifying the religion's "traditional" status (based on historical canonized scripture and integration into contemporary religious and ecclesiastical communities), and confirming a membership of at least 200 individuals (excluding minors).

Institution: An institution is a structural or territorial unit established within a legal entity to engage in non-profit endeavors related to education, sports, culture, governance, etc. While an institution has its articles of organization, it doesn't hold legal entity status. Debts incurred by the institution fall under the responsibility of the founding organization.

Engaging in unregistered business operations, known as illegal entrepreneurship, carries significant tax and criminal implications in Armenia. If you're unsure about whether your business activities necessitate registration in Armenia, it's advisable to consult with professionals who can provide expert guidance.

3. Subsidiary, Branch Office, Representative Office

Choosing the appropriate business structure entails a comprehensive assessment of both tax and non-tax considerations. These encompass factors like limited liability, establishment and maintenance costs, confidentiality, number of shareholders, managerial framework, and exit strategies.

1. Branch Office (BO): A branch office is a territorial division of a foreign enterprise operating within Armenia. It doesn't exist as a separate legal entity but rather serves as an extension of the foreign company. For proper functioning, branch offices established in Armenia need to undergo registration with the State Registry and obtain a taxpayer identification number.

2. Subsidiary: A subsidiary involves the establishment of a locally registered company (LLC or JSC) that is either fully or partially owned by a foreign corporation. All aspects of corporate operation are governed by Armenian law. Importantly, the limited liability structure ensures that creditors of the subsidiary cannot lay claim to the assets of foreign shareholders.

Header

Branch Office

Subsidiary

Tax Factors

Taxation of Worldwide Income

Only income from Armenian sources is taxed.

Worldwide income is taxed.

Repatriation of Profits (Dividends & Interest)

Transfers of funds between the branch office and the head office are non-taxable intra-company transfers.

Dividends and interest income paid to a foreign parent company are taxed at 10% or a lower rate if a DTT applies.

Transfer of Assets from/ to Head Office (Parent Company)

Intra-company transfers of assets are generally not taxable.

Transfers may result in capital gain taxes or VAT.

Double-Tax Treaties (DTT)

Branch offices are non-residents and Armenia's DTTs do not apply to them.

A subsidiary is an Armenian company that can benefit from Armenia's DTTs.

Taxation of Dividend Income

Dividend income is taxable.

Dividend income is not taxable.

Tax Benefits for Residents

Special rates and exemptions are generally not applicable to branch offices.

Subsidiaries are resident companies and can take advantage of certain tax benefits (reduced rates or exemptions).

Non-Tax Factors

Limited Liability

Head office is liable for all debts of the branch office.

Parent company enjoys limited liability and generally is not responsible for the subsidiary's debts.

Applicable Law

A branch office is not an Armenian entity and is governed by the laws of the jurisdiction where the head office is located.

A subsidiary is an Armenian company and must comply with the Armenian company laws. 

Business Name

Branch office must use the name of the foreign company (head office).

Subsidiary's business name can be different from that of the parent company.

Currency Controls

Branch office is considered a non-resident and can use foreign currency in its dealings with Armenian residents.

A subsidiary is an Armenian resident company and must comply with foreign currency control requirements.

3. Representative Office: A representative office, akin to a branch office, functions with the key distinction that it cannot conduct business activities. Rather, its purpose is confined to representing the interests of the foreign entity within Armenia. Operating a representative office mandates registration with the State Registry and acquisition of a taxpayer identification number.

4. Permanent Establishment: The concept of a permanent establishment revolves primarily around taxation. It materializes when a foreign company maintains a significant business presence within Armenia. The decision to establish a permanent presence is predominantly driven by tax considerations. The Tax Office oversees the registration of permanent establishments and issues corresponding taxpayer identification numbers.

What Clients Say

4. Employer of Record

When the central goal of establishing a business presence in Armenia revolves around employing local staff, you have the option to explore employer of record services as a viable alternative. This solution offers potential benefits, encompassing cost efficiencies and the mitigation of compliance-related uncertainties. Typically encompassing an array of provisions, such services span the spectrum from recruitment and onboarding to orchestrating local payroll, tax submissions, salary disbursements, and the administration of employee benefits.

5. Business Registration Process

Registration Process: The seamless establishment of companies and necessary corporate modifications is registered through the State Registry of Legal Entities under the Armenian Ministry of Justice. A physical presence before the Registry isn't mandatory, as authorized lawyers can handle the administrative procedures by filing requisite registration documents using a power of attorney. Following company registration, the logical next steps encompass ordering a corporate rubber stamp and submitting statements to the tax office.

Timeline: The registration typically takes only one business day after the registration documents are submitted. It's important to note that certain registrations tied to branch offices and non-profit entities might entail longer durations.

Documents: While document prerequisites may slightly differ based on specific scenarios, in general, individual shareholders and directors should furnish original or legalized copies (Apostille or consular legalization) of their passports. Corporate shareholders and directors must provide legalized copies of pertinent corporate documents – including the certificate of registration and articles of incorporation. These originals or legalized copies are required for subsequent notarized translation into the Armenian language.

Cost: Incorporation expenses consist of governmental fees, legal charges, and other costs, like fees for translation, corporate stamps, and mailing services. 

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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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6. Key Registration Requirements and Considerations

Government Fees

Service

Government Fee

Fast-Track Service Fee

Company Formation

None

One business day  - AMD 30,000 ($62)

Change of Corporate Name

AMD 10,000 ($21)

Change of Address

AMD 10,000 ($21)

Change of Executive Director

AMD 5,000 ($10)

Change of Shareholders (LLC)

AMD 20,000 ($42)

Change of Capital

AMD 10,000 ($21)

Amendments to Articles

AMD 10,000 ($21)

Branch Office Registration

AMD 50,000 ($105)

N/A

Dissolution (Deregistration)

AMD 20,000 ($42)

N/A

Corporate Reorganization

AMD 50,000 ($105)

Two business days - AMD 100,000 ($207);

Five business days - AMD 50,000 ($103)

Redomiciliation

AMD 10,000 ($21)

N/A

Certificate of Registration (Good Standing)

AMD 8,000 ($17)

AMD 8,000 ($17)

Business Name

In Armenia, a registered company is mandated to possess a unique business name, affording it exclusive rights to this name. This distinctive business identity is composed of a distinctive word or expression – be it a common or proper name, fictitious name, or a sequence of letters – in conjunction with the company's corporate structure (e.g., ACME LLC). Although altering the business name is permissible, transferring it to another individual necessitates a comprehensive company reorganization.

The utilization of terms like "Armenia," "Armenian," "Arm," and names of Armenian locales mandates the approval of national or local authorities. Notably, a government fee of AMD 600,000 (approx. US$1,563) is applicable for employing "Armenia" or "Armenian" in a business name. Furthermore, a business name must not incorporate terms requiring specific licenses or permits, such as "bank," "insurance," "notary," and similar designations.

It's imperative that a business name isn't identical or confusingly similar to previously registered business names or trademarks within Armenia. For preemptive checks, conducting name searches can be executed through the State Registry and the Intellectual Property Agency websites. While a business name offers exclusive usage rights, you should consider trademark registration as well, as this avenue generally delivers enhanced protection to your business identity.

Legal Address

When registering a company in Armenia, a crucial requirement is to designate a legal address. This designated address serves as the recipient of official correspondences and notifications. Remarkably, there is no obligation to own or lease dedicated business premises within Armenia. Instead, it's admissible to employ your residential address for company registration. In case where you don't have an Armenian address, your legal representative can assist in providing one.

It's important to differentiate the legal address from the actual business location. The legal address, which must be indicated in the company's articles of organization, is reserved for official communications. If changes to the address are implemented, corresponding amendments to the articles are requisite.

Shareholders & Managers

Shareholding Flexibility: Armenia offers a favorable environment for shareholding, with no imposed restrictions. Foreign individuals and legal entities have the freedom to hold 100% ownership in Armenian companies, eliminating the necessity of involving local partners, directors, or staff.

1. Dividend Taxation: In cases where formal dividend distribution occurs among shareholders, certain tax considerations come into play. Individual shareholders are subject to a 5% income tax on dividends. Similarly, non-resident corporate shareholders face a 5% withholding tax on dividends, while Armenian companies enjoy exemption from dividend taxation. The 5% rate for non-resident shareholders can potentially be reduced through double tax treaties.

2. Limited Liability Assurance: Shareholders typically enjoy limited liability protection, safeguarding them from losses exceeding their initial investment. This protection extends to personal responsibility for the company's debts. An exception is if shareholders knowingly contribute to the company's bankruptcy.

Management Structure: Typically, Armenian companies are overseen by a singular director, serving as the chief executive officer. This director possesses the authority to act on behalf of the company, with the ability to delegate authority through powers of attorney. While having an upper-level board of directors is possible, it's more common to find this structure in companies with over 49 shareholders. Directors can be individuals or legal entities. Directors and other managers can be held liable for company damages resulting from unreasonable or ill-intentioned actions. They could also face accountability for administrative and criminal offenses linked to mismanagement, including tax evasion, money laundering, immigration violations, etc. Managers may additionally be held liable for deliberately causing the company's bankruptcy. All Joint-Stock Companies (JSCs) and Limited Liability Companies (LLCs) with over 20 shareholders are required to have an internal auditor or an audit committee. 

Please note that a recent legal development took effect on January 1st, 2023. This change mandates that companies established in Armenia must now disclose their real beneficiaries, also known as ultimate beneficial owners. These declarations need to be submitted online through the official platform: https://bo.e-register.am/am/auth. The submission deadline for these declarations is February 20th, 2023. Moreover, the new law stipulates an additional requirement for companies: the submission of annual statements confirming that the real beneficiaries remain unchanged. This annual statement must also be filed by February 20th. By and large, any shareholder holding at least 20% of a company's shares is categorized as a real beneficiary under this regulation. To navigate these new requirements effectively, your appointed representative in Armenia will necessitate a power of attorney (POA) to facilitate company registration on the designated online platform. A scanned copy of the POA will suffice for this purpose.

Bank Account

In 2024, Armenia has eighteen banks catering to both individual and corporate clients, spanning residents and non-residents alike. All these banks are privately owned and governed by Central Bank regulations. Noteworthy international institutions like HSBC share space with local banks infused with foreign investments from countries such as Russia (VTB Bank), France (ACBA-Credit Agricole Bank), Lebanon (Byblos Bank), Argentina (Converse Bank), and Iran (Mellat Bank), among others.

Armenian banks stand out with their commendable customer service, reasonable fees, enhanced privacy measures, and a comprehensive suite of modern banking services, including:

•  Online and mobile banking, along with phone banking
•  Debit and credit cards (Visa, MasterCard, AmEx)
•  International bank transfers and money remittance services
•  Multi-currency accounts (USD, EUR, CHF, GBP, CAD, AED, RUR, JPY)
•  Gold accounts
•  Wealth management and private banking services
•  Secure deposit boxes, among other offerings

Opening a Bank Account: Initiating a corporate bank account setup in Armenia can take a few days or even a few weeks, dependent on the thoroughness of background checks conducted. The option of remote account opening through a power of attorney is also feasible, however, the chances of approval may not be high. The application process necessitates presenting company registration documents, alongside passport copies of directors, shareholders, and ultimate beneficial owners (UBO). Additional documents like proof of address, income source, etc. may also be requested.

Bank Secrecy and Regulations: Armenia upholds strict bank secrecy laws. Unauthorized disclosure of bank information constitutes a criminal offense, leading to potential imprisonment and financial penalties. Ordinarily, court orders are essential for banks to divulge account-related details. Anti-money laundering (AML) guidelines mandate banks to report suspicious activities to the Central Bank. Armenia doesn't partake in AEOI/CRS but has a FATCA agreement with the U.S.

Interest Rates and Taxes: Banks offer interest rates reaching up to 10% for local currency deposits and 5% for U.S. dollar deposits, as of February 2022. The Armenian stock exchange features corporate bonds offering higher yields. Interest income generally incurs a 10% tax rate.

Safety: Safety is a priority, with all banks subject to licensing and oversight by the Central Bank. Deposit insurance from the Deposit Guarantee Fund of Armenia covers bank deposits and account balances up to AMD 16 million in local currency (approximately $41,700) and AMD 7 million in foreign currency (approximately $18,200). Remarkably, this insurance system has never been triggered due to a lack of bank runs in recent history.

Merchant Accounts and Payment Gateways: Merchant accounts and Internet acquiring services are available in Armenia, enabling online payments via VISA and MasterCard cards through websites. Banks often provide necessary software at no cost, sparing merchants additional expenses for programming and certification procedures. Payment gateways like 2checkout are compatible with Armenian bank accounts, streamlining payment processes.

Because of AML requirements it may be difficult or even impossible to open corporate bank accounts for companies that have limited ties to Armenia, e.g. no actual place of business in Armenia. Not all banks work with clients from countries under international or U.S. sanctions (e.g. Iran, Syria, etc.). If the company is owned or managed by a national of one of these countries it is recommended to check the possibility of opening a bank account in advance.

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7. Compliance Requirements

In Armenia, obtaining a general business license typically marks the starting point for launching your business. This comprehensive license is usually adequate to kickstart your operations. However, specific industries may necessitate supplementary licenses at both the national and local levels. Notably, certain situations may merely call for formal notifications, streamlining the licensing process.

Licenses and Permits

National License

Business Activity

Licensing Agency

Annual License Fee

Weapons & Security

Manufacturing of and trade in explosives, blasting operations

300,000-400,000 ($630-840)

Manufacturing of and trade in weapons; import, export or transit transportation of military products, intermediary activities in trade in military products

50,000 -500,000 ($105-1,050)

Private guarding

None

Medicine & Drugs

Manufacturing of and trade in narcotic drugs or psychotropic substances or their precursors

100,000 ($210)

Production of drugs

200,000 ($420)

Pharmacies; wholesale trade in drugs

50,000 -100,000 ($105-210)

Medical services

50,000 ($105)

Financial Services

Foreign currency dealers/brokers; foreign currency trading; foreign currency trading auctions

500,000-1M ($1,050-2,020)

Investment services; central depository, operator of a regulated market

500,000 ($1,050)

Banks; credit organizations

6-8M

($12,580-16,770)

Pawnshops

1,5-2M

($3,140-4,190)

Investment fund management

500,000 ($1,050)

Life insurance and non-life insurance; reinsurance; insurance brokerage

250,000-3M ($524-6,290)

Cash-in-transit

300,000 ($629)

Credit bureaus

1M ($2,020)

Money remittance services

1M ($2,020)

Processing and clearing of payment instruments

1M ($2,020)

Energy & Water

Natural gas import/export, distribution, transportation

10M - 15M

($21,000-31,000)

Electricity production, transmission, distribution, import/export; thermal energy production, transportation, distribution

100,000-30M

($210-63,000)

Electricity and gas supply operator services; services provided to the energy market

100,000 - 5M

($210-$10,000)

Drinking water and wastewater services

100,000 ($210)

Education

Education programs (preschool, elementary, general, vocational, bachelor and master)

10,000-300,000

($21-630)

Telecommunications

Public electronic communications network

10,000-1M

($21-$2,020)

Broadcasting of TV or radio programs; multiplexing

100,000-500,000

($210-$1,050)

Postal services

3M ($6,300)

Gambling

Lotteries; Internet gambling

600M ($1.25M)

Gambling & casinos

35M - 5,5B

($73,000-11.5M)

Transportation

Railway transport

1M ($2,020)

Technical inspection of vehicles

1M ($2,020)

Public transportation; taxi cab services

100,000-200,000

($210-420)

Other

Construction, including document development and inspections

40,000-100,000

($80-210)

Financial auditing

250,000 ($520)

Hazardous waste utilization

200,000 ($420)

Nuclear energy-related activities

5,000-2M

($10-$4,200)

Local License

Service

Period

License Fees in Yerevan

Restaurants and other food services

Quarterly

578-87,500 ($1.2-183), depending on structure, size and location

Sale of alcoholic beverages

Quarterly

4,200-175,000 ($9-366), depending on size and location

Sale of tobacco products

Quarterly

4,200-175,000 ($9-366), depending on size and location

Operating food services, entertainment, trade, gambling and lottery facilities, saunas after 24:00

Annual

120,000-3M ($251-6,277), depending on type of business

Organizing open-air trade

Daily

500 ($1.05) per sq. m. 

Retail sale of jewelry items

Annual

50,000 ($105)

Sale of liquid fuels, compressed natural or liquefied petroleum gases

Annual

600,000 ($1,255) - annually; 87,500 ($183) if sold in retails stores or kiosks

Sale of technical fluids in vehicle repair or inspection shops

Annual

87,500 ($183)

Taxi cab services

Annual

10,000 ($21) per vehicle

Funeral services

Annual

1,500,000 ($3,138)

Private cemeteries

Annual

2.5-20M ($5,090-41,846)

Karaoke bars, discotheques, baths, or saunas

Annual

150,000 ($314)

Strip clubs

Annual

1,500,000 ($3,138)

Notification

Business Activity

Agency

Annual Fee

Weapons & Security

Manufacturing or trade in pyrotechnic products

10,000-50,000 ($21-105)

Medicine & Drugs

Production of biological substances used in veterinary medicine

200,000 ($420)

Veterinary-sanitary examination

10,000-50,000

($21-105)

Production or sale of chemical or biological substances for plant protection

10,000-50,000

($21-105)

Genetic engineering

50,000

($105)

Energy & Water

Drilling operations for the use of freshwater

200,000

($420)

Telecommunications

Public electronic communication services, with the exception of services requiring ownership or operation of a public electronic communications network

200,000

($420)

Other

Production of liquors, wine, beer; import of vodka

25,000-15M

($51-$30,690)

Hallmarking of items made of precious metals

200,000

($420)

Organization of trading facilities

300,000-1M

($614-2,020)

Trade, import, export, transportation of natural loose diamonds

1M

($2,020)

Import of cement

14,000 ($29) per ton

Chambers of Commerce

Lands in Armenia are classified according to their designated usage (zoning), including agricultural, residential, industrial, energy, forest, and more. Foreigners can directly own household and gardening plots, lands designated for construction and maintenance of a homestead, and residential and commercial development lands. Other types of land, such as agricultural land, can be owned through a legal entity. Special residence permit holders can own all types of land. There are some restrictions on building on agricultural land, although small buildings up to 30 sq. m. are allowed. In most rural communities, structures of up to 300 sq. m. can be built on land exceeding 10,000 sq. m. It may also be possible to change the zoning of land with the help of the local municipality.

If you are interested in agricultural investments, you might consider fruit farming or wine growing, which are one of the oldest economic sectors in Armenia, with over 60,000 active entities in this industry. The most popular forms of cultivation are grape, apricot, and peach. Between 1998 and 2016, the territory of orchards doubled, and the yield increased by 14.5% between 2008 and 2017 due to implementation of innovative technologies. You may choose to buy an existing farm or set up a new one, and you may be eligible for a government subsidy. Two types of subsidies are available: compensation of up to 50% of costs incurred in setting up a vineyard (orchard) or a low-interest rate loan (2%) for a maximum amount of $2.9 million for vineyards, $5 million for orchards, and $4.7 million for berry farms.

8. Corporate Changes and Dissolution

Corporate Amendments: Effecting changes within a company's framework involves registering these amendments with the State Registry. Alterations connected to the company's name, statutory capital, address, or executive directorship necessitate amendments to the articles of association. For Limited Liability Companies (LLCs), modifications in shareholding must also be registered. Typically, documents submitted undergo verification and registration within a two-day span. An expedited registration option exists through fast-track service fees for urgent cases (refer to the provided table for details).

Dissolution Guidelines: Dissolving a company mandates the announcement of dissolution on the official website www.azdarar.am. This step notifies creditors, affording them a two-month window to submit their claims. The tax office, on the other hand, is granted 20 days for unpaid tax claims, often following a tax audit. Company dissolution is accompanied by collaboration with the National Archive for document archiving and coordination with the Police to surrender the company's stamp.

As an alternative to dissolution, a company can file a declaration with the tax office, indicating its inactive status. Inactive (dormant) companies remain registered but are exempt from tax return filings and tax payments.

Reorganization: Reorganizing a company may encompass mergers, spin-offs, split-offs, or alterations in corporate structure, such as transitioning from an LLC to a Joint-Stock Company (JSC) or vice versa. Public notifications are mandatory as part of the reorganization process, serving to inform potential creditors.

Both dissolution and corporate amendments can be executed remotely by your authorized lawyer or representative, equipped with the necessary power of attorney. 

9. Armenia in International Rankings

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1500

Years of experience

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Customers served!

1500 +

Years of experience

Lawyers on Staff

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.

Why Choose Armenia for Residency?

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.

No Stay or Visit

Maintaining residency in Armenia does not require physical presence; remote application is possible.

Fast and Easy

The residency application usually takes about 80 days and only a valid passport is required. 

Family Covered

Residents can sponsor extended family for residency (parents, siblings, grandchildren, etc.) 

Citizenship Path

After living in Armenia for three years, citizenship can be obtained. Dual citizenship is allowed.

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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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