Navigating Armenia's Entrepreneurial Ecosystem and Its Benefits
Armenia is a country that has been steadily growing as a hub for startups and entrepreneurial activity. Its vibrant and dynamic entrepreneurial ecosystem offers numerous benefits for those looking to establish and grow their businesses. From its supportive government policies to its highly skilled workforce, Armenia provides an ideal environment for entrepreneurs to thrive.
Benefits of Starting a Company in Armenia
1. Armenia offers ultra-fast, with standard documents allowing for one-day registration, while tailored or remote registrations typically take only one to three business days. This swift process yields a registration certificate and a taxpayer ID number, enabling immediate start of operations.
2. With no stipulated minimum capital requirements, and an option for a nominal paid-up capital of just $1, Armenia ensures a cost-effective registration procedure. Notably, government fees are absent during both company registration and renewal, eliminating recurring financial burdens.
3. Armenia warmly welcomes foreign ownership without imposing constraints. Foreign nationals can maintain full ownership, devoid of local partnership or agent obligations. Neither citizenship nor residency of shareholders imposes limitations.
4. Micro-businesses, IT startups, entities in economic or industrial zones, and more are eligible for zero-tax status. Companies with annual sales below 115 million drams (approximately $299,000) incur sales turnover taxes ranging from 1.5% to 5%. Dividend taxation stands at 5% and remains flexible due to numerous double-tax treaties. Capital gains from asset sales remain untaxed, and a range of financial transactions including gifts, inheritance, net worth, and insurance/pension payments are exempt from taxation.
5. Armenia boasts a highly educated and skilled workforce, with an impressive adult literacy rate of 99.7%. Multilingual universities contribute to a talent pool renowned for its qualifications. The minimum monthly wage stands at $195, while the national average is approximately $690.
Capitalizing on Armenia's Entrepreneurial Scene for Residency
For those considering residency in Armenia, having an owned business in Armenia either in the form of a "private entrepreneur" or a shareholder of a for-profit company, such as LLC, JSC, or cooperative, can be used as a legal basis. The law does not specify a minimum share size to qualify for residence, thereby allowing even owners of small shares, like 5% or 1%, to use this for residency application.
The nature of the business carries significance, influencing the type of evidence and supporting documents requisite for the application. For instance, those opening retail stores must demonstrate possession of requisite commercial premises, equipment, and inventory. IT specialists operating from home should showcase their workspace, elucidate their services, clientele, payment mechanisms, and the outcomes of their work.
Armenia does not establish a minimum investment or income threshold, but the generated business income should adequately cover the applicant's living expenses.
Paying taxes substantiates the authenticity and functionality of the business. Applications from businesses that don't generate income or fail to pay taxes on their income are prone to rejection.
Final Points of Residency Benefits in Armenia
Armenia is an attractive option for those seeking residency without the need for physical presence in the country, as there are no minimum stay requirements. Minimum stay requisites are absent, and residency can be extended to family members (spouse, minor and adult children, siblings, grandparents, etc.). With robust affiliations with Western nations like the European Union and the USA, as well as a visa-free regime with countries such as Russia, Iran, and China, Armenia provides a pathway to increased freedom and options. An Armenian residence permit serves as a valuable "insurance policy," facilitating access to banking services, investment prospects, permanent property ownership, and land rights. Opting for Armenian citizenship permits dual citizenship.
Conclusion: the Potential and Opportunities in Armenia for Entrepreneurs
Armenia's entrepreneurial ecosystem offers a wealth of potential and opportunities for entrepreneurs. With its attractive residency benefits, favorable taxation framework, and skilled labor pool, Armenia stands as an ideal environment for startups and small-scale enterprises to flourish.
What Makes Armenia a Good Choice for Residency
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.
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.
We will be happy to answer your questions. Please fill out this form and we will be in touch soon.
We are committed to keeping your e-mail address confidential. We do not sell, rent, or lease our contact data or lists to third parties, and we will not provide your personal information to any third party individual, government agency, or company at any time.
Our Proven Process of Making Armenia Your Second Home
As part of the preparation process, we will take care of translating your passport, printing photos, and filling out the necessary forms.
Residency for Family
You can sponsor your spouse, children, parents, siblings, grandparents, and grandchildren to obtain residency in Armenia.
In order to qualify for residency, you have the option of either making a low-risk investment in government bonds or donating to a rural development project.
SSN, Tax ID, Etc.
You can obtain a certificate of registered address, a social security number, personal tax identification number, as well as a tax residency certificate.
Applicants can choose to apply for a temporary (1-year) or permanent (5-year) residence permit remotely or in-person.
You can choose from 18 banks offering online and mobile banking, Visa and MasterCard options, and up to 11% interest on deposits in AMD, RUR, etc.
What Clients Say
Overall, I felt it could not have been any better. Everything was taken care of so smoothly, effortlessly, and managed very well.
It is always daunting when dealing with immigration, visas etc 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.
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 organised and have a modern system of work.
Armenia is a captivating nation with a rich history and a promising future. Our firm is wholeheartedly committed to supporting individuals and businesses that recognize Armenia's potential and are eager to contribute to its ongoing success.
We trust that this website will serve as a valuable resource for you in gathering the information you need. Should you have any questions or require further assistance, please feel free to get in touch with us. You can easily contact us through various channels, such as completing the form on our website, emailing us directly at [email protected], or reaching out via phone or popular messaging apps like WhatsApp, Viber, Telegram, and Skype at +374.99.00.11.67. We are always available to assist you in any way possible.
LL.M. Georgetown University, licensed to practice in both Armenia (license no. 903) and New York (license no. 5148945)
Vardanyan & Partners is a reputable law firm situated in Yerevan, Armenia, which has been providing excellent legal services since its establishment in 2012. Our team of locally licensed, English-speaking attorneys specializes in immigration, incorporation, and compliance matters, ensuring that clients receive expert legal guidance. We are committed to staying up-to-date with the latest changes in legislation and regulations, ensuring that our clients receive the most relevant and accurate advice. At Vardanyan & Partners, we place a strong emphasis on honesty, transparency, and client care.
Where to find us
4/3 Pirumyanner, 4th Floor, Suite 12 , Yerevan, 0054, Armenia