BUSINESS IN ARMENIA
Business relocation in Armenia
Registration of companies and opening of accounts in Armenia
Registration of companies and opening of accounts in Armenia
Law firm Bergmann and Danielyan LLC
We offer professional legal, customs brokerage and accounting services!
- Legal advice and representation; registration for legal entity
- Opening a bank account, advice and support in opening a bank account for your company
- Drafting contracts in different languages, ensuring legal literacy and accuracy.
- Obtaining residence permits and citizenship for foreign citizens
- Research and information about goods, mediation in transactions, and trading operations
- Customs services, including customs declaration and paperwork
- Supporting the negotiations with the local tax authorities
- Bookkeeping, financial and tax reporting, and tax planning
- Obtaining an IT certificate that will help reduce tax burdens
- Business case analysis to support diligent business planning and expansion
Meet Our Team
Our goal is to create a purposeful, responsible and reliable team and develop a culture that empowers to do the best performance of the assigned work.
Andranik Danielyan
Director
Tamara Daryan
Senior Lawyer
Nare Melikbekyan
Legal Assistant
Anahit Makaryan
Chief Accountant
Amalya Khachatryan
Assistant Chief Accountant
Avadh Rajyaguru
Country Manager (India)
Brief Summary
- LLC (Limited Liability Company)
- CJSC (Closed Joint Stock Company)
- JSC (Joint Stock Company)
- Representation/branch
- Favorable territorial location
- No minimum capital requirement
- Completely remote registration of the company and opening of bank accounts
- No currency control
- Stable and developed banking system
- Opportunity to enter European and Asian markets
- More than 40 DTAs
- The company is registered remotely within 3 days from the date of receipt of the power of attorney
- It is allowed to manage the company by a foreign director without involving local employees. The director is not required to live in Armenia or have a local address
- Registration - you can open a business in Armenia in 1 day (tax number is issued immediately)
Key facts
Not included in the "grey list" of the European Union
Possibility of 100% foreign ownership
The company can open bank accounts in Armenian banks
Availability of free economic zones (FEZ)
Remote method of company registration
The minimum package of documents for company registration
Taxes in Armenia
Income tax rate: 18%
Tax payers:
- Resident companies;
- Non-resident companies doing business in Armenia through a permanent establishment.
- Income from the production of agricultural products (until December 31, 2024);
There is 1 special taxation system in Armenia, in which:
- Resident companies and individual entrepreneurs pay turnover tax instead of income tax and VAT;
- The VAT rate in Armenia is 20%;
- VAT applies to most goods and services, including imports.
An organization whose annual taxable turnover exceeds AMD 115 million is considered a VAT payer.
- Some basic food items;
- Educational services;
- Educational materials;
- Export goods are subject to a zero rate.
For imported goods, VAT is 20%. Exceptions: certain product categories. Deferral: VAT payment can be deferred for up to three years for goods imported under government-approved projects. Since 2015, Armenia has been a member of the Eurasian Economic Union (EAEU) along with Russia, Kazakhstan, Belarus and Kyrgyzstan. Goods imported from these countries are exempt from import duties.
- VAT: <5%;
- The turnover tax replaces the profit and value added tax;
- Taxpayers: small businesses with an annual turnover of less than AMD 115 million.
levied on imports of liquor, beer, wine, tobacco substitutes, crude oil, gas (other than compressed natural gas), oil and diesel fuel. From January 1, 2020, the excise tax, which was previously expressed as a percentage, has been replaced by new fixed rates depending on the number of goods.
Income tax on dividends
Employers in Armenia are required to withhold income tax and social security payments from income paid to their employees or contractors.
Income tax: a single fixed rate of 21% for Armenian citizens and foreigners (regardless of the amount of compensation)
Over the next few years, personal income tax will be gradually reduced to 20%, namely:
- 20% from January 1, 2023
In addition to Income tax on dividends, employers withhold social security payments in the amount of:
- 5% (income up to 500,000 AMD or about 1030 USD);
Calculation of the social fee the annual amount of the object is 15 percent for those with income up to 1,200,000 AMD, but not less than 60 thousand AMD.
Residence permit in Armenia
VIA BUSINESS REGISTRATION
ON THE BASIS OF AN EMPLOYMENT CONTRACT
Step 1. Visit to the country
Our driver will meet you at the airport
Step 2. Company registration
Our driver will meet Two working days, billed separately
Step 3. Opening an account with Unibank Armenia
On the day of the application, personal presence is required
Step 4. Registration of the lease agreement
During the day, personal presence is needed
Step 5. Making a social card
Two working days, personal presence is required
Step 6. Submission of documents for a residence permit
Consideration period – two months (you may not stay in Armenia, in that case you can submit the documents online)
Step 7. Obtaining a residence permit documents for a residence permit
One year renewable
Step 1. Conclusion of an employment contract
You must be employed in Armenia with an employment contract in Armenian (we can provide a form)
Step 2. Translation of the passport into Armenian
The translation must be notarized (can be ordered from us)
Step 3. Country visit
Your passport must have an entry stamp, our driver will meet you at the airport
Step 4. Registration of a social card
Two working days, personal presence is required
Step 5. Submission of documents for a residence permit
Consideration period – two months (you may not stay in Armenia, in that case you can submit the documents online)
Step 6. Obtaining a residence permit
One year renewable
Our specialists will accompany you at all instances. They will help you complete the paperwork and answer any questions.
Conditions for registering a company and opening an account in Armenia
- Registration of a company, including payment of state duties;
- Preparation, translation and certification of powers of attorney for remote opening;
- Legal address for one year;
- Preparation of statutory documents of the company;
- Preparation of printed materials for the company.
- Quick opening after submission of a full package of documents 1-3 days;
- There is an online bank;
- Individual service (there is a personal manager, most issues can be resolved by phone);
- There are no requirements to maintain a minimum balance;
- Work with all major currencies : USD, EUR, CNY and others;
- Large network of correspondent banks;
- Conservative compliance, AML policy based on EU AMLD 6th, FATF.
- Additional payment for remote opening.
- The term of registration is 2-3 days from the date of receipt of the power of attorney.
- The cost of bookkeeping depends on the company operations.
- Standard package up to 20 transactions per month.
- Account opening. The cost + commission of the bank depends on the risk profile of the client and the volume of business.