DOING BUSINESS IN ARMENIA IN 2017
Since 2003, Healy Consultants Group PLC has assisted our Clients with business registration in Armenia. Our services include i) Armenia company incorporation ii) government license registration iii) business bank account opening iv) employee recruitment v) visa strategies and vi) office rental solutions.
Advantages of Armenia company registration
- A limited liability company in Armenia can be incorporated with a minimum of one shareholder and one director of any nationality. The minimum paid-up capital required is €1 for incorporation and our Client will not need to travel to complete the engagement;
- Starting a business in Armenia is quite simple and fast as it takes approximately 2 weeks to complete the incorporation process. Armenia is positively ranked as 35th out of 188 countries in ease of doing business by World Bank;
- Armenia’s close proximity to i) the large European Union (EU) markets ii) Commonwealth of Independent States (CIS) markets iii) Asian markets and iv) Middle East markets, provides a good platform for setting up of a manufacturing and export business entity as entrepreneurs can engage in trade with all these countries;
- Armenia has a considerable network of operational Double Tax Treaties with 41 countries and investors can also access markets through Free Trade Agreements including i) WTO members worldwide and ii) GSP (Generalized Scheme of Preferences) regimes with EU countries, USA, Canada and Japan, Switzerland and Norway and iii) CIS members;
- Armenia offers entrepreneurs tax incentives in the Free Economic Zones such as i) tax exemptions on income, profits and property taxes and ii) exemption from VAT;
- Armenia’s overall quality of infrastructure is highly ranked at 58 out of 140 economies by the World Economic Forum with high speed accessibility to internet throughout the country;
- In Armenia, there are no restrictions on i) foreign investments or ownership ii) foreign currency exchange and iii) repatriation of profits.
Disadvantages of Armenia company registration
- Armenia is a landlocked country therefore making it quite difficult to transport products especially for manufacturing companies that heavily rely on shipping as a means of transportation of their products;
- Taxation in Armenia is quite high with corporate tax rate at 20% and VAT levied at 20%;
- Corruption is a major constraint in Armenia as the government and judicial system are riddled with corrupt leaders and this impedes the enforcement of contracts and slows down administrative procedures;
- In Armenia, the official language is Armenian therefore all business documents must be translated into Armenian or Russian. This slows down the process of company setup and is also a constraint when foreign investors need to communicate with employees and government officials.
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- Time to incorporate: Two weeks
- Cost to set up: €7,400
- Minimum capital: €1
- Physical office required: Yes
- Shareholders: 1
- Directors: 1
- Company secretary: No
- Resident director: No
- Corporate tax rate: 20%
- Corporate tax base: Worldwide
- Shelf companies: No
- Main company type: LLC