Business entities in Armenia

Business entities in Armenia

The government of Armenia has an open-door policy for investors in any sector and offers equal treatment to both local and foreign investors, thereby creating an attractive business environment. Healy Consultants will assist our Clients to incorporate the optimal corporate structure in Armenia. There are several ways of doing business in Armenia, the most common being the setting up of a limited liability company. Foreign entrepreneurs may also opt to set up a joint stock company, a branch office or a representative office.

The Armenian limited liability company (LLC)

    legal entity types in Armenia
  • The Armenia LLC requires only 1 director and 1 shareholder of any nationality for incorporation process to be complete. The minimum paid-up capital required is €1;
  • All LLCs must submit annual audited financial statements to the commercial registry.

The Armenia joint stock company (JSC)

  • The Armenia joint stock company is commonly used by investors who would like to trade shares on the stock exchange. The minimum paid-up share capital required to complete the incorporation process is €1;
  • A JSC must appoint at least one director and one shareholder who can be of any nationality;
  • The Armenia joint stock company must submit annual audited financial statements.

The Armenia branch office

  • The Armenian branch office can be 100% foreign owned. The scope of operations for this entity will be defined by the parent company;
  • The branch must have a registered office in Armenia and the appointed manager must have power of attorney of the branch on behalf of the company;
  • The permitted scope of activities of a branch office are wide, in that it is allowed to perform all necessary business functions and activities on behalf of the parent company.

The Armenia representative office

  • A foreign company may operate in Armenia by registering a representative office;
  • The representative office is governed by the rules and regulations of the foreign legal entity and is not allowed to carry out any income generating activities in Armenia;
  • Consequently, this entity can only engage in i) market research and ii) promoting the business of the parent company.

Table of comparison between Armenia entities

 LLCJSCBranch officeRep Office
How long to set the company up?2 weeks3 weeks3 weeks4 weeks
How long to open company bank account?4 weeks4 weeks5 weeks5 weeks
Legal liability?LimitedLimitedLimitedUnlimited
Wholly foreign owned?YesYesYesYes
Minimum paid - up share capital?€1€1€1€1
File annual tax return?YesYesYesNo
Tax registration certificate required?YesYesYesNo
Recommended corporate bank account?HSBCByblos BankVTB BankProCredit Bank
Does our Client need to travel?NoNoNoNo
Resident director required?NoNoNoNo
Resident shareholder required?NoNoNoNo
Minimum directors allowed?1111
Minimum shareholders?1111
Tax identification code needed?YesYesYesYes
Armenia resident company secretary required?NoNoNoNo
Corporate shareholders allowed?YesYesYesYes
Corporate director(s) allowed?YesYesYesYes
Statutory audit required?YesYesYesNo
Armenia corporate tax rate?20%20%20%0%
Annual financial statements required?YesYesYesNo
Regulated by?Ministry of Justice Ministry of JusticeMinistry of JusticeMinistry of Justice
Allowed to issue sales invoices?YesYesYesNo
Allowed to sign contracts?YesYesYesNo
Allowed to import and export goods?YesYesYesNo
Can rent an office space in Armenia?YesYesYesYes
Can buy Armenia property?YesYesYesNo
Total Armenia business setup costs in yr. 1?€7,400€8,400€9,000€10,060
Subsequent annual costs (incl. accounting and tax fee)?€4,350€7,300€4,850€3,810
Sample engagement invoice?Armenia JSC invoiceArmenia Branch office invoiceArmenia Rep office invoice

Contact us

For additional information on our business setup services in Armenia, please email us at Alternatively please contact our in-house country expert, Ms. Grace Odhiambo, directly:
client relationship officer - Grace
Armenia Ministry of Economy Ministry of foreign affairs of the Republic of Armenia The government of Armenia - Ministry of Justice Central bank of the republic of Armenia (AM)