Business entities in Armenia in 2022

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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)

  • 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

  LLC JSC Branch office Rep Office
How long to set the company up? 2 weeks 3 weeks 3 weeks 4 weeks
How long to open company bank account? 4 weeks 4 weeks 5 weeks 5 weeks
Legal liability? Limited Limited Limited Unlimited
Wholly foreign owned? Yes Yes Yes Yes
Minimum paid - up share capital? €1 €1 €1 €1
File annual tax return? Yes Yes Yes No
Tax registration certificate required? Yes Yes Yes No
Recommended corporate bank account? HSBC Byblos Bank VTB Bank ProCredit Bank
Does our Client need to travel? No No No No
Resident director required? No No No No
Resident shareholder required? No No No No
Minimum directors allowed? 1 1 1 1
Minimum shareholders? 1 1 1 1
Tax identification code needed? Yes Yes Yes Yes
Armenia resident company secretary required? No No No No
Corporate shareholders allowed? Yes Yes Yes Yes
Corporate director(s) allowed? Yes Yes Yes Yes
Statutory audit required? Yes Yes Yes No
Armenia corporate tax rate? 20% 20% 20% 0%
Annual financial statements required? Yes Yes Yes No
Regulated by? Ministry of Justice Ministry of Justice Ministry of Justice Ministry of Justice
Allowed to issue sales invoices? Yes Yes Yes No
Allowed to sign contracts? Yes Yes Yes No
Allowed to import and export goods? Yes Yes Yes No
Can rent an office space in Armenia? Yes Yes Yes Yes
Can buy Armenia property? Yes Yes Yes No
Total Armenia business setup costs in yr. 1? €9,400 €10,400 €11,000 €12,060
Subsequent annual costs (incl. accounting and tax fee)? €4,350 €4,650 €4,850 €3,810
Sample engagement invoice? View invoice PDF View invoice PDF View invoice PDF View invoice PDF

Contact us

For additional information on our business setup services in Armenia, please contact our in-house country expert, Ms. Yekaterina Li, directly:
Consultant at HC - katya
  • Ms. Yekaterina Li
  • Senior Client Relationship Manager
  • Contact me!
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)