Legislation of Armenia

Service packages Legislation

Tax treaties entered

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Belarus
Belgium
Bulgaria
Canada
China
Croatia
Cyprus
Czech Republic
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Finland
France
Georgia
Germany
Greece
Hungary
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Indonesia
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Ireland
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Tax Exchange Information Agreement (TEIA)

List of state regulatory authorities

Government of the Republic of Armenia
President of the Republic of Armenia
Central Bank of Armenia
State Revenue Committee of the Republic of Armenia
Ministry of Foreign Affairs of the Republic of Armenia
Ministry of Finance of the Republic of Armenia
Ministry of Justice of the Republic of Armenia

Corporate info

Legal system
Civil law
Types of entity
Limited liability company; Subsidiary economic company; Joint stock company; General partnership; Limited partnership (partnership in commendam); Sole trader; Cooperative.
Shelf companies permitted
Yes
Incorporation timescale for a new company
10-14 working days
Company suffix
The name must end with a suffix denoting the type of company
Sensitive words
A company name cannot contain the words ‘bank’, ‘insurance’ or similar unless the company holds a relevant licence.
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
No
Information to be kept at the registered office
Corporate documents, accounts
Seal required, type of seal
The seal of a company may contain the name in Armenian, as well as in foreign languages, the illustration or the symbol of the company's trademark
Redomiciliation (to, from) permitted
Permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No restrictions
Disclosure to local agent
Yes
Disclosure to public
No
Company secretary required
No
Residency requirements for a secretary
Qualified secretary required
No
Corporate secretary permitted
No

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
No restrictions
Disclosure to local agent
Yes
Disclosure to public
No
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
Not less than 50 times the minimum salary established at the time of submitting the documents for registration
Minimum issued share capital
Not less than 50 times the minimum salary established at the time of submitting the documents for registration
Minimum paid share capital
Not less than 50 times the minimum salary established at the time of submitting the documents for registration
Authorized capital payment deadlines
Before the company registration
Issued capital payment deadlines
Before the company registration
Standard currency
AMD
Standard authorized share capital
Not less than 50 times the minimum salary established at the time of submitting the documents for registration
Standard par value of shares
The size of the share of a company member must correspond to the ratio of the nominal value of his/her share and the authorized capital of the company
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
22%
Min. rate for corporate tax
18%
Corporate tax (in detail)
The corporate tax rate is 18%
Capital gains tax
18%
Capital gains tax. Details
Capital gains are included in the taxable income and are taxed at the corporate tax rate
VAT
20%
VAT. Details
Value added tax rate is 20%
Withholding tax
5%/10%/10%
Other taxes
Real estate tax, Wealth tax, Inheritance / real estate tax
Exchange control
Yes
Government fee
Stamp duty
No

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
No
Audit required
Yes

General information shortly

Location
North of Western Asia, northeast of the Armenian Highlands
Total area
29.743 sq. km
Population
2.962.100 (2019)
Capital
Yerevan
National currency
Armenian dram
Conditional reduction of currency
AMD
Against USD
0.0021 (2022)
Climate, average max and min t°
Highland continental: hot summers and cold winters
Time difference from Moscow
+ 1 hour
Dialing code
+374
State language
Armenian
Ethnic groups
Armenians - 98.11%, Yezidis - 1.17%, Russians - 0.39% and others
Literacy rate
99.8% (2019)
History
Credit rating
B+
Government type
Unitary republic
Executive branch
Cabinet of Ministers or the Government of Armenia. Head – the Prime Minister
Legislative branch
National Assembly
Judicial branch
The highest judicial instance is the Court of Cassation. Constitutional justice is exercised by the Constitutional Court
Unemployment
17% (2021)
GDP per capita rank
86 (2021)
Corruption perceptions index rank
60 (2020)

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Banks of Armenia

Bank
The cost of opening an account, $
Global rating
Countrywide rating
GSL rating
2 500
N/A
N/A
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