Set Up Business in Armenia With a Reliable Process
The competitive environment in Armenia varies depending on the industry. Some sectors have a couple of large players that control the market, which includes petrol, sugar and wheat, salt production, cement, and tobacco. However, most of the economic sectors, even the export and service sectors also enjoy competitive environments.
If you are wondering why set up a business in Armenia, there are many reasons for that. Even as a foreign investor, you will find it to be encouraging and accessible. Read more here for more information.
What You Must Do
- Research current businesses because it is best to start with something that is innovative for Armenia instead of copying another company. Being original is the best way to start a business. You can provide ideas by thinking of a business foundation for Repat Armenia to build on and connect to people.
- Set up a limited liability company (LLC) because this is the easiest for a foreigner. In addition, it only needs 1 director and 1 shareholder to complete the incorporation process. You only need a paid-up capital of at least $1. The LLCs must submit an audited financial statement to a commercial registry.
Why Set Up Business in Armenia
- The registration is fast and easy, even for foreigners. The company registration can be finished in a day if you are physically there and decide to use registration documents that have a sample. In case you are registering remotely, the process can take one to three business days.
- You do not need to spend a lot to register and maintain your business. Aside from the super low $1 paid-up capital fee, the government does not charge fees for renewing the registration. The company could maintain its good standing point without having to pay recurring fees or file reports. The dormant companies are not required to pay taxes. You do not have to rent an office, hire locals, or even open a bank account.
- Armenia’s primary goal is to have a favorable environment for investors and businesses. This includes a more transparent regulatory background because it shows the competitive advantages of the country. They also have more investment sizes, more developed infrastructure, and better jobs because of their sustainable economic growth.
- They do not have restrictions when it comes to foreign ownership. Foreigners are allowed to own 100% of the company. They do not need local partners or agents to open a company in Armenia. There are restrictions applied to the residency or citizenship of the company shareholders. Foreigners do not have to reside in Armenia or provide a local address to set up their business.
- Their workforce is entrepreneurial, skilled, and multicultural. One of its most reliable resources is its workforce because it is well-educated. The medical and health sector most especially because they have a lot of focus on this. They also have advanced technology, top-notch scientists, engineers, and mathematicians. Everyone in their population is literate. They have 90% enrollment in secondary schools, and senior high school is 85%.
Essential Points You Need to Know
- Your company can be registered with an abbreviation or in a different language. You can generally change the name later on.
- Shareholders need to define the company’s administrative order starting from the executive structure, the election order, and termination authorities.
- The limited liability company registration process is only conducted if the company address location can be acquired. You are only allowed to register the company if you mention a legal address in the constituent document. If there is still no agreement on a premise rent, you can legally obtain an address. This is needed in the registration.
Business Ideas in Armenia
Armenia has excellent food and they have the right weather conditions. It is summer most of the year, which means people will not have a hard time dining in your restaurant any day, and the atmosphere is very conducive to a restaurant business.
An internet startup in Armenia can be lucrative and very exciting. At first, you might be unsure of how things work because it is just starting, but bravery matters. You need to have a good website and make sure to keep it simple. It only takes less than five seconds to grab a person’s attention, or they will be gone. Make sure your website is customer-friendly, has excellent navigation, put an opt-in offer so you can gather e-mail addresses. You can use these e-mail addresses to convert visitors to sales.
You can come to 3E Accounting to help you set up business in Armenia.