Why it is profitable to start a business in Armenia in 2020
Armenia is only gaining popularity among foreign investors as a platform for business development. It is undoubtedly an underestimated jurisdiction with a lot of advantages. It is possible to register a company in Armenia by a simplified procedure, remotely, using intermediary services.
Advantages of doing business in Armenia
The main advantage of the jurisdiction is the existence of free economic zones within its territory. Thanks to this, entrepreneurs can legally minimize the tax burden and get a working business in a country with an excellent geographical location. Armenia has other advantages as well:
- A simplified scheme for exporting goods to Europe, thanks to existing agreements with the EU;
- Opportunity to sell locally-branded products in Georgia, China, the European Union, Ukraine, and CIS countries.
- The existing agreement on duty-free import of raw materials from the countries of the Eurasian Union;
- A large number of free-market niches waiting for the inflow of foreign capital, fresh ideas and startups;
- Lack of requirements for a minimum amount of authorized capital and mandatory employment of local residents;
- The established exchange rate for VAT is 20%;
- No tax on dividends.
A year ago, the Armenian government decided that for stable economic growth, the country needs to create a foreign capital-friendly business environment. In connection with this, the procedure for registering companies in the jurisdiction has been revised towards maximum simplification and cheapening.
Features of company registration in Armenia
The most common forms of management in the country are IE and classic LLC. They are simple and understandable for people from Russia and CIS countries. Registration of new companies in the country is handled by the Agency of the State Register of Legal Entities. Preparation of documents for submission to the Registry of Legal Entities s usually carried out by lawyers, who fill out all necessary applications and check the correctness of the package of copies of constituent documents of the firm. Obligatory to provide are:
- personal data and information about the place of registration and address of the founders, directors and beneficial owners;
- the decision to establish the company;
- foundation agreement;
- Articles of Association, and, if available, a power of attorney for the registration of the firm and opening of a corporate bank account.
Despite the fact that there is no established minimum capital for the registration in Armenia, there is its recommended size of 100 Euros. Any adult or company may become a founder. Opening a firm in Armenia in 2020, with the support of IT-OFFSHORE specialists, will be easy. Our lawyers have huge experience in the field of international relations and will be glad to help you draw up a charter, prepare a package of constituent documents, and make a power of attorney for remote registration of the firm, certified by an Armenian notary. In addition, we can offer services in accounting and opening a bank account in Armenia.