Opening a Business in Armenia: Exploring the Costs and Benefits

Gillett News
Nov 11 2023

Armenia, a hidden gem in the South Caucasus region, has been gaining attention from entrepreneurs worldwide for its flourishing economy and business-friendly atmosphere. If you’re considering venturing into this dynamic market, one of your primary concerns may revolve around the expenses involved in setting up shop in Armenia. Let’s delve into the cost breakdown and uncover the potential benefits of establishing a business in this promising destination.

Cost Breakdown:

1. Registration Fees: To register your company in Armenia, you’ll need to allocate funds for the registration fees imposed by the State Register of Legal Entities. The exact amount hinges on the type and size of your business, ranging from AMD 10,000 to AMD 50,000 (approximately USD 20 to USD 100).

2. Legal and Notary Fees: Engaging a reliable lawyer and a notary public is essential for preparing and certifying the required legal documents. While the fees for these services vary based on your specific needs, they generally fall between AMD 50,000 and AMD 100,000 (approximately USD 100 to USD 200).

3. Accounting and Tax Services: To ensure smooth compliance with Armenian tax regulations, it’s advisable to enlist the assistance of an accountant or tax consultant. Although the cost depends on your business’s complexity, you can expect to allocate approximately AMD 50,000 to AMD 150,000 (approximately USD 100 to USD 300) per month for these services.

4. Office Space and Utilities: If you envision having a physical office, it’s crucial to consider the expenses associated with renting or purchasing office space, as well as utilities like electricity, water, and internet. These costs are contingent upon the location and size of your desired workspace.

Frequently Asked Questions (FAQ):

Q: Are there any additional expenses involved in establishing a company in Armenia?
A: Yes, additional costs may arise, such as business license fees, trademark registration fees, and employee salaries.

Q: Can I establish a company in Armenia remotely?
A: Absolutely! Opening a company remotely in Armenia is possible by utilizing a power of attorney.

Q: How long does the company registration process take in Armenia?
A: On average, the registration process spans about 5 to 7 business days.

Incorporating your business in Armenia can be an affordable endeavor, offering competitive advantages compared to other nations. With its conducive business environment and strategic location, Armenia presents entrepreneurs with remarkable opportunities for establishing a strong foothold in the region. Embrace the potential this vibrant country holds and embark on an exciting entrepreneurial journey in Armenia.