Are you interested to know how to start and register business in Armenia? if yes, then this content is especially for you. While starting a business in Armenia, apart from the plan, you have to look at the legal aspect. Whether you want to start a private business or a company. In order to run a business in Armenia, one must have a registered company or sole proprietorship and Permit. Learn how to start and register business in Armenia with complete detail.
How to Start and Register Business in Armenia:
Here is the complete details to start and register business in Armenia. To start a business in Armenia, first, you have to decide what type of business you want to run. It can be a private business or a company. If a company, then chooses a suitable business structure. It can be a public firm, LLC, or CJSC. More, you can explore local business listing here.
LLC (Limited Liability Company):
A limited liability company or LLC is frequently SMB (Small and mid-size enterprise) in Armenia. There is no minimum share capital requirement, shareholders’ liability is limited to their investments, at least one investor must be present, and shareholders’ meetings must be held at a predetermined time each year annually.
A manager does not require a shareholder or Armenian citizenship, while a board of directors is optional, A shareholder can leave the company whenever he wants and collect the value of his shares. If the company manager is a visitor whose stay in Armenia will exceed the duration of their visa, they must apply for temporary residence. With a normal visa, one can work.
CJSC (Closed Joint-Stock Company):
JSC, or joint-stock company, operates similarly to an LLC in Armenia, there are certain distinctions in ownership, exit strategy, and managerial specifics. The share capital can be reflected by common or preferred shares, voting or non-voting shares, and at least one investor is required. The shareholders are simply responsible for the amount of their contributions, and the annual meeting can take place anywhere in the world with a proxy. A company with 50+ shareholders will need a board of directors including at least 3 persons.
Register a Business in Armenia:
Both commercial and non-commercial organizations must be registered in Armenia. You may pick up a lawyer to do the registration or also do it yourself as electronic registration for business registration in Armenia is also available and gaining popularity. The steps required to complete the business registration process are as follows:
1. The first step to registering a business in Armenia is started with company registration at the State Register for Legal Entities in Yerevan.
2. The applicants may need a few documents in order to register the firm.
- Company Name
- List of partners or owners
- Company Manager name
- Registration address
- Charter capital Amount
- Registration form that includes information about Shareholders and managers responsible for
- Shareholder resolution, unanimously signed
- Confirmation of payment of state overhead (through a payment check or e-payments.am)
- Personal information about the head of the executive body, including passport and social security ID
- Certificate of beneficial ownership, confirming the beneficial owners of the company, to be disclosed to the Central Bank of Armenia
3. There are no associated charges or registration fees to open an LLC or JSC unless it is a non-profit organization or branch of a company.
4. After registering a business profile, you can get name protections, business registrations, and tax identification numbers, all of which are issued through the Business Entry One-Stop Shop launched by the Ministry of Justice in 2011.
5. The State Registrar is issued the TIN Tax Identification number). This process can take a maximum of three business days.
6. Trademark the company name. Make the firm name a trademark. In Armenia, you can choose any name for the business as long as it is not already registered by the state. Your brand is further protected legally by trademarking. Process by ordering a company stamp, which may take up to 1 day.