Armenia
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WHY ARMENIA?
Armenia is a landlocked country located in the South Caucasus region of Eurasia. It is bordered by Turkey to the west, Georgia to the north, Azerbaijan to the east, and Iran to the south. Yerevan is the capital and largest city of Armenia.
Armenia has a long and rich history, with its culture and traditions dating back thousands of years. It was the first country in the world to adopt Christianity as its official religion in 301 AD. Armenia has faced many challenges throughout its history, including being ruled by various empires and experiencing genocide in the early 20th century.
Today, Armenia is a democratic republic with a population of around 3 million people. Its economy is primarily based on agriculture and mining, with tourism also playing an increasingly important role. The country has a diverse and unique cultural heritage, including its music, literature, art, and cuisine.
<span data-metadata=""><span data-buffer="">ADVANTAGES
These are the following advantages for Doing business in Armenia:
Strategic location:
Armenia is situated at the crossroads of Europe and Asia, making it a gateway to both regions. This strategic location offers businesses access to major markets and opportunities.
Skilled workforce:
Armenia has a highly educated and skilled workforce, particularly in the areas of science, engineering, and technology. This makes it an attractive destination for companies looking for talent in these fields.
Favourable business environment:
The Armenian government has implemented several measures to create a favourable business environment, including streamlined regulations, simplified tax procedures, and a low corporate tax rate.
Cost-effective operations:
The cost of doing business in Armenia is relatively low compared to other countries in the region. This makes it an attractive location for businesses looking to reduce their operational costs.
Growing economy:
The cost of doing business in Armenia is relatively low compared to other countries in the region. This makes it an attractive location for businesses looking to reduce their operational costs.
Access to funding:
Armenia has a well-developed banking system and access to international funding sources. This makes it easier for businesses to secure financing for their operations.
Overall, the combination of a strategic location, skilled workforce, favorable business environment, cost-effective operations, growing economy, and access to funding makes Armenia an attractive destination for businesses looking to expand their operations.
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<span data-metadata=""><span data-buffer="">SIMPLE TAX REGIME<span data-metadata="">
The tax regime in Armenia consists of several types of taxes that are levied on individuals and businesses. Here are the main types of taxes in Armenia:
Value Added Tax (VAT):
VAT is a tax that is levied on the supply of goods and services in Armenia. The standard VAT rate in Armenia is 20%, but there are reduced rates of 0% and 10% for certain goods and services.
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Profit tax:
Profit tax is a tax that is levied on the profits of companies and is calculated as a percentage of their taxable income. The current profit tax rate in Armenia is 18%.
Social security contributions:
Social security contributions are taxes that are levied on both employers and employees. The current social security contribution rate in Armenia is 25.9% of gross salary.
Property tax:
Property tax is a tax that is levied on the value of real estate property in Armenia. The current property tax rate in Armenia is 0.5% of the property’s assessed value.
Excise tax:
Excise tax is a tax that is levied on specific goods, such as tobacco, alcohol, and gasoline. The excise tax rate varies depending on the type of product.
Customs duties:
Customs duties are taxes that are levied on imported goods. The rate of customs duties varies depending on the type of product and the country of origin.
It’s worth noting that there are certain tax exemptions and incentives available to businesses operating in Armenia, particularly those operating in certain industries or regions. The Armenian government also provides a simplified tax regime for small businesses with annual turnover below a certain threshold.
TAX SLABS-
INCOME TAX RATES: –
Individuals are classified into two categories for personal income tax (PIT) purposes:
Unified Income tax rates: –
CORPORATE TAX RATES: –
Companies can opt for turnover tax or micro-business regimes within 20 calendar days following the company’s registration.
ARGENTINA COMPANIES
There are several types of companies that can be formed in Armenia. Here are the most common types:
Limited Liability Company (LLC):
This is the most popular type of company in Armenia. An LLC offers limited liability protection to its owners and is relatively easy to set up. It requires at least one founder and has no minimum share capital requirement.
Joint Stock Company (JSC):
A JSC is a type of company that can issue shares to the public. It requires a minimum of two founders and a minimum share capital of AMD 6 million (approximately USD 12,000).
Sole proprietorship:
A sole proprietorship is a business owned by a single person. This type of company is easy to set up, and the owner is personally liable for the company’s debts and obligations.
Partnership:
A partnership is a type of company owned by two or more people. The partners are jointly and severally liable for the company’s debts and obligations.
Branch:
A branch is a foreign company that establishes a presence in Armenia. The branch has no separate legal personality from the parent company and is subject to Armenian law.
Representative office:
A representative office is a type of business that represents a foreign company in Armenia. It is not allowed to engage in commercial activities and is subject to certain restrictions.
It’s important to note that each type of company has its own advantages and disadvantages in terms of liability, tax obligations, and regulatory requirements. It’s recommended to seek professional advice before choosing the type of company to establish in Armenia.
Armenia is a landlocked country located in the South Caucasus region of Eurasia. It is bordered by Turkey to the west, Georgia to the north, Azerbaijan to the east, and Iran to the south. Yerevan is the capital and largest city of Armenia.
Author: Chandrawat & Partners
Topic: Doing Business in Armenia
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