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Armenia has made substantial efforts to simplify the process of starting a business, ensuring that the environment is conducive for both local and foreign investors. Particularly in the capital city, Yerevan, setting up a business involves several legal steps including reserving a unique company name, registering the business with the State Register of Legal Entities, registering with the state tax authority, and obtaining relevant licenses.
Although the process of starting a new business in Yerevan is relatively straight-forward, legal help can be instrumental in navigating the system smoothly. Situations where you may require a lawyer include understanding complex business laws, drafting and reviewing documentation, dealing with potential legal disputes, acquiring the necessary permits, and ensuring the company complies with all relevant tax laws.
Armenian business law is largely shaped by the Civil Code of the Republic of Armenia. This provides regulations for establishing LLCs, joint-stock companies, partnerships, and sole proprietorships. There are also specific laws such as the Law on State Registration of Legal Entities, State Record of the Individual Entrepreneur, and Service Fees for Certain Types of State Duty that govern the procedures around new business formation. Compliance with tax regulations, documented in the Tax Code of the Republic of Armenia, is also crucial.
Normally, it takes about 2-3 weeks to complete the entire process of setting up a business in Yerevan, although this timeline can fluctuate based on specific circumstances.
In Yerevan, you can establish a variety of businesses such as Limited Liability Companies (LLC), Joint-Stock Companies, partnerships, and sole proprietorships.
Yes, the law allows foreign investors to own 100% equity of a business in Yerevan with the exception of certain regulated industries.
While Yerevan is increasingly viewed as an attractive destination for business, some of the potential challenges include dealing with bureaucratic procedures, understanding local business customs, and the need for certain businesses to obtain additional licenses.
Yes, a registered legal address is one of the mandatory requirements for business registration.
For those seeking legal advice in new business formation, the following are valuable sources:State Register of Legal Entities, Ministry of Economic Development and Investments, and Chamber of Commerce and Industry of Armenia. Besides, online portals like Armenia's E-Gov and E-draft provide digital solutions to access legal information.
Should you require legal assistance in business formation in Yerevan, it's advisable to consult with a competent attorney experienced in Armenian business law. They can guide you through the process, help prepare and review legal documents, and ensure your business complies with all local and national regulations.
