Armenia boasts some highly competitive conditions that vary greatly with each field of work. Some industries are super competitive with only a few big names running the market as well as an abundance of industries with a healthy amount of competition like yerevan shipping and other service industries. Armenia simply exhibits prime economic conditions that are suitable for both new and long-running businesses. Given a decent amount of competition and excellent business conditions, setting up a business in Armenia can prove to be a great investment down the road. Regardless of whether you are a foreigner or a local, here are seven important details to keep in mind before starting a business in Armenia.
Do Business Research Beforehand
Before starting a business in Armenia, conduct research beforehand to identify any innovative business ideas within Armenia. Knowing about the country’s favorable businesses will spark ideas for a new venture. Of course, sticking with an original business idea is the ideal way to start, which will prove to be of no issue given the abundance of opportunities throughout Armenia.
Establish an LLC
An LLC or limited liability company is best since the process of setting up a business is arguably the most straightforward and easy for foreigners. Also, the process only requires a single shareholder and director for completing the establishing procedure. Paid-up capital is also fairly inexpensive since it only costs a minimum of $1. Established LLCs are required to present a certified financial statement to a commercial registry.
Whether a foreigner or not, Armenia offers a painlessly quick and easy registration process for businesses that can be completed within a day as long as the applicant is physically present and brought with them registration files requiring a sample. For applicants looking to register online and remotely, the registration procedure can take up to one to three working business days. Given the convenient registration process, quickly setting up a business in Armenia becomes that much more appealing.
Inexpensive Registration Rates
The registration process and maintaining a business do not require much money. The $1 capital fee would be no hassle, especially since the government does not require any registration renewal charges, which makes it easy to register and maintain a business with almost no money. This means that file reports and periodic fees do not need to be paid to retain a decent credit. Even inactive companies are not enforced to pay any taxes. Furthermore, renting any kind of space for the business is not obligatory similar to opening a bank account for business purposes.
Armenia aims to develop and nurture a suitable society for all kinds of business and investors, which results in a forthright and indisputably shameless background for further exhibiting the country’s competitive benefits and interest for everyone to see. Armenia’s transparency and sustainable economy result in well-developed infrastructure, larger investment proportions, and generally higher-quality work opportunities.
Highly Competent Work Force
The workforce in Armenia is very well-educated, skilled, and multi-ethnic, which creates an abundance of business opportunities and sustainable growth. Especially the health and medical field, since Armenia focuses many efforts on improving and maintaining this line of work. Furthermore, the country is equipped with state-of-the-art technology, brilliant engineers, mathematicians, and scientists. In addition to the entire country population being literate, the enrollment rate for their schools is impressively high.
Starting and opening a business in Armenia comes with several key factors to keep in mind, especially since they will greatly help in not only making the process painlessly easy but also help avoid any complications and misunderstandings. In all, Armenia offers some of the brightest futures and most resourceful economies for a startup business, even for foreigners.