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How to Registration of sole proprietorship or LLC in Armenia Remotely or In-Person in Yerevan

Let’s outline the key steps involved in establishing a business in Armenia. How to open sole proprietorship or LLC in Armenia. The process is relatively straightforward if you follow the instructions carefully. This will enable you to work with international clients and companies in no time.

Step 1: Choose the Legal Form of Organization (LFO)

  • For sole ownership, SP is the most common choice.
  • For shared ownership, LLC is typically preferred.

Step 2: Prepare the Required Documents

For SP:

  • Notarized translation of the owner’s international passport.
  • A local phone number from an Armenian telecom operator.
  • A copy of the passport with an entry stamp to Armenia.
  • SSN (Social Security Number): This can be issued by the local police station upon presentation of a translated and notarized passport. Sometimes additional documents, such as a birth certificate, passport, or a local registration address, may be required. The process usually takes up to two days.

For LLC:

  • Notarized translations of all owners’ passports.
  • Articles of Incorporation.
  • Information about the executive body’s head.
  • Minutes of the founders’ meeting with a resolution to establish the LLC in Armenia.

For Both SP and LLC in Armenia:

  • A legal address (can be owned or rented), required for receiving official correspondence.

Step 3: Submit Documents

Remote Registration
Registering an SP or LLC in Armenia remotely is possible. After receiving a power of attorney from the client (notarized electronically), the registration process typically takes 3-4 business days.

Bank Account Limitation
Due to stricter sanctions affecting Armenian banks, remote bank account opening for SPs or LLCs is not possible. Accounts must be opened in person within 3-5 business days.

Purpose of Remote Registration
Remote registration is particularly useful to save time in Armenia or to provide Proof of Address or Proof of Residence for various purposes.

Step 4: Registration

Upon successful submission of documents:

  • Sole proprietorship: A registration certificate with a taxpayer identification number (TIN) is issued immediately.
  • LLC: Registration typically takes a few days.

Step 5: Open a Bank Account

It is mandatory for both SPs and LLCs to have a separate bank account in a local financial institution for conducting operations.

Documents Required for Opening an Account:

  • SP: Application, passport, registration certificate, SSN, and other necessary documents.
  • LLC: Application, incorporation documents, registration confirmation, proof of the company’s legal address, etc.

Bank Fees and Conditions:

  • SP Accounts:
    • ID Bank: 10,000 AMD for account opening + 1,000 AMD/month maintenance.
    • Evocabank: 10,000 AMD for opening + 10,000 AMD/year maintenance.
    • Unibank: 25,000 AMD for opening + 50,000 AMD maintenance.
    • Ardshinbank: Free account opening, 5,000 AMD/month maintenance.
  • LLC Accounts:
    • Ineco Bank: 5,000 AMD for opening + 500 AMD/month maintenance.
    • Converse Bank: 1,000 AMD for opening + 4,800 AMD/year maintenance.
    • ID Bank: Free account opening and maintenance.
    • Ardshinbank: 100,000 AMD for opening + 10,000 AMD/year maintenance.

It’s advisable to open accounts in multiple banks due to varying policies and fees for residents and non-residents.

Step 6: Tax Registration

Upon registration, you have 20 days to apply for the simplified tax regime (if needed). Under this regime:

  • The turnover tax rate for SPs and LLC in Armenia is 5%.
  • Quarterly reporting is required by the 20th of the following month.
  • Social tax and stamp duties must also be paid.

For detailed information on taxes applicable to specific business types, consult Armenia’s Tax Code.

Assistance with Business Registration and Bank Accounts

We can help you select the best bank for opening SP or LLC accounts and assist in completing the process. Typically, account opening takes 2-3 business days, though in some cases, it may take 5-7 days.

Payoneer Payment System

We recommend the Payoneer payment system, which allows:

  • Receiving payments from any country.
  • Transferring money globally.
  • Issuing a MasterCard Payoneer.

This system facilitates international transactions without hefty fees. For instance, a client in the UK can make a payment using local bank details, simulating a transaction as if your company had a UK-based account. Funds are then accumulated in your Payoneer account and can be transferred to your Armenian bank account for further use.

If you have questions or need further assistance with registration or account setup, contact us directly or leave a request on our website!