About New Business Formation Law in Yerevan, Armenia
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.
Why You May Need a Lawyer
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.
Local Laws Overview
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.
Frequently Asked Questions
How long does it take to form a business in Yerevan?
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.
What are the main types of companies I can establish?
In Yerevan, you can establish a variety of businesses such as Limited Liability Companies (LLC), Joint-Stock Companies, partnerships, and sole proprietorships.
Can a foreigner own 100% of a business in Yerevan?
Yes, the law allows foreign investors to own 100% equity of a business in Yerevan with the exception of certain regulated industries.
What are some of the challenges of setting up a business in Yerevan?
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.
Do I need to have a physical office to register a business in Yerevan?
Yes, a registered legal address is one of the mandatory requirements for business registration.
Additional Resources
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.
Next Steps
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.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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