Armenia is a developing country and ranks 81st on the Human Development Index. Its economy is primarily based on industrial output and mineral extraction.
Armenian mines produce copper, zinc, gold, and lead. The vast majority of energy including gas and nuclear fuel (for its one nuclear power plant); the main domestic energy source is hydroelectric. Small deposits of coal, gas, and petroleum exist but have not yet been developed.
88% of products exported from Armenia were purchased by importers in: Russia, Switzerland, Bulgaria, China, Iraq, Netherlands, Iran, Germany, Georgia, Canada, Italy and the United Arab Emirates. Given that Armenia has a population of 3 million, its total exports of $2.6 billion are about $900 for every resident of that West Asian country.
Foreign business owners and investors appreciate the pace of economic reform, security, freedom and openness of Armenia. There are usually no restrictions on foreign ownership of companies, real estate and other assets. Armenia guarantees free repatriation of invested capital and profits. Investment projects are encouraged by tax incentives and state aid programs.
The key advantages of doing business in the Armenian jurisdiction include:
-attractive realities for doing business - availability of free economic zones (FEZs), increased tourist flow, preferential taxation regimes, etc;
-quality education as an indicator of the country's intellectual sophistication and potential for a skilled workforce;
-a rich and classy cultural life, which for every businessman, investor or specialist is an important component of everyday life and activities in the territory of Armenia;
-opportunity to increase the confidentiality of your company with the service of a nominee director;
-a developed banking system with a full range of banking and non-banking services with remote -management of accounts and transactions;
-opportunity for quick access of products/goods/services from the local level to the global markets;
-international work environment with high work speed and labor efficiency.
In this regard, Armenia benefits from the presence of research laboratories. It is also worth noting that the country’s potential is recognized by a number of European countries and the United States, which willingly extend support to this South Caucasian country. For example, the SMEDA project, funded by Germany (Federal Ministry for Economic Cooperation and Development) and the EU, supported the establishment of a startup academy, which became the cradle and a solid foundation for many businesspeople.
In 2018, a network of business angels STAN ( Science and Technology Angels Network ) was created in Armenia, with investments from the United States, Russia and Armenia, as well as the foreign Armenian diaspora. The STAN association is most interested in financing the following areas of developments: advanced materials; biotechnology; microelectronics; data science; IT.
The main objectives of the state investment policy in Armenia are: improvement of the investment environment, improvement of the legal framework and stimulation of investment in the economy of the Republic of Armenia, including foreign direct investment.
Forbes and TechCrunch call Armenia a world-class technohub, and the country's government relies on IT in its long-term economic development strategy.
The Armenian government provides tax incentives designed specifically for IT companies and technology startups.
According to the WEF, Armenia is between the factor-driven and efficiency-driven stages of development. At the factor-driven stage, countries compete on the basis of their factor endowments, while at the efficiency-driven stage, the efficient use of resources becomes more important to increase labour productivity and wages.
Since Armenia aligns itself in many respects geopolitically with Europe, the country is a member of numerous European organizations including the Council of Europe, the Eastern Partnership, Eurocontrol, the Assembly of European Regions, and the European Bank for Reconstruction and Development. Armenia is also a member of certain regional groups throughout Eurasia, including the Asian Development Bank, the Collective Security Treaty Organization, the Eurasian Union, and the Eurasian Development Bank.
The Republic of Armenia has been a member of the World Intellectual Property Organization (WIPO) since 1993. WIPO cooperates with the Intellectual Property Agency under the Ministry of Economy of the Republic of Armenia, which performs functions related to intellectual property protection.
WIPO provides technical assistance and supports the implementation of sector development projects.
During these years, with the support and funding of WIPO in the Republic of Armenia, the following activities have been organized and carried out:
-regional seminars, workshops, seminars;
-Study tours to Israel, Korea and other countries to study their best practices
in the field of intellectual property and investments in RA;
-trainings for the staff of the Agency for advanced training;
-trainings, as well as study tours to the WIPO headquarters for experts,
professors and students of higher educational institutions.
Specialists from the Intellectual Property Agency regularly participate in seminars, conferences, workshops, round tables, business meetings of WIPO standing committees to discuss ways of developing the intellectual property sector.
WIPO experts also advise on IPR legislation.
Civil Procedure Code of Armenia has contains regulations in connection with various institutions
of civil procedure, including:
• Burden of proof
• Rules of submission of evidence
• Measures to secure the claim
• Participation to the proceedings via audio-visual equipment.
This Code has considerably developed procedures for the recognition and enforcement of both arbitral awards and foreign judicial acts.
The Judicial Code has contains regulations the administrative structure of judicial bodies, such as:
• Eliminating different district courts of Yerevan, which were all incorporated into the newly created court of general jurisdiction of Yerevan.
• The creation of a specialist bankruptcy court.
Armenia is a unitary republic with a civil law system. Since 2007, the reasoning contained in decisions of the Court of Cassation (including interpretations of law) and the European Court of Human Rights are binding on all courts.
Our law firm VLO provides legal services for corporate and private clients in Armenia. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
Armenian mines produce copper, zinc, gold, and lead. The vast majority of energy including gas and nuclear fuel (for its one nuclear power plant); the main domestic energy source is hydroelectric. Small deposits of coal, gas, and petroleum exist but have not yet been developed.
88% of products exported from Armenia were purchased by importers in: Russia, Switzerland, Bulgaria, China, Iraq, Netherlands, Iran, Germany, Georgia, Canada, Italy and the United Arab Emirates. Given that Armenia has a population of 3 million, its total exports of $2.6 billion are about $900 for every resident of that West Asian country.
Foreign business owners and investors appreciate the pace of economic reform, security, freedom and openness of Armenia. There are usually no restrictions on foreign ownership of companies, real estate and other assets. Armenia guarantees free repatriation of invested capital and profits. Investment projects are encouraged by tax incentives and state aid programs.
The key advantages of doing business in the Armenian jurisdiction include:
-attractive realities for doing business - availability of free economic zones (FEZs), increased tourist flow, preferential taxation regimes, etc;
-quality education as an indicator of the country's intellectual sophistication and potential for a skilled workforce;
-a rich and classy cultural life, which for every businessman, investor or specialist is an important component of everyday life and activities in the territory of Armenia;
-opportunity to increase the confidentiality of your company with the service of a nominee director;
-a developed banking system with a full range of banking and non-banking services with remote -management of accounts and transactions;
-opportunity for quick access of products/goods/services from the local level to the global markets;
-international work environment with high work speed and labor efficiency.
In this regard, Armenia benefits from the presence of research laboratories. It is also worth noting that the country’s potential is recognized by a number of European countries and the United States, which willingly extend support to this South Caucasian country. For example, the SMEDA project, funded by Germany (Federal Ministry for Economic Cooperation and Development) and the EU, supported the establishment of a startup academy, which became the cradle and a solid foundation for many businesspeople.
In 2018, a network of business angels STAN ( Science and Technology Angels Network ) was created in Armenia, with investments from the United States, Russia and Armenia, as well as the foreign Armenian diaspora. The STAN association is most interested in financing the following areas of developments: advanced materials; biotechnology; microelectronics; data science; IT.
The main objectives of the state investment policy in Armenia are: improvement of the investment environment, improvement of the legal framework and stimulation of investment in the economy of the Republic of Armenia, including foreign direct investment.
Forbes and TechCrunch call Armenia a world-class technohub, and the country's government relies on IT in its long-term economic development strategy.
The Armenian government provides tax incentives designed specifically for IT companies and technology startups.
According to the WEF, Armenia is between the factor-driven and efficiency-driven stages of development. At the factor-driven stage, countries compete on the basis of their factor endowments, while at the efficiency-driven stage, the efficient use of resources becomes more important to increase labour productivity and wages.
Since Armenia aligns itself in many respects geopolitically with Europe, the country is a member of numerous European organizations including the Council of Europe, the Eastern Partnership, Eurocontrol, the Assembly of European Regions, and the European Bank for Reconstruction and Development. Armenia is also a member of certain regional groups throughout Eurasia, including the Asian Development Bank, the Collective Security Treaty Organization, the Eurasian Union, and the Eurasian Development Bank.
The Republic of Armenia has been a member of the World Intellectual Property Organization (WIPO) since 1993. WIPO cooperates with the Intellectual Property Agency under the Ministry of Economy of the Republic of Armenia, which performs functions related to intellectual property protection.
WIPO provides technical assistance and supports the implementation of sector development projects.
During these years, with the support and funding of WIPO in the Republic of Armenia, the following activities have been organized and carried out:
-regional seminars, workshops, seminars;
-Study tours to Israel, Korea and other countries to study their best practices
in the field of intellectual property and investments in RA;
-trainings for the staff of the Agency for advanced training;
-trainings, as well as study tours to the WIPO headquarters for experts,
professors and students of higher educational institutions.
Specialists from the Intellectual Property Agency regularly participate in seminars, conferences, workshops, round tables, business meetings of WIPO standing committees to discuss ways of developing the intellectual property sector.
WIPO experts also advise on IPR legislation.
Civil Procedure Code of Armenia has contains regulations in connection with various institutions
of civil procedure, including:
• Burden of proof
• Rules of submission of evidence
• Measures to secure the claim
• Participation to the proceedings via audio-visual equipment.
This Code has considerably developed procedures for the recognition and enforcement of both arbitral awards and foreign judicial acts.
The Judicial Code has contains regulations the administrative structure of judicial bodies, such as:
• Eliminating different district courts of Yerevan, which were all incorporated into the newly created court of general jurisdiction of Yerevan.
• The creation of a specialist bankruptcy court.
Armenia is a unitary republic with a civil law system. Since 2007, the reasoning contained in decisions of the Court of Cassation (including interpretations of law) and the European Court of Human Rights are binding on all courts.
Our law firm VLO provides legal services for corporate and private clients in Armenia. These services include mergers and acquisitions, business and debt restructuring, tax and tax disputes, corporate disputes, investments, bankruptcy, litigation and arbitration.
If you have questions, please us right now.
E-mail: vlolawfirm@gmail.com
Armenia