Relocation to Armenia: "This is just the beginning"

ArmInfo.If earlier about 98% of applications for business relocation to Armenia came from the business sector operating in the IT field, today the industry segment  has expanded, covering manufacturing, logistics services, etc.  Founder of the BWB (Business Without Borders) initiative Mher  Ghazaryan said this in an interview with ArmInfo.

He stressed that the main flow of business relocation to Armenia was  registered in early March, and now there is already some slowdown.  Referring to the data of the State Register of Legal Entities,  Ghazaryan said that a total of 2,439 CJSCs, LLCs, individual  entrepreneurs and funds were registered in Armenia by citizens of the  Russian Federation, Ukraine and Belarus, which is a rather small  indicator. "But this is still the beginning," the expert noted.

In this regard, he attached importance to the role of the state in  increasing the interest of foreign businesses in the Armenian market.  As one example, Ghazaryan stressed that in the field of taxation, the  extension of the regime with zero income tax could serve as a good  impetus for the relocation of the IT sector.

However, he pointed to certain problems in the banking system.  , he noted.

At the same time, the founder of BWB did not rule out that the entry  of foreign entrepreneurs into the Armenian market may imply certain  changes, including in the field of banking services, business  culture, etc.

In connection with incoming requests from foreigners, as Ghazaryan  noted, it is possible that Armenian banks will think about certain  changes in processes and procedures. As one of the important products  of the banking segment, the expert named mortgage loans for  non-residents, which can be achieved within the framework of joint  projects between developers and banks. In this context, the founder  of BWB attached importance to timely response to the requests of  foreign businesses, which will exclude the interest of the latter in  other markets as a business relocation.   It should be noted that according to the Agency for State Register of  Legal Persons, from February 24 to April 22, 752 LLCs, 6 CJSCs, 4  funds were registered in Armenia with the participation of  individuals and / or legal entities of citizens of the Russian  Federation, and 1563 citizens of the Russian Federation were  registered as individual entrepreneurs. 29 LLCs, 6 CJSCs, 4  foundations, 60 individual entrepreneurs were registered by citizens  of citizens of Belarus. 11 LLCs and 14 individual entrepreneurs were  registered by citizens of Ukraine.  The mission of the BWB initiative  is to help individuals and corporations to continue and expand their  business in Armenia. The initiative provides advice and support in  the establishment and relocation of a business in various forms:  CJSC, sole proprietorship, LLC, etc.; consultations in opening bank  accounts and gaining access to banking services; on issues of  taxation, tax and accounting; on issues of migration and obtaining a  residence permit; investment opportunities; assists in the  preparation of commercial and other contracts; provides logistics and  cargo transportation services, etc. The founder of the initiative is  Mher Ghazaryan, members of the Advisory Board Artur Ghazaryan and  Raffi Semerjyan. More information about BWB services is available on  the official website: http://bwbinitiative.com/.