Foreigners to be able soon to acquire a business in Armenia or make an investment in a local company without having to visit the country

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YEREVAN, May 17. /ARKA/. Changes made to a set of Armenian laws will enable foreigners to acquire a business in Armenia or make an investment in a local company without having to visit the country, Deputy Justice Minister Vahe Danielyan told reporters on Monday.

According to him, Armenian consulates abroad now can register a foreigner-owned business in Armenia or formalize the acquisition of a share in an Armenian company by foreigners.

“This is a good tool to attract new foreign investments, but time will show how effectively this tool will work” Danielyan said, adding that Armenian consulates will be vested with power to make the identification and registration work.

According to him, it is not yet clear whether this new service will be in demand, but it is a good tool that can help attract investments, help a foreigner buy a business or invest in an Armenian company without visiting Armenia.

“The main problem is low awareness, but I think that awareness raising work will be done by the Ministry of Foreign Affairs in specific countries and this service will be used not only by ethnic Armenians living abroad but also by foreign investors,” Danielyan said.

According to him, other reforms have also been made in this area; in particular, the terms of registration and creation of a company have been reduced. Also, foreigners will be able soon to open a bank account in Armenia online.
He said also that related by-laws are expected to be adopted within three months and all other related procedures will be approved as quickly as possible. -0-

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