How to apply?

To apply for the program, the application and the list of required documents must be sent via email to the following address: secretariat@mineconomy.am.

Requriements

To apply for the program, the following requirements must be met:

• The organization must not have had an administrative case initiated against it regarding the collection of unfulfilled tax obligations within the 365 days preceding the date of application submission.
• A bankruptcy petition must not have been filed against the organization, and the organization must not be a debtor in a bankruptcy case.
• The organization's investment program must include a capital investment equivalent to at least 1 billion AMD, which has been entirely directed toward establishing or expanding the production of economically complex products.

Moreover, with the exception of cases where start-up support is provided, it is necessary to comply with the specified criteria:

• the share of sales of economically complex products in the beneficiary's annual sales turnover must be at least 30% and not be less than the turnover share of the year preceding the start of production. The calculation of sales turnover includes only those economically complex products whose country of origin is the Republic of Armenia,
• at least 30% of the beneficiary's annual sales turnover must be generated from sales in external markets.

Required documents

To become a beneficiary of the program, the following documents must be submitted:

• application for recognition as a beneficiary,
• the previous year's financial statements and audit opinions (if available),
• documents justifying the availability of funding sources for the investment program,
• the organization's founding documents,
• information submitted regarding the organization's real beneficiaries,
• documents confirming the absence of bankruptcy proceedings against the organization,
• documents confirming that the organization does not have overdue tax liabilities,
• written consent provided by the organization regarding the conduct of an annual independent audit and the submission of its results to the Ministry.

The following documents must be submitted to receive support:

• application for obtaining support,
• the organization's founding documents,
• copies of licenses, permits, and notifications necessary for the organization's operations (if applicable),
• the organization's reports and auditor's opinion for the reporting year preceding the submission of the application,
• documents certifying the capital investments made (sale and purchase, supply, contract, construction contract, service provision, leasing agreements, and other documents),
• documents certifying the right of ownership or possession over assets created, constructed, acquired, reconstructed, repaired, or modernized as a result of capital investments (certificates of ownership, sale and purchase, supply, leasing, contract, construction contract agreements, etc.),
• a unified certificate regarding restrictions issued by the Cadastre Committee concerning assets that are real estate, created (acquired, constructed, reconstructed, modernized, repaired) as a result of capital investments,
• copies of documents certifying the rights of third parties (if any) over assets that are movable property, created (acquired, constructed, reconstructed, modernized, repaired) as a result of capital investments,
• in case of submitting an application for obtaining support in the year of starting production: a document confirming that the movable property created (acquired, constructed, reconstructed, modernized, repaired) as a result of capital investments has been commissioned,
• a certificate issued by the Judicial Department of the Republic of Armenia regarding the organization not being a debtor in a bankruptcy case,
• a certificate issued by the State Revenue Committee of the Republic of Armenia regarding the corporate profit tax and income tax calculated and paid by the organization based on the results of the year preceding the submission of the application, as well as overdue tax liabilities,
• a declaration of conformity for the production of economically complex products, signed by the head of the organization's executive body,
• a declaration of the organization's anti-corruption compliance.

The documents may be submitted in Russian or English, in addition to Armenian.

Delivery period and procedure

• Support is provided within 26 business days.
• Upon receipt of the application, the Ministry of Economy of the Republic of Armenia carries out an evaluation of the investment program within 15 working days, after which it electronically informs the applying organization about the approval or rejection of the application within 3 business days. In case the application is approved, the Minister of Economy of the Republic of Armenia issues an order on recognizing the applying organization as a beneficiary within 5 working days, and the organization is informed about the adoption of the order within the subsequent 3 working days.
• From the day of recognition as a beneficiary until the expiration of the investment agreement, the beneficiary submits an annual report to the Ministry by September 30 of each year.

Reference to legislation

Decision of the Government of the Republic of Armenia No. 1867-N of October 26, 2023. 

The Decision can be found on arlis.am.