Armenia History, Economy, and Statistics

Armenia is a landlocked country in western Asia, bordered by Turkey and Azerbaijan, among others. Its history includes rule by the Ottoman and Iranian empires, an ethnic genocide of their people by Turkey during World War I, as well as being incorporated into the USSR for most of the 20th century. The modern Republic of Armenia became independent in 1991 after the fall of the Soviet Union.

The Armenian diaspora contributes heavily to its economic development, which now includes a modern industrial sector, supplying machine tools, textiles, and other manufactured goods to sister republics in exchange for raw materials and energy.

With Yerevan as its capital, Armenia has a population of 2,951,745, with more than 8 million Armenians living abroad. The predominant religion in Armenia is Christianity, whose  roots go back to the 1st century. Armenians have their own distinctive alphabet and language.

2021
April 24Genocide Remembrance Day
April 24Citizens’ Day
May 1Labour Day/May Day
May 9Victory and Peace Day
May 28Republic Day
July 5Constitution Day
September 21Independence Day
December 31New Year’s Eve
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 20%
  • Income Tax (Lowest Marginal Rate): 24.4%[
  • Income Tax (Highest Marginal Rate): 36%
  • VAT/GST/Sales Tax: 20%
  • Union of Banks of Armenia (Local Bank)
  • Byblos Bank (Local Bank)
  • Central Bank (Local Bank)
  • VTB Bank Armenia (Local Bank)
  • Mellat Bank (Local Bank)
  • Anelik Bank (Local Bank)
  • Araratbank (Local Bank)
  • ACBA-Credit Agricole Bank, (Commercial Bank)
  • Ameriabank (Commercial Bank)
  • Anelik Bank, (Commercial Bank)
  • Araratbank, (Commercial Bank)
  • Ardshinbank, (Commercial Bank)
  • Armbusinessbank (Commercial Bank)
  • ArmEconomBank (Commercial Bank)
  • ArmSwissBank, (Commercial Bank)
  • Artsakhbank (Commercial Bank)
  • Bank Mellat Armenia (Commercial Bank)
  • Byblos Bank Armenia, (Commercial Bank)
  • Converse Bank (Commercial Bank)
  • Evocabank, (Commercial Bank)
  • HSBC Bank Armenia (Commercial Bank)
  • InecoBank, (Commercial Bank)
  • Unibank, (Commercial Bank)
  • VTB Armenia (Commercial Bank)

Aadmi can support you with your expansion to Armenia. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

February 21, 2022
  It’s not surprising that company wellness programs are on the rise. Designing and managing an employee wellness program is an essential step in improving the h...
February 17, 2022
  Bangladesh has been one of the recent preferred choices for new business owners, entrepreneurs, and large corporations looking to move manufacturing overseas. This h...
February 14, 2022
  Establishing a business in Mexico can be a lucrative option for investors who are considering the Americas as a market. Not only can you benefit from low operating c...
February 10, 2022
When it comes to moving manufacturing to another country, China is the premier destination. It offers the perfect combination of cheap but skilled labor, political stabilit...