Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Central Bank's decision, including banking and payment rails.
Get an investment license in Armenia.
One regulator, printed floors and a one-month clock. The Central Bank of Armenia licenses investment companies under the Law on Securities Market (HO-195-N, 2007) and fund managers under the Law on Investment Funds (2010), and its list names thirteen investment companies, ՆԸ0004 to ՆԸ0020. Total capital under CBA Regulation 4/02 runs from AMD 20 million for order reception and transmission without client funds to AMD 300 million for own-account dealing, underwriting and custody, on AMD 1 million of charter capital; Article 37(3) gives the Central Bank one month from the founders' application to decide; the state duty is AMD 500,000 a year. Profit tax is 18%, and dividends to non-resident shareholders carry 5%. No passport - and FX or leveraged instruments triple each floor.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Armenia in brief
Four capital tiers, a one-month clock and thirteen names.
Armenia puts the whole investment-services regime under one roof. The Central Bank of Armenia licenses investment companies under the Law on Securities Market, HO-195-N of 11 October 2007, through Regulation 4/01, and prices them in Regulation 4/02 (Board decision 44-Ն of 2008, last amended February 2022). Point 7 fixes charter capital at AMD 1,000,000. Point 5 sets total capital by service set: AMD 20 million for reception and transmission of client orders without holding client funds; AMD 50 million where the firm holds client funds or executes orders; AMD 50 million again for portfolio management or non-guaranteed placement; AMD 300 million for dealing on own account, guaranteed placement and custody. Add FX or leveraged instruments and each tier rises - to AMD 60 million, 150 million, 150 million and 1 billion. Article 37(3) of the law gives the Central Bank one month from the founders' application to register and license or refuse, and 20 days to license additional services.
The licence itself is cheap to hold: the Central Bank's licensing guide puts the annual state duty for the licensed activity at AMD 500,000. The register is short - thirteen investment companies on the CBA list at 18 September 2026, numbered ՆԸ0004 to ՆԸ0020, from Future Capital Market and Incore to Armbrok, Bridge Capital and AB Invest, in LTD, CJSC and one OJSC form. The fund manager is the second licence, under the Law on Investment Funds of 2010: Regulation 10/02 asks AMD 1 million of charter capital and AMD 50 million of total capital from a non-pension manager (points 5 and 7), and Article 55(2) gives the Central Bank 30 working days to decide. Tax follows the Tax Code: profit tax 18% under Article 125(1), 5% withheld on dividends paid to non-resident companies under Article 125(4), VAT at 20%. No passport - the licence covers Armenia only. We run the file from Yerevan.
One regulator and printed floors: the Central Bank of Armenia licenses investment companies under HO-195-N (2007), with total capital under Regulation 4/02 of AMD 20 million, 50 million or 300 million by service set on AMD 1 million charter capital, and decides within one month (Article 37(3)).
State duty AMD 500,000 a year; fund manager at AMD 1 million charter and AMD 50 million total capital, 30 working days; profit tax 18%, dividends to non-residents 5%, VAT 20%; thirteen names on the register; no passport. Built from Yerevan.
The two builds
The order-handling and management firm - or the dealer.
One licence, four capital tiers under Regulation 4/02: AMD 20 million and AMD 50 million for the firm that handles orders, holds client funds or manages portfolios, AMD 300 million for the dealer, underwriter or custodian - each tripled or more where FX or leveraged instruments are added. The fund manager is a separate licence under the 2010 law, at AMD 1 million charter and AMD 50 million total capital.
AMD 20-50 million for orders and management - AMD 300 million for the dealer.
01 - ORDERS · PORTFOLIO MANAGEMENT
The AMD 20-50 million firm
The agency and wealth permissions under Regulation 4/02 point 5: reception and transmission of client orders without holding client funds at AMD 20 million of total capital; holding client funds or executing orders at AMD 50 million; portfolio management or non-guaranteed placement at AMD 50 million - with AMD 1 million of charter capital under point 7 and the one-month decision of Article 37(3).
The agency and wealth permissions under Regulation 4/02 point 5: reception and transmission of client orders without holding client funds at AMD 20 million of total capital; holding client funds or executing orders at AMD 50 million; portfolio management or non-guaranteed placement at AMD 50 million - with AMD 1 million of charter capital under point 7 and the one-month decision of Article 37(3).
- ✓Reception and transmission - AMD 20 million (pt 5(1))
- ✓Client funds or execution - AMD 50 million (pt 5(2))
- ✓Portfolio management - AMD 50 million (pt 5(3))
- ✓With FX or leveraged instruments - AMD 60M / 150M
- ✓Charter capital AMD 1 million (pt 7)
- ✓One month from the founders' application (art. 37(3))
02 - DEALER · UNDERWRITER · CUSTODIAN
AMD 300 millionThe dealing and custody firm
The market-facing house under point 5(4): dealing on own account and in its own name, guaranteed placement of issues and custody of client securities, at AMD 300 million of total capital - AMD 1 billion where FX or leveraged instruments join the list. Same one-month clock, same AMD 500,000 annual duty, and the tier a firm needs before it holds client securities itself.
Own-account dealing, underwriting and custody at AMD 300 million total capital under Regulation 4/02 point 5(4) - AMD 1 billion with FX or leveraged instruments.
- ✓Dealing on own account and in own name
- ✓Guaranteed placement - underwriting
- ✓Custody of client securities
- ✓AMD 300 million total capital (pt 5(4))
- ✓AMD 1 billion with FX or leveraged instruments
- ✓Same one-month clock, AMD 500,000 a year
Costs and timelines are confirmed for your case before any work begins. Regulation 4/02 sets the capital tier and the Central Bank's guide the AMD 500,000 annual duty; the quote itemises the tier for your service set, the bench and our fee.
Why Armenia
Printed floors, a short clock and 5% on the way out.
Armenia sells figures a founder can budget on at the first call: four capital tiers, a one-month statutory clock and an AMD 500,000 duty.
✓
AMD 20 million to start
The lowest tier under Regulation 4/02 point 5(1) - reception and transmission of client orders without holding client funds - on AMD 1 million of charter capital. An introducing or advisory model is not priced like a dealer.Orders without client funds, pt 5(1).
✓
A one-month clock
Article 37(3) of the Law on Securities Market gives the Central Bank one month from the founders' application to register and license or refuse; adding services later takes a 20-day decision.Article 37(3), 20 days to add services.
✓
AMD 500,000 a year
The annual state duty for the licensed activity, per the Central Bank's licensing guide - against AMD 6,000,000 a year for a credit organisation.The published state duty.
✓
18% and 5%
Profit tax at 18% under Article 125(1) of the Tax Code, and 5% withholding on dividends paid to non-resident companies under Article 125(4) - the founder-level figure that decides what a Yerevan licence returns to its owners.Profit tax, dividends to non-residents.
✓
One door for both licences
The fund manager comes from the same regulator under the Law on Investment Funds: AMD 1 million charter and AMD 50 million total capital under Regulation 10/02, decided within 30 working days under Article 55(2).AMD 50 million, 30 working days.
✓
FX triples the floor
The warning: put FX or leveraged instruments on the services list and each tier rises - AMD 60 million, 150 million, 150 million and 1 billion - and there is no passport out of Armenia. Fix the list before the capital is paid.60M, 150M, 1 billion with FX or margin.
How it compares
How Armenia differs from other routes.
The honest comparison: printed dram floors and a one-month clock - against Azerbaijan's AZN 75,000 / 300,000 in 60 plus 30 days, Uzbekistan's 3,000 BRV per licence and Türkiye's TL 45,000,000 floor.
Armenia vs other jurisdictions
| Feature |  Armenia | Other jurisdictions |
|---|---|---|
| Regime | Law on Securities Market HO-195-N (2007) · Reg. 4/02 - CBA | Securities Market Law 2015 Azerbaijan · CML 6362 Türkiye |
| Capital | AMD 20M / 50M / 300M total by service set | AZN 75,000 / 300,000 Azerbaijan · TL 45M-380M Türkiye |
| Scope | Domestic market, no passport | No passport in any of the four |
| Timeline | 1 month from the founders' application (art. 37(3)) | Azerbaijan 60 + 30 days · Türkiye 6 months (CML art. 39) |
Regime
ArmeniaLaw on Securities Market HO-195-N (2007) · Reg. 4/02 - CBA
Other jurisdictionsSecurities Market Law 2015 Azerbaijan · CML 6362 Türkiye
Capital
ArmeniaAMD 20M / 50M / 300M total by service set
Other jurisdictionsAZN 75,000 / 300,000 Azerbaijan · TL 45M-380M Türkiye
Scope
ArmeniaDomestic market, no passport
Other jurisdictionsNo passport in any of the four
Timeline
Armenia1 month from the founders' application (art. 37(3))
Other jurisdictionsAzerbaijan 60 + 30 days · Türkiye 6 months (CML art. 39)
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Armenia | Investment company - CBA | 18% · 5% dividend WHT | AMD 20M-300M by service set, 1-month clock, 13 names |
 Azerbaijan | Investment company - CBA | 20% · confirmed per structure | AZN 75,000 / 300,000, duty AZN 2,750, 60 + 30 days |
 Uzbekistan | Investment intermediary - NAPP | 15% CIT · 10% dividend WHT | 3,000 BRV (UZS 1.32bn) per licence, 20 working days, 75 on register |
 Türkiye | Aracı kurum - CMB | 30% capital-market institutions | TL 45M / 190M / 380M, 6-month clock |
ArmeniaLicense typeInvestment company - CBA
Taxation18% · 5% dividend WHT
RequirementsAMD 20M-300M by service set, 1-month clock, 13 names
AzerbaijanLicense typeInvestment company - CBA
Taxation20% · confirmed per structure
RequirementsAZN 75,000 / 300,000, duty AZN 2,750, 60 + 30 days
UzbekistanLicense typeInvestment intermediary - NAPP
Taxation15% CIT · 10% dividend WHT
Requirements3,000 BRV (UZS 1.32bn) per licence, 20 working days, 75 on register
TürkiyeLicense typeAracı kurum - CMB
Taxation30% capital-market institutions
RequirementsTL 45M / 190M / 380M, 6-month clock
Before you apply
Requirements for the Armenian licence.Requirements for the licence.
The Central Bank licenses under the 2007 law and Regulation 4/01 and prices the licence in Regulation 4/02; the checklist below is what the file carries.
01
Armenian company - an LTD, CJSC or OJSC, the three forms on the CBA's list; a branch of a foreign investment company is a further route under Regulation 4/01 point 35(12), with a deposit of AMD 8, 20 or 120 million by service set.
02
Charter capital - AMD 1,000,000 under Regulation 4/02 point 7, paid before filing.
03
Total capital - the point 5 tier for the service set: AMD 20 million (orders without client funds), AMD 50 million (client funds, execution, portfolio management, non-guaranteed placement) or AMD 300 million (own-account dealing, underwriting, custody).
04
FX and leveraged instruments - each tier rises to AMD 60 million, 150 million or 1 billion where margin or FX instruments are on the services list.
05
Services - the investment services under the Law on Securities Market (HO-195-N, 2007) chosen before drafting, since the tier follows the list; adding services later takes a 20-day decision under Article 37(3).
06
Fit and proper - shareholders and managers vetted under the Central Bank's requirements in Regulation 4/01, with the bench named in the application.
07
Client assets - custody and segregation arrangements documented in the file to Regulation 4/01, with the AMD 300 million tier where the firm itself holds client securities in custody.
08
Complaints - a process that routes retail disputes to the Financial System Mediator referenced on the Central Bank's pages.
09
State duty - AMD 500,000 a year for the licensed activity, per the Central Bank's licensing guide.
10
Timeline - one month from the founders' application under Article 37(3), running from the day all documents are duly submitted (Regulation 4/01 point 11).
01
Armenian LTD, CJSC or OJSC.
02
Charter capital AMD 1 million.
03
Total capital AMD 20M / 50M / 300M.
04
FX tiers 60M / 150M / 1bn.
05
Services fixed first.
06
Fit and proper vetted.
07
Client assets segregated.
08
Mediator in complaints.
09
Duty AMD 500,000 a year.
10
One month, art. 37(3).
Reflects the Law on Securities Market (HO-195-N, 2007), the Law on Investment Funds (2010), CBA Regulations 4/01, 4/02 and 10/02 and the Tax Code as of 2026; the tier for your service set is fixed in the quote.HO-195-N (2007), Reg. 4/01 and 4/02, Investment Funds Law (2010) - as of 2026.
How it works
From first call to the CBA list.
01
Route and services
Investment company under the 2007 law or fund manager under the 2010 law; services fixed first, because Regulation 4/02 prices them - AMD 20 million, 50 million or 300 million, tripled with FX or leveraged instruments.Tier chosen.
02
Company and bench
Armenian entity in LTD, CJSC or OJSC form, AMD 1 million charter capital and the point 5 total capital paid, managers and shareholders ready for the fit-and-proper test.Capital paid, people vetted.
03
The application
The Regulation 4/01 file, complete at filing - the one-month clock of Article 37(3) runs from duly submitted documents (Regulation 4/01 point 11).Complete at filing.
04
CBA review
One month for the Central Bank to register and license or refuse under Article 37(3); question rounds answered inside the period.One month.
05
Licence and launch
A ՆԸ number on the CBA list, the AMD 500,000 annual duty paid, exchange and banking live.ՆԸ number issued.
Quick facts
RegulatorCentral Bank of Armenia
LicenceInvestment company (ՆԸ)
Second licenceFund manager · AMD 50M total capital
CapitalAMD 20M / 50M / 300M · AMD 1M charter
FeeAMD 500,000 state duty a year
Statutory clock1 month (art. 37(3)) · 20 days to add services
Register13 names, ՆԸ0004-0020
Profit tax18% · 5% dividend WHT
Capital sits in Regulation 4/02, the clock in Article 37(3) and the duty in the Central Bank's guide - the plan is a service list fixed before drafting, capital paid at the matching tier, and a file complete on the day it is lodged so that the one-month period starts running.
On the ground in Armenia
Run from our Yerevan office.
Prifinance - Armenia
Yerevan · Armenia
Yerevan, Armenia
01
Company and capital
Armenian LTD or CJSC, AMD 1 million charter capital and the Regulation 4/02 tier - AMD 20, 50 or 300 million - paid before the file opens.Tier paid first.
02
The CBA file
The Regulation 4/01 application drafted to the licensing department's checklist and defended through the question rounds inside the one-month period.Reg. 4/01 drafting.
03
Board bench
Managers and shareholders vetted to the Central Bank's fit-and-proper standard, sourced from Yerevan's short bench of licensed firms.Fit and proper.
04
Register and launch
Entry on the CBA list with a ՆԸ number, exchange and depository relationships sequenced with the licence - with our Istanbul office a short flight away.Istanbul nearby.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Good to know
Taxation of investment firms in Armenia.
An 18% profit tax under Article 125(1) of the Tax Code, 5% on dividends leaving for non-resident shareholders, 20% VAT - and a state duty of AMD 500,000 a year.
Profit tax 18%
Article 125(1) of the Tax Code; the rate came down from 20% to 18% under Law HO-379-N of 25 June 2019, in force since 1 January 2020.Art. 125(1).
VAT 20%
Article 63(1); the State Revenue Committee's service page states the 20% rate, 0% on export and an AMD 115 million registration threshold. Whether a given investment service falls within an exemption is settled per service set.Art. 63(1).
Dividend withholding 5%
Five percent on dividends paid to non-resident organisations under Article 125(4) point 3.1, and the same 5% for non-resident individuals under Article 150 - both inserted by Law HO-379-N.Non-residents, art. 125(4).
State duty AMD 500,000
The annual state duty for the licensed activity, per the Central Bank's licensing guide; for scale, a credit organisation pays AMD 6,000,000 a year.Per year.
Compensation levy
No investor-compensation scheme is published alongside the Financial System Mediator on the Central Bank's pages; client disputes go to the Mediator, and no scheme levy enters the budget unless the Central Bank prescribes one.None published.
How we quote
The quote carries the Regulation 4/02 tier for your service set, the AMD 500,000 duty, the 18% and 5% rates and our fixed fee - each figure with its article.Tier, duty, rates, fee.
Tax summary
Profit tax18% (Tax Code art. 125(1))
VAT20% (art. 63(1))
Dividend withholding5% to non-residents (art. 125(4))
State dutyAMD 500,000 a year
Compensation levyNone published
*Figures as of 2026 per Armenian law - Tax Code HO-165-N as amended by Law HO-379-N. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Armenian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
Follow Prifinance
Active across our channels.
Armenia · CBA
Launch your investment firm in Armenia with expert support.
Full-service assistance - from the Armenian entity and the Regulation 4/01 file to the Central Bank's licence at the right Regulation 4/02 tier, the fit-and-proper bench, register entry and ongoing compliance - run through our Yerevan office.
Get a consultation →Free legal opinion
Is Armenia the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Armenian investment licence, answered.
Which licence does an investment firm need in Armenia?+
The investment company licence from the Central Bank of Armenia under the Law on Securities Market (HO-195-N, 2007), issued under CBA Regulation 4/01 in the ՆԸ series, with capital set in Regulation 4/02. Fund management takes a separate licence under the Law on Investment Funds (2010), from the same regulator.
What capital is required?+
Charter capital of AMD 1,000,000 (Regulation 4/02 point 7) plus total capital by service set (point 5): AMD 20 million for reception and transmission without client funds, AMD 50 million with client funds, execution or portfolio management, AMD 300 million for dealing, underwriting and custody. FX or leveraged instruments raise these to AMD 60 million, 150 million and 1 billion.
How long does the Central Bank take?+
One month from the founders' application to register and license or refuse, under Article 37(3) of the Law on Securities Market; Regulation 4/01 point 11 starts the period on the day all documents are duly submitted. Additional services take a 20-day decision, and a fund manager 30 working days under Article 55(2) of the Law on Investment Funds.
What does the licence cost?+
The published charge is the annual state duty of AMD 500,000 for the licensed activity, per the Central Bank's licensing guide - modest against the capital tier, which is the real cost of entry. Our fixed fee for the company, the file and the bench is quoted up front.
Who holds the licence today?+
Thirteen names on the CBA list as at 18 September 2026, numbered ՆԸ0004 to ՆԸ0020: Future Capital Market, Incore, Tonton, Alphasecurities, Armbrok, Equiti A M, Cub Invest, Dimension, Bridge Capital, Landmark Capital, G&L Invest, GM Invest and AB Invest. The list is checked again the week your file opens.
Which company form is used?+
Three appear on the register: the LTD (Alphasecurities, Tonton, Future Capital Market, G&L Invest, GM Invest, AB Invest), the CJSC (Incore, Equiti A M, Cub Invest, Dimension, Bridge Capital, Landmark Capital) and one OJSC, Armbrok. A foreign investment company may instead open a branch under Regulation 4/01 point 35(12), depositing AMD 8, 20 or 120 million by service set.
Is there a passport or a sandbox?+
No passport - the licence covers Armenia only, and no regional recognition or sandbox route is published by the Central Bank. Serving clients elsewhere means a licence there, which we sequence with the Armenian file.
How are firms taxed?+
Profit tax is 18% under Article 125(1) of the Tax Code, 18% since 1 January 2020. Dividends paid to non-resident companies carry 5% withholding under Article 125(4) point 3.1, and non-resident individuals the same 5% under Article 150. VAT is 20% under Article 63(1); whether a given investment service is exempt is settled per service set.
Armenia or Azerbaijan for a new firm?+
Azerbaijan's floors are lower: AZN 75,000 for Category B, AZN 300,000 for Category A, AZN 2,750 duty, 60 plus 30 days, 20% tax. Armenia asks AMD 20-300 million by service set, decides in one month (Article 37(3)), charges AMD 500,000 a year, taxes at 18% with 5% on outbound dividends. Baku for the smaller cheque; Yerevan for the shorter clock.
Why Prifinance for Armenia?+
A Yerevan office and a file built to Regulation 4/01, with the Regulation 4/02 tier fixed to your service list before you sign - AMD 20, 50 or 300 million - and the bench and the AMD 500,000 duty in the plan from day one. Our Istanbul office is a short flight away for banking and group structuring.
Which licence?+
CBA investment company.
Capital?+
AMD 20M-300M by services.
How long?+
One month, art. 37(3).
Fee?+
AMD 500,000 a year.
Who holds it?+
Thirteen names.
Company form?+
LTD, CJSC, OJSC.
Passport?+
None.
Tax?+
18%, dividends 5%.
Or Azerbaijan?+
Lower floors vs shorter clock.
Why you?+
Yerevan, tier fixed first.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
“As a software development crew at FewMoreTaps OÜ, we've had the pleasure of working with Prifinance on some key financial moves.First of all, navigating the world of corporate banking and finance can be a maze, but Prifinance made it feel like a walk in the park. They helped us set up a corporate bank account without the hassle of jumping on a plane or drowning in paperwork. Everything was done remotely, smoothly…”
Google
“I had their assistance in company registration and I would recommend them. They were answering all my clarification during the process and offering all their supportThank you Daniel and Irinia”
Google
“We found PRIFINANCE COMPANYvia the Internet and asked for help in organizing the opening of their company in Estonia. PRIFINANCE COMPANY specialists helped us a lot with this. Their professional, competent approach and knowledge of their business left us with only the best impressions.”
Google
“I'm thrilled with my experience with PriFinance! They helped me obtain a crypto license in Estonia without any hassle. The team was super understanding and always available to answer my questions and assist. It was great to see how they put effort into preparing the documents to ensure everything went smoothly. I'm delighted with the outcome and highly recommend PriFinance to anyone looking to get a license…”
Google
“Opening an account with Prifinance in a Swiss bank was such an easy and quick process that I was shocked. It all started with the first call, where I received detailed guidance on the required documents and the entire procedure.One of the key highlights was their attention to detail. As someone who usually gets tangled up in paperwork, I was pleasantly surprised when they sent me all the documents and…”
Google
“I recently had the pleasure of working with Boris.. and I must say, it was a fantastic experience. Boris went above and beyond to assist me with my residency needs. His professionalism, knowledge, and dedication truly stood out. I highly recommend working with Boris and the team!”
Google
Start today
One message away from your Armenia investment licence.
Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Armenian route fits your project and what it will cost.
✓Written legal opinion within 2-5 business days - free of charge✓A clear recommendation on the right licence scope, not a sales pitch✓Transparent fixed fees, confirmed up front✓EN · RU · ES speaking team
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Central Bank of Armenia or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.