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 of Armenia decision, including banking and payment rails.
Get a payment license in Armenia.
The Caucasus' most legible licence: the Central Bank of Armenia licenses payment organisations for money transfers and for processing and clearing - AMD 100 million total capital, a two-month decision clock and a state duty printed in the law. E-money issuance sits on top of the transfer licence. Small market, precise regulator.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Armenia in brief
Two licences, one capital figure, a two-month clock.
Armenia's Central Bank runs payment organisations on a short, published rulebook: the Law on Payment Systems and Payment Organisations, with Regulations 17/01 to 17/03 for licensing and 16/1 and 16/2 for e-money. There are two licences - execution of money transfers, and processing and clearing of payment instruments and settlement documents - which can be held separately or together; issuing e-money requires the transfer licence first. The capital number is one figure for everyone: AMD 100 million in total capital, whichever licence you hold. The state duty is annual and printed - AMD 1,000,000 for the transfer licence, the same for processing and clearing, AMD 50,000 per transfer branch, nothing extra for e-money - and the Bank licenses or refuses within two months of receiving the documents.
What the licence opens: a three-million-person market with one of the region's highest card and mobile penetrations, a banking system that has absorbed a decade of fintech, and corridors to Russia, the Gulf and the diaspora that run through Yerevan by history. Tax runs 18% corporate with 20% VAT and a turnover regime for small businesses; the IT sector has its own incentives. Armenia is not a volume play and does not pretend to be; it is a clean licence from a regulator that answers in writing and on time, which is why groups building Caucasus and CIS corridors often anchor here. We build the CBA file end to end from our CIS desk, in Russian and English.
The CBA licenses two things - money transfers, and processing and clearing - on one capital figure: AMD 100 million total. E-money issuance sits on the transfer licence (Regs 16/1-16/2). State duty AMD 1M a year per licence, AMD 50k per branch; decision within two months.
Small market, corridors by history, a regulator with a published English guide. 18% tax, 20% VAT. We file from our CIS desk.
The two routes
Money transfers - or processing and clearing.
One law, two licences from the same desk: the transfer licence for moving customer money (with e-money issuance on top), and the processing-and-clearing licence for the infrastructure behind payment instruments. We fix the route first, then build once.
Transfers (with e-money on top) - or processing and clearing.
01 - MONEY TRANSFERS
Transfer licence · e-money on top
The customer-facing licence: executing money transfers, with e-money issuance available as an add-on under Regulations 16/1 and 16/2 - AMD 100 million total capital, AMD 1,000,000 annual duty, two-month decision.
The customer-facing licence: executing money transfers, with e-money issuance available as an add-on under Regulations 16/1 and 16/2 - AMD 100 million total capital, AMD 1,000,000 annual duty, two-month decision.
- ✓Execution of money transfers
- ✓E-money issuance - requires this licence
- ✓Total capital AMD 100,000,000
- ✓Annual state duty AMD 1,000,000
- ✓AMD 50,000 per transfer branch
- ✓Decision within two months
02 - PROCESSING & CLEARING
Instruments and settlement - CBAProcessing licence
For the infrastructure behind payment instruments and settlement documents - processing and clearing licensed on the same capital figure and the same clock, held alone or alongside the transfer licence.
Processing and clearing of instruments and settlement documents - same capital, same clock, combinable.
- ✓Processing of payment instruments
- ✓Clearing of settlement documents
- ✓Same AMD 100M total capital
- ✓Annual state duty AMD 1,000,000
- ✓Can be combined with transfers
- ✓Same two-month clock
Costs and timelines are confirmed for your case before any work begins. Capital and state duties are printed in the law and the CBA's guide; substance and file costs are itemised in your quote.
Why Armenia
A regulator that answers in two months.
Small market, precise rules, printed numbers - and corridors that run through Yerevan by history.
✓
One capital figure
AMD 100 million total capital whichever licence you hold - no tiers to argue, no folklore about what the regulator really wants.AMD 100M, no tiers.
✓
A two-month clock
The Central Bank licenses or refuses within two months of receiving the documents - a deadline in the rules, kept in practice.In the rules, kept in practice.
✓
Printed state duty
AMD 1,000,000 a year per licence, AMD 50,000 per branch, nothing extra for e-money - the regulatory budget is knowable to the dram before the first meeting.AMD 1M a year per licence.
✓
Corridors by history
Diaspora remittances, Russia-Caucasus flows and Gulf links run through Yerevan - a transfer licence here sits on real, established demand.Diaspora, Russia, Gulf.
✓
E-money as an add-on
Issuance under Regulations 16/1 and 16/2 bolts onto the transfer licence without a separate duty - a wallet product launches inside the same licence family.No separate duty.
✓
A fintech-literate bank
The CBA has supervised payment organisations for two decades and publishes its guide in English - expectations are readable, not rumoured.English guide published.
How it compares
How Armenia differs from other routes.
Armenia trades market size for legibility. The honest comparison is below.
Armenia vs other jurisdictions
| Feature |  Armenia | Other jurisdictions |
|---|---|---|
| Capital | AMD 100M - one figure | Tiered or unpublished |
| Decision clock | 2 months - in the rules | Open-ended reviews |
| State duty | AMD 1M a year - printed | Variable fees |
| Market | 3M - corridor base | Larger domestic markets |
Capital
ArmeniaAMD 100M - one figure
Other jurisdictionsTiered or unpublished
Decision clock
Armenia2 months - in the rules
Other jurisdictionsOpen-ended reviews
State duty
ArmeniaAMD 1M a year - printed
Other jurisdictionsVariable fees
Market
Armenia3M - corridor base
Other jurisdictionsLarger domestic markets
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Armenia | Payment organisation (CBA) | 18% CIT | AMD 100M total capital |
 Azerbaijan | PI / EMI (CBA) | 20% CIT | 2023 law · CBA capital rules |
 Kazakhstan | NBK registration · AFSA PMS | 20% · AIFC 0% | USD 50k base in AIFC |
 Uzbekistan | Payment organisation (CBU) | 15% CIT | CBU licence · 30-day review |
ArmeniaLicense typePayment organisation (CBA)
Taxation18% CIT
RequirementsAMD 100M total capital
AzerbaijanLicense typePI / EMI (CBA)
Taxation20% CIT
Requirements2023 law · CBA capital rules
KazakhstanLicense typeNBK registration · AFSA PMS
Taxation20% · AIFC 0%
RequirementsUSD 50k base in AIFC
UzbekistanLicense typePayment organisation (CBU)
Taxation15% CIT
RequirementsCBU licence · 30-day review
Before you apply
Requirements for the CBA licence.Requirements for the licence.
The Central Bank publishes its guide and regulations - the craft is a file that answers them in order. The checklist below is what a passing application contains.
01
An Armenian legal entity - registered first, then applying to the Central Bank in electronic form with a signed recommendation letter.
02
Total capital of AMD 100,000,000 - the single minimum for payment organisations, evidenced and maintained.
03
The licence choice - money transfers, processing and clearing, or both; e-money issuance only on top of the transfer licence.
04
State duty - AMD 1,000,000 per licence annually, AMD 50,000 per transfer branch, budgeted from the start.
05
Fit and proper management and participants - competence, clean records, ownership transparent to UBOs.
06
A programme of operations - services, corridors, volumes and financial projections the Bank can interrogate.
07
Safeguarding and e-money arrangements per Regulations 16/1 and 16/2 where issuance is planned.
08
AML/CFT framework - KYC, monitoring and reporting to the Financial Monitoring Center with a resident compliance officer.
09
Technology and information-security documentation to Central Bank standard.
10
Governance - internal control, risk management and reporting arrangements per Regulations 17/01-17/03.
01
Armenian entity, electronic application.
02
Total capital AMD 100,000,000.
03
Licence choice: transfers, processing, both.
04
Duty AMD 1M/year budgeted.
05
Fit & proper to UBOs.
06
Interrogable programme of operations.
07
E-money per Regs 16/1-16/2 if issuing.
08
AML with resident officer (FMC).
09
CBA-grade IT documentation.
10
Governance per Regs 17/01-17/03.
Reflects the Law on Payment Systems and Payment Organisations, CBA Regulations 17/01-17/03 and 16/1-16/2, and the CBA's published licensing guide, as of 2026.Payment Systems & POs Law + CBA Regs 17/01-03, 16/1-2, as of 2026.
How it works
From first call to the CBA register.
01
Route and strategy
Transfers, processing or both, e-money on top or not - the route and budget fixed in writing.Transfers, processing, e-money - in writing.
02
Armenian company and people
Registration, AMD 100 million capital evidence and the resident officers the Bank vets.Registration, capital, resident officers.
03
The application file
Programme, AML, technology and governance documentation per the regulations - complete before filing, because the two-month clock starts at receipt.Complete starts the two-month clock.
04
Central Bank review
Two months by rule from receipt of the documents - question rounds answered inside the window.Two months from documents.
05
Licence and launch
Register entry, state duty paid, rails connected - and the reporting calendar running.Registered, duty paid, connected.
Quick facts
RegulatorCentral Bank of Armenia
LicencesTransfers · processing/clearing
Total capitalAMD 100,000,000
E-moneyOn top of transfer licence
State dutyAMD 1M/year · 50k per branch
Decision clock2 months
Corporate tax18%
VAT20%
Everything that costs money here is printed - capital, duty, clock. The file that matches the guide line by line is the entire game, and our job.
Your Armenia desk
Run from our CIS & Caucasus desk.
Prifinance - CIS & Caucasus desk
Tallinn · coordinating Armenian mandates
Roseni 13, Tallinn
01
Armenian company formation
Local registration, capital placement to AMD 100 million and the corporate layer the Central Bank expects - structured for the licence from day one.Capital to AMD 100M, structured.
02
The CBA file
Programme of operations, AML pack, technology documentation and the electronic application per Regulations 17/01-17/03 - drafted by us and defended through questions.Regs 17/01-03 answered in full.
03
The e-money layer
Where a wallet is planned, the Regulation 16/1-16/2 arrangements built alongside the transfer licence so issuance launches inside the same approval.Built alongside the transfer licence.
04
Substance and staffing
Resident management and compliance in Yerevan - a real presence the Central Bank recognises, from a talent pool with a decade of fintech behind it.Yerevan management, real premises.
We also have offices in
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Madeira
Portugal
Rua da Alegria 31, 1F
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Armenia.
18% corporate tax, 20% VAT, a turnover regime for small companies and IT incentives at the edges - a stack without surprises.
Corporate tax 18%
The standard rate on a payment organisation's fee and margin income - competitive for the region before any incentive.Regional mid-table.
VAT 20%
The standard rate; financial-service treatment follows the product - the fee mix is mapped before launch.Product-mapped.
Turnover regime
Small businesses may pay turnover tax at 1-5% instead of profit tax - relevant to early-stage licensees below the thresholds.Small-business regime.
IT incentives
Armenia's technology-sector regimes reduce the burden for qualifying software activity - worth testing on the platform side of a payments group.Qualifying software.
Dividends and treaties
Outbound dividends carry withholding with treaty relief - the group structure is modelled with the licence.Treaty-relieved.
Yerevan cost base
Engineering and compliance salaries price well below European hubs - the licence's operating base stays lean.Lean operating base.
Tax summary
Corporate tax18%
VAT20%
Turnover regime1-5% small business
IT incentivesQualifying activity
Dividend withholdingTreaty-relieved
Tax treaties45+
*Figures as of 2026 per the State Revenue Committee. Turnover-regime eligibility is assessed 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 institution.
Follow Prifinance
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Armenia · Central Bank
Launch your payment project in Armenia with expert support.
Full-service assistance - from registration to the CBA licence, e-money arrangements and ongoing compliance.
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 payment licence, answered.
What licence does a payment business need in Armenia?+
A payment-organisation licence from the Central Bank of Armenia - for execution of money transfers, for processing and clearing of payment instruments and settlement documents, or both. E-money issuance is available on top of the transfer licence.
How much capital is required?+
AMD 100 million in total capital - one figure for every payment organisation, whichever licence it holds. Printed in the rules, evidenced at application.
What does the licence cost the state?+
An annual state duty of AMD 1,000,000 for the transfer licence, the same for processing and clearing, AMD 50,000 per transfer branch, and no separate duty for e-money issuance.
How long does the Central Bank take?+
Two months from receipt of the required documents to license or refuse - a deadline in the rules. A complete electronic file with the signed recommendation letter is what starts the clock.
Can I issue e-money?+
Yes - under Regulations 16/1 and 16/2, provided you hold the money-transfer licence. A wallet product launches inside the same licence family.
How are payment companies taxed?+
18% corporate income tax and 20% VAT, with a 1-5% turnover regime for small businesses and IT incentives for qualifying software activity.
Does the licence passport anywhere?+
No - Armenia is a destination licence for its own market and the corridors around it. It pairs naturally with Georgia or Kazakhstan for regional groups; we build the pairs.
What substance is expected?+
An Armenian company with resident management and compliance, real premises in Yerevan, technology to Central Bank standard and AML reporting to the Financial Monitoring Center.
Which regulations govern the file?+
Regulations 17/01, 17/02 and 17/03 for licensing and operation, 16/1 and 16/2 for e-money - all approved by the CBA Council and published, with the Bank's own English-language guide on top.
Why Armenia rather than Georgia?+
Different desks for different models: Georgia's regime is broader and busier; Armenia's is smaller, printed and fast. For transfer and processing businesses that value a known budget and a two-month answer, Yerevan is the cleaner file.
Which licence?+
CBA: transfers, processing/clearing, or both.
Capital?+
AMD 100M total - one figure.
State duty?+
AMD 1M/year per licence; 50k per branch.
How long?+
Two months from documents.
E-money?+
Yes, on the transfer licence (16/1-16/2).
Taxes?+
18% CIT, 20% VAT, turnover regime.
Passport?+
No - destination licence; pairs regionally.
Substance?+
Yerevan company, resident compliance.
Regulations?+
17/01-03 licensing; 16/1-2 e-money.
vs Georgia?+
Smaller, printed, faster.
Client notes
Google4.7★★★★★
Founders who wanted it done right.
Google4.7★★★★★
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