The ISO code of Armenia is AM according to the ISO 3166 standard. The local name of the country is Hayastan. Armenia capital city is Yerevan. People in Armenia speak the Armenian language. Around 2492 BCE, Armenia emerged as a sovereign political entity. In the year 2492 BCE, Armenia emerged as a sovereign political entity. The largest cities in Armenia are Yerevan, Gyumri, Vanadzor.
Armenia is located in the UTC +04:00 time zone, which is also called Armenia Time or AMT. The internet country code top-level domain (ccTLD) for Armenia is .am. The International dialing code for Armenia is 374. People in Armenia drive on the right side of the road. Total land area of Armenia is 29,743 km² (approx. 11,484 mi²). Armenia is a landlocked country.
Armenia is located in Asia. Armenia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Armenia faces various issues, including chemical pollution. deforestation.
Doing business in Armenia
We offer various corporate services in Armenia jurisdiction. These services can serve both, people coming from Armenia and foreigners. If you plan on doing business in Armenia you might be interested in contacting us.
To find out about starting your business in Armenia click on company formation in Armenia.
To find out how to open a bank account in Armenia and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Armenia.
Choose preferred service below or continue reading to find out more about Armenia.
Demographics of Armenia
The total population of Armenia is 2,934,152 people. In Armenia, the population density is 101.5 people per square kilometer (264 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is almost uniform according to a fractionalization scale which for Armenia is 0.1272. Armenia has approximately 317001 foreign immigrants. The median age is approximately 33.7 years. In Armenia, 39.16 in every 100 people use internet. Armenia has a Human Development Index (HDI) of 0.73.
The majority religion of Armenia is Christianity, Armenia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Armenia.
Culture of Armenia
People in Armenia speak the Armenian language. According to data on inbound tourists in Armenia, 1,084,000 tourists arrive in the country each year. One of the most popular national dishes of Armenia is khash. To read more click on culture of Armenia.
Geography of Armenia
Armenia is considered to be a large nation because of its total area. Its total land area is 29,743 km² (approx. 11,484 mi²). Armenia is located in Asia. Its capital city is Yerevan. Armenia has 4 neighbouring countries. Its neighbours include Azerbaijan, Georgia, Iran, and Turkey. Total length of land borders of Armenia is 1570 kilometers (~606 miles).
The highest point of Armenia is Mount Aragats, with its official height being 4090 m (13,419 ft). The most notable natural resources found in Armenia are gold, copper, molybdenum, zinc, bauxite.To read more click on geography of Armenia.
Economy of Armenia
The currency of the country is Armenian dram. The symbol used for this currency is ֏, and it is abbreviated as AMD. 18.2% of population in the country are unemployed. The total number of unemployed people in Armenia is 534,016. Each year, Armenia exports around $1.65 billion and imports roughly $3.46 billion. The Gini Index of the country is 30.9. Armenia has a Human Development Index (HDI) of 0.73.The Global Peace Index (GPI) for Armenia is 2.028. Armenia has a government debt of 13.22% of the country's Gross Domestic Product (GDP), as assessed in 2010. Armenia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are diamond processing, metal-cutting machine tools, forging and pressing machines, electric motors, knitted wear, hosiery, shoes, silk fabric, chemicals, trucks, instruments, microelectronics, jewelry, software, food processing, brandy, mining.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Armenia is $21 billion. Each year, consumers spend around $6,946 million. The ratio of consumer spending to GDP in Armenia is 67%, and the ratio of consumer spending to the world consumer market is 0.02. The corporate tax in Armenia is set at 20%. Personal income tax ranges from 24.4% to 36%, depending on your specific situation and income level. VAT in Armenia is 20%. In 2013, Armenia received 272.7 million USD in foreign aid.In 2014, the foreign aid amounted to 400.1 USD.To read more click on economy of Armenia.
Infrastructure of Armenia
Infrastructure quality in Armenia is rated to be at 2.38. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Armenia, 100% of the population has access to electricity. There are 194,142 internet hosts in Armenia. Armenia has 11 airports nationwide.
The logistics performance index of Armenia is 2.67. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.5. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
To read more click on infrastructure of Armenia.
Politics of Armenia
Armenia, is a semi-presidential republic. With regard to political and civil freedoms, Armenia is 2. Citizens in Armenia experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Armenia, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Armen Sarkissian.
According to the World Bank Group, the government effectiveness index of Armenia is -0.17. This indicates that the government of Armenia is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Armenia before considering any business maneuvers.In Armenia, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Armenia is 2.028. The strength of legal rights index for Armenia is 5. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. In 2013, Armenia received 272.7 million USD in foreign aid. In 2014, the foreign aid amounted to 400.1 USD. Armenia is a member of the United Nations (UN). On 2 March 1992, it joined the UN as a full member state. Armenia is a member of the World Bank. To read more click on politics of Armenia.
Environment of Armenia
Armenia emits 1.7 metric tons per capita of CO2. 2974 km² of Armenia's territory is covered in forests. and forest land comprises 10% of all the land in the country. To read more click on environment of Armenia.
Company formation in Armenia
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Armenia.
When establishing a company in Armenia, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Armenia that will affect the establishment and growth of one's business. Contact us or click on company formation in Armenia to read additional information when setting up a business.
Bank account opening in Armenia
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Armenia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Armenia, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Armenia or contact us.