Tower News

Recent news and events from Tower International Consultants
31 May
IT growth in Armenia
Armenian IT growth

In independent Armenia, the IT sector gained momentum again in the late 1990s, and most companies were founded in the 2000s. Initially, most of the products were made with the Outsourcing model․ In 2008-2009 the Outsourcing index decreased, giving way to Product Development.

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16 Mar
Yerevan, Armenia
Business growth & investments in Armenia 2022-2023

Armenia is a hidden gem, a cultural and historical center, that is already shifting to an attractive destination for business and investments. The IT talent pool, scientific centers, and sustainability in all the segments will transform the country’s economic environment to a better, brighter future.

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19 Feb
Residential building in Yerevan
The future of construction business in Armenia

The construction of new apartment buildings, which have significantly increased in previous years, was mainly carried out by private organizations, and the activity of the sphere is connected by specialists with the well-known income tax return law.

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11 Dec
woman-working-with-laptop-outdoor
Tech segment’s growth impact on Armenia’s economy

Тhe hi-tech industry is the fastest growing economic industry in Armenia. ‎Last year, the turnover of Armenian tech/IT companies increased to ~$ 400 ‎million, or by 20 percent. In 2020, also the number of employees in this industry increase by 22%

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23 Oct
Business Center and Mall in Yerevan, Armenia
Entity registration in Armenia 2022

Upon a decision to found a company in Armenia many investors come across the thought of whether to handle the process by themselves or to apply for professional consulting services. How to register an entity in Armenia in 2022 It should not be left unnoted that the Armenian state bodies are constantly introducing new solutions,...

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11 Jul
Tower's support to Armenian high tech companies
Tower’s IT support in Armenia

Tower, based on the current situation, wanting to contribute to the development of this sector in Armenia, decided to take a unique approach to IT companies, offering high quality services with even more affordable pricing conditions

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08 May
Business credits industry in Armenia
Key companies in the business credit industry in Armenia

According to the ArmBanks research, the loan capacity of 17 Armenian banks has grown by 5.7% during the last 2 quarters of 2020, reaching 3.770.5 trillion AMD

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12 Apr
Business Loans in Armenia
Business loans in Armenia. How easy is it to get business credit in Armenia?

Official statistics states – there are 68 500 small and medium-size businesses currently operating in Armenia, and their number has not increased compared to last year mainly because of the COVID-19 pandemic impact

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15 Mar
Business environment in Armenia
Professional legal and tax assistance in Armenia

During the preliminary stages of making investments in any field, each investor first studies the legal norms of the country or region, which regulate the economic and employment activities of companies

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29 Jan
Accounting Services in Armenia: 20+ years of experience
Benefits of Professional Legal Services by Outsourcing Company in ‎Armenia

The opinion that globalization and the rapid development of the economy's ‎business segment make a specialized professional highly undemanding is a ‎completely false statement. The narrower specialization of a company or a ‎person means higher professionalism and deeper knowledge

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02 Dec
Business Taxes in Armenia
Your legal and tax advisor in Armenia

Tower International Consultants CJSC has an extensive network of business and professional contacts and knows key actors (other companies, government entities, officials, experts) that would be instrumental in resolving matters, finding the right and trusted partners, or conducting regular business in general

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10 Nov
Tax know hows in Armenia
Special service of handling your legal, accounting and tax compliance work

Tower International Consultants CJSC is one of the few financial service advisory companies which has continued to operate under Covid-19 and the recent political situation in the RA thus making its small investment in the economy.

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27 Oct
Mobile payments
Online payments in Armenia: perspectives and future

The current year registered an unprecedented rise of online payments, because of many reasons, including the global healthcare situation: it is predicted to have 1 billion people using mobile payment apps worldwide at the end of the year and 1.31 billion by 2023!

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24 Aug
What should expect taxpayers from new reforms in Armenia
Tax questions: what you should know before starting a business in Armenia

In general, the tax system in Armenia offers small and medium-sized businesses a number of tax advantages to allowing this sector to stabilize and develop. The tax legislation rules in Armenia are rather flexible and are subject to frequent changes. These changes often happen so quickly that even many professionals do not have time to respond in time.

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21 Aug
Tax Reforms in Armenia
Tax Reforms in Armenia: Who are the beneficiaries?

From January 2020 Armenian switched to a flat income tax rate that sets income tax at 23% for each RA citizen regardless of their income size and will continue to decrease to 20% by 2023

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26 Jul
Armenian Dram Cash Money
Banking Industry Transformations in Armenia and in the World

The last 7-month world is living in a state of an emergency, and the banking industry is not an exception. Banks’ performance on the debt market and equity is at the same level as during Lehman Brothers’ collapse in 2008. During the starting phase businesses and borrowers started to lose income, jobs and sales, facing...

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17 Jul
Accounting and Taxes in Armenia
Changes to the Regulation on Advance Profits Tax in Armenia

Recently, on 16 June 2020, major amendments took place in the tax legislation of the RA Tax Code. According to the law on amending the Tax Code, it will no longer be necessary to submit an application by March 20 of each tax year for the selection of an alternative method of making profit tax prepayments.

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10 Jul
What expectations we have for Armenian real estate market for 2020
Investing in Real Estate in Armenia: Applicable Tax and Legal Support

In 2018 Armenian real estate market was worth $880.4 million and is expected to reach $1,249.3 million in 2026, with a CAGR of 4.3%. Currently, there are no significant changes in prices. However, it doesn’t mean that there won’t be deflation soon. But it is impossible to make clear predictions, according to the specialists. Market developments depend on the pace of construction and state support.

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25 Jun
Accounting Services in Armenia: 20+ years of experience
Accounting Services in Armenia: 20 + years of experience

Examining the part of the legislative changes in the Republic of Armenia that is closely related to Accounting, such as tax legislation, customs legislation, etc., we can state that professional accountants in Armenia and many other financial professionals must be constantly trained to follow these processes, if they wish to avoid many issues which occur during work.

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17 Jun
North Avenue, Yerevan, Armenia
Starting Production Business in Armenia

Advantages of production business in Armenia Located in western Asia, Armenia exported US$2.6 billion worth of products around the globe in 2019. With the highest GDP rate in all Europe (7.6% GDP growth and GDP CAGR to 2020 is 3.2% for Armenia vs. CAGR of 2.7% for global GDP), economic reforms, and “open door” policy,...

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09 Jun
Setting up business partnerships in Armenia
Setting up IT companies in Armenia

What we want to introduce in this article: What is important for entrepreneurs to start a high-tech business in Armenia Privileges for startups launching IT-related business in Armenia How can outsourcing consulting company impact on growth of the IT business in Armenia? What type of outsourcing services mainly necessary for Armenian high-tech businesses? How Tower...

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01 Jun
Doing business in Armenia
Legal services in Armenia: advisory and due diligence for Armenian enterprises

In this segment, we want to introduce you to our legal services for Armenian companies which include legal outsourcing and due diligence: what benefits you will get by cooperating with legal advisory companies in Armenia, what the purpose of due diligence services are and other legal and business related issues. Every investor, wanting to invest...

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13 May
Central park and business centers in Yerevan, Armenia
Advantages of partnership with accounting outsourcing company in Armenia

Have you decided to invest and consider using consulting services in Armenia? We’ll show you the advantages of accounting outsourcing in Armenia as well as tax services in Armenia, how it happens to be profitable for your business, and why you should choose Tower as a partner. Important factors in making business partnerships in Armenia...

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29 Apr
Which sectors are most profitable for investment in Armenia
Most profitable sectors for investment in Armenia

First of all, we should understand which sectors in Armenia have become more attractive to investors in recent years, what is the reason for this, and whether it is desirable to invest in those sectors in 2020․

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01 Apr
skyscrapper
Tower’s services during the coronavirus outbreak

Dear Tower Clients As you are aware, the Government of Armenia has introduced measures to restrict citizens from leaving their homes. As a company we were fully prepared, and our colleagues are all continuing their work from home, taking all steps to ensure that we remain 100% operational and continue providing all our services. I...

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