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.
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.
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.
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%
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
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
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
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
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
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
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.
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!
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.
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
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...
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.
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,...
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...
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...
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...
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․
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...
An Evening of Armenian Wine, Charles Aznavour Songs and Good time at Tower International Consultants – Yerevan, 2020 Client Event Last Friday, Tower International Consultants held its Clients’ Reception on the roof top restaurant of the “Yerevan Sky” Restaurant & Bar. The event was visually impactful and at the same time personable and intimate. The...
A few days ago the Parliament of Republic of Armenia passed a law in the area regulating the use and sales of tobacco products. This new piece of legislation, which is expected to enter into force in the near future, has had a stirring effect on Armenian society and has been widely discussed by all...
Any International Company that wants to expand and enter a new environment, conquer new heights and markets, faces many difficulties in learning the local laws, business and cultural customs. Surely, Companies may start hiring local professionals, with education and skills developed in areas of law, accounting and tax. The difficult part of recruiting professionals is...
