Tax Planning:
It’s no secret the Armenian tax code can be overwhelming. For instance, there are business income and payroll taxes; sales and use taxes; estate taxes, employment taxes, foreign taxes…you get the idea. Furthermore, all of these considerations are intricately interwoven and need to be carefully planned out, reported, and frequently reviewed so hard-earned cash isn’t left on the table.
At iLex, our certified and Knowledgeable Tax Accountant- Mr. Khachatur Atayan Digs Deeper :)
Tax Preparation:
Our tax preparation services will help create a plan tailored to your business and personal financial position. We base our plans on two important factors: your needs today and your goals for tomorrow. How do we do this?
More on-site time. We get to know your business through-and-through with more quality on-site time than most firms. Not only does this allow us to better understand the intricacies of your business, it fosters transparency and communication – two very important aspects of tax preparation.
Highly trained staff. Business owners can be unaware of “hidden” deductions and tax breaks they’re legally entitled to. Thankfully, our knowledgeable tax accountants keep close tabs on the ever-changing tax law landscape. They’ll dig deeper and uncover hidden deductions and tax breaks other firms might miss.
Managing Partner oversight. We take pride in the fact that every tax preparation we perform is overseen by at least one of our managing partners, so you can rest assured your taxes will be prepared with the utmost care.
Tax Problems in Armenia:
Are you having problems with the Tax authority in Armenia?
We’re here to help you resolve your tax problems and put an end to the misery that the Tax Service can put you through. The problems with tax authorities will not just go away by themselves; they just keep getting worse with penalties and interest being added each day.
If you owe the Tax Services in Armenia, you have a very serious problem. It may take the Tax Authorities several years to catch up to you, but they’re relentless and have no mercy in collecting all the money that is owed.
Bankruptcy:
Your back taxes, interest and penalties can be wiped out by filing bankruptcy. If you qualify, bankruptcy can be the best solution to resolve your crushing tax problems.
Unfortunately, not everyone qualifies to wipe out their tax debt in bankruptcy. Certain rules have to be met first. If you file bankruptcy and don’t meet the rules, the Tax Service will still be in hot pursuit after your bankruptcy is over. Proper pre-bankruptcy planning is key to determining if bankruptcy is or can be a viable solution Armenia.
Let us help you determine if Bankruptcy is a viable solution for you by completing the Free Consultation form. Our Armenian Licensed Trustee in Bankruptcy and Managing partner Mr. Petakchyan will advise you on this procedure.
Business Advisory Services in Armenia.
We strive for client satisfaction in every engagement we undertake. We offer a broad range of services for business owners, executives, and independent professionals. We are affordable, experienced, and friendly law firm located in Yerevan.
We understand your organization and offer result-oriented solutions.
In the Business Advisory Services (BAS) division, we offer objective and independent certainty, as well as advisory services designed to add value and improve your company’s operations.
Today, the business environment is ever changing. Risk management has become a complex situation; also, the expectations of stockholders and the control setting in general have increased in a unique way.
Through proved risk focused proceedings and methodologies, we help companies reinforce and improve their operations effectiveness in corporate governance, internal controls and risk management.
Our services:
- Management consulting
- Franchise
- Business Acquisition and Sales
- Mergers, acquisitions and valuations
- Corporate governance and risk management
- Internal audit
- Anti-money laundering and anti-corruption practices
- Recovery and reorganization
- Information technology
iLex have been fortunate to work with a wide range of industry stakeholders including public facilities, developers, investors, industry associations, government bodies, banks, law firms...
Ifyou are looking for a blend of personal service and expertise, you have come to the right place! We offer a broad range of services for business owners, executives and independent professionals. Our rates are affordable. We are experienced and friendly. Please contact us for a free consultation
Tax Services
We pride ourselves on being very efficient, affordable, and of course, extremely discreet.
READ MORE...Business Services
We take care of your business for you, so you can get back to the job of running your business.
READ MORE...Services For Individuals
You get one-on-one guidance that helps manage risk and improve performance.
READ MORE...Are there any discounts or grace periods for new clients?
Yes! We offer free one month for most of our new clients and If you pay for a year in advance you save 20% compared to paying per month.
Should I remain a sole-proprietor or should I incorporate a company?
There is a substantive reasons to incorporate a standard LLC in Armenia; one is liability, if your business puts you at risk (your actions may cause damage to property or injury to a person) then there may be a chance that you could be sued for damages; and as a sole-proprietor your personal assets, cash, home and vehicle would be at risk.
Do you offer discounts for students, teachers or NGOs?
Yes we do! We always like to help. Get in touch and we'll hook you up.
I have more questions. Where can I find answers?
If you still have questions, send us an email.
Is my data safe?
- 128-bit SSL encryption for all data transfer on the platform and forms
- Daily backups of all your data, in case anything goes wrong
- Security protocols in all our work premises
My business is incorporated; do I need a business bank account?
Yes. Any income that is NOT deposited into your business bank account could be perceived as your personal income and would then be taxed at your personal tax rate. A business bank account and its fees are an expense to your business and can be deducted within your business taxes.
I pay a lot of tax every year – what can I do?
It is imperative to review both the business operations as well as your personal tax situation simultaneously to properly balance the amount of tax you pay in both areas, so you never pay tax unnecessarily. Some of the options we may explore are paying your spouse and paying your kids. Often times they provide infrequent support to your business with no compensation. They should be paid for their “part-time” assistance, and if their tax base is low – they may get all their tax back.
How do I know what expenses are tax deductible?
What is deductible can change in any given year. RA Government is constantly revising and updating the Tax code of Armenia. That is just one of many reasons why retaining the services of an outside accounting for both regular accounting/payroll and taxes is a good idea. Your accountant will be up-to-date on what can and can’t be written off, and can help you maximize the potential benefit of your purchases and expenses when you’re filing your taxes. Generally, purchases and expenses deemed necessary can be treated as tax deductible.
The RA Court of Cassation has recenlty held a decesion VD5 / 0519/05 / 13 of April 07, 2017, indicating that the legal entity's gross income shall be entitled to deductions if the costs incurred are related to the gross income, and such costs should be substantiated and documented.
Should I outsource my accounting to an outside professional?
In most cases, the answer to this question is “yes.” When you consider how many hours you or another member of your staff will spend on record keeping, accounting, payroll, and taxes, it can often be more cost-effective to hire an outside professional for accounting and tax needs. Additionally, a professional services offers greater peace of mind than doing it in-house and relying on your cursory understanding of accounting and some complex, overpriced accounting software for all your needs. If you’re looking for a professional bookkeeper, contact us today!
Accounting Services in Armenia
Get the lowest price with insured personal responsibility.
At iLex, Armenian Law Firm, we’ve developed a niche in tax and accounting services for international firms. Working with us will free you from the tedious accounting and bookkeeping tasks that are straining your time and resources. We’re fully equipped to handle all your accounting responsibilities and provide the reliable financial data and advice you need to make smart business decisions for your practice in Armenia.
Benefits of remote accounting with iLex
Thanks to eight years of experience in the provision of accounting services to Armenian and foreign enterprises and the usage of cutting-edge technologies, our company is one of the leaders in the market of accounting services in Yerevan, working with both local and foreign customers. Our main advantages are:
• The usage of cloud services for remote accounting,
• A complete range of accounting services in Armenia, from payroll calculation to document submission to the respective authorities - our customers do not have to concern themselves with local accounting peculiarities
• Accounting advisory services - our expert team is always ready to answer your questions and provide useful advice
• In case of an error, our liability is insured
• Preparation of the required documents and full guidance in case of a tax inspection
Outsourced Accounting
We welcome the opportunity to discuss how your firm can benefit from our full menu of accounting and tax services.
• Accounting services for international firms
• Financial statements
• Budgeting
• Tax planning strategies
• Tax preparation for international comapnies and sole proprietors
• Accounts payable and receivable
• Bank and credit card reconciliations
• Cash flow analysis
• New business advisory and incorporation
• Estate planning
• Litigation support
• Mergers and acquisitions
• Risk management
• Business valuation
Tax Services
As an experienced law firm, iLex offers the best value in proactive tax planning and error-free tax preparation for businesses and individuals. Our constant dedication to providing high quality tax services and outstanding customer support at affordable rates has won us a fine reputation for excellence.
Business Tax Preparation
Make sure your business is taking advantage of all available tax breaks from the State and the Tax Services. We prepare corporate tax returns and will make sure your business never overpays.
Income Tax Preparation for Individuals
Get the financial benefits of having a real tax professional prepare your taxes.
Tax Planning Services
We utilize tax credits and deductions in conjunction with a comprehensive tax planning strategy to minimize tax obligations for businesses and individuals.
International Taxes
Our international tax services are designed to help you operate internationally in a tax efficient manner.
Foreign Tax Credit
Our firm can work with you to help you claim as many foreign tax credits as you can.
Expatriate Tax Services
We offer a wide range of expatriate and foreign national tax planning and compliance services.
RELATED:
Open bank account in Armenia- While it's not easy nowadays to open and maintain bank account for your international company, opening bank account in Armenia will be a great alternative to the existing options which are not as good as before.
Full Internet banking + No personal Visit + No minimum deposits are quite enough to stress out the privileges of Armenian banking.
List of Documents Required for Opening Bank Account For Non-Resident Legal Entities To open bank account in Armenia we will need following documents
- Charter or equivalent document
- Incorporation certificate issued by the competent authority of the respective country
- Corporate resolutions or authorization to make transactions through the account (not required if the account transactions will be performed by the executives authorized so in the articles of incorporation)
- IDs or Passports of executives and persons authorized to operate the account (authorized signatories )
- Certificates about the head(s) of the entity’s executive body, shareholders holding 10 percent or more of the entity’s voting shares or stock issued by the registering agency or Certificate of Incumbency containing such information
- Copies of documents required for identification of persons holding 10 percent or more of the legal entity’s voting shares or stock and beneficial owners (ID or passport for individual clients , charter or other equivalent document and state registration certificate or proof of registration issued by an authorized body – for legal entities)
Identity document means:
a) for Republic of Armenia citizens: passport (including biometric passport), or identity card, or military ID card for those who are on compulsory military service; temporary identity document or temporary certificate issued by the Republic of Armenia police under the Republic of Armenia Government; for minors under 16: passport, birth certificate
b) for asylum applicants: asylum applicant’s ID
c) for officially recognized refugees and persons granted political asylum: convention travel document
d) for foreign citizens: passport or an internationally recognized travel document issued by a foreign state or an international organization; documents certifying legal residence in Armenia, such as permanent residence card, temporary residence card, special passport of the Republic of Armenia
e) for stateless persons: travel document issued by a foreign state; residence certificate for stateless persons permanently resident in Armenia; documents certifying legal residence in Armenia, such as permanent residence card, temporary residence card, special passport of the Republic of Armenia
f) for refugees granted temporary protection: identity document of the temporarily protected person (certificate of temporary asylum)
Documents to be filled in on the Bank template
- Application-agreement (or agreement)
- Client data sheet, communication instruction (first time you apply to the Bank)
- Instruction to perform transactions through the account, containing specimens of signatures and seal (not required if a corporate seal is not a legal requirement under the respective jurisdiction in which case the entity submits a declaration on absence of corporate seal)
- Beneficial owners information form
- POA
The documents shall be apostilled.