Law No. HO-246-N adopted on June 3, 2021 amended the law HO-169 "On State Registration of Legal Entities, Separate Subdivisions of Legal Entities, Institutions and Individual Entrepreneurs."

The real beneficiary is the person who is the real beneficiary of the legal entity according to the criteria defined by the Law of the Republic of Armenia "On Combating Money Laundering and Terrorist Financing".
A legal entity registered in the territory of the Republic of Armenia is obliged to possess reliable information on its real beneficiaries and the grounds for their being a real beneficiary of a legal entity.

The legal entity is obliged to conduct a regular, but not less than once a year, study of the identification of the real beneficiaries, keeping all the documents related to the study for at least 5 years.
The real beneficiaries of the legal entity are obliged to inform the legal entity responsible for submitting the declaration within twenty days after acquiring the status of their real beneficiary or changing the data related to them, to provide the necessary information on the declaration of real beneficiaries, documents.
A legal entity registered in the territory of the Republic of Armenia is obliged to submit a declaration on its real beneficiaries to the agency based on the results of the proper study provided by the law.

The declaration on the real beneficiaries must be submitted in the manner prescribed by the law within 40 days from the moment of registration of the legal entity. In case of change of the data on the real beneficiaries, they are subject to declaration immediately after becoming known to the legal entity, but not later than 40 days.
Before February 20 of each year, the legal entity is obliged to submit an agency:
1) confirmation that the last declaration submitted to the Agency on the real beneficiaries contains up-to-date information as of December 31 of the previous year, or
2) amended information on the real beneficiaries of the legal entity.
The Minister of Justice shall determine the form of the declaration on the real beneficiaries of the legal entities, the procedure for its completion and submission, the procedure for approving the last declaration submitted to the Agency for the real beneficiaries, the list of markets regulated by adequate criteria for identifying the real beneficiaries.In case of not submitting a declaration for three years in a row, the agency can apply to the court with a demand to liquidate the legal entity.
The obligations provided by the law for legal entities operating in the regulated sphere of public services, as well as providing audio-visual media service, arise from September 1, 2021. Liabilities for other legal entities start from January 1, 2022, With the exception of limited liability companies where the owners are solely physical persons the obligation of such to arise from January 1, 2023
Legal entities registered in the territory of the Republic of Armenia are obliged to submit the declaration on real beneficiaries provided by this law within two months from the date of occurrence of the obligations provided by law.