Armenia
Financial Reporting Obligations for Companies in Armenia
1. Registry for Financial Statements Submission
In Armenia, companies are required to submit their financial statements to the State Register of Legal Entities under the Ministry of Justice (locally: «ՀՀ Արդարադատության Նախարարության Իրավաբանական անձանց պետական ռեգիստր»).
- Registry: State Register of Legal Entities — E-Register ( https://www.e-register.am ) | Electronic Government portal ( https://www.e-gov.am )
Public Access to Financial Statements:
In Armenia, financial statements of listed companies are publicly available through the Armenia Securities Exchange (AMX) ( https://amx.am/ ).
However, financial reports of private companies (LLCs and other non-listed entities) are not publicly accessible. Such reports are submitted to regulators but are not disclosed to the general public.
2. Legal Forms Required to Publish Financial Statements
Legal Forms Required to Publish Financial Statements:
- «Սահմանափակ պատասխանատվությամբ ընկերություն» (LLC) — Limited Liability Company
- «Բաց բաժնետիրական ընկերություն» (Open JSC) — Open Joint Stock Company
- «Փակ բաժնետիրական ընկերություն» (Closed JSC) — Closed Joint Stock Company
- «Հիմնադրամ» (Foundation) — Foundation
- «Անհատ ձեռնարկատեր» (Sole Proprietor) — Sole Proprietorship (not typically required to publish financial statements, but must report income)
- «Կոոպերատիվ» (Cooperative) — Cooperative
- «Պետական ոչ առևտրային կազմակերպություն» (State Non-Commercial Organization — SNCO) — SNCO (reporting under specific rules)
- «Հասարակական կազմակերպություն» (Public Organization) — Public Organization (may not be required to publish unless engaged in commercial activities)
Each of these legal forms has different rules regarding obligations to submit and publish financial statements.
In summary:
- LLCs, JSCs (both open and closed), and Foundations are required to publish their financial statements.
- Sole proprietorships generally do not need to publish statements but must report income for tax purposes.
- Public organizations and cooperatives may have different obligations based on size and activities.
3. Companies Required to Audit Financial Statements
In Armenia, the audit requirement depends on legal form and whether specific thresholds are met (turnover, total assets, number of employees).
|
Legal Form (Original, English Translation) |
Rule |
Criteria |
|
«Սահմանափակ պատասխանատվությամբ ընկերություն» (LLC) |
Auditing is required if the company meets certain thresholds. |
If turnover exceeds AMD 1 billion, or total assets exceed AMD 1 billion, or the number of employees exceeds 100. |
|
«Բաց բաժնետիրական ընկերություն» (Open JSC) |
Mandatory audit for all companies in this category |
Auditing is required regardless of financial performance or employee size. |
|
«Փակ բաժնետիրական ընկերություն» (Closed JSC) |
Required if certain criteria are met |
If turnover exceeds AMD 1 billion, or total assets exceed AMD 1 billion, or the number of employees exceeds 100. |
|
«Հիմնադրամ» (Foundation) |
Mandatory audit if revenue/expenses exceed the threshold |
If annual revenue or expenses exceed AMD 10 million. |
|
«Կոոպերատիվ» (Cooperative) |
Audit is required if thresholds are met |
If turnover exceeds AMD 1 billion, or total assets exceed AMD 1 billion, or the number of employees exceeds 100. |
|
«Հասարակական կազմակերպություն» (Public Organization) |
Audit is required for certain public organizations engaged in economic activities. |
Depends on whether the organization performs commercial activities and meets specific financial thresholds. |
|
«Պետական ոչ առևտրային կազմակերպություն» (State Non-Commercial Organization - SNCO) |
Audit requirements depend on the organization's revenue |
Generally, required if engaging in revenue-generating activities or receiving public funds. |
For most companies, audit is triggered by crossing thresholds like turnover, assets, or employee count.
4. Stock Exchange Reporting
Companies listed on the Armenian Securities Exchange must publish financial statements on the exchange’s website.
- Armenian Securities Exchange (AMX): https://amx.am
5. Deadline for Submission of Financial Statements
All legal entities in Armenia must submit annual financial statements by July 1 of the year following the reporting period.
6. Partial Financial Statements Submission
Small entities and certain non-commercial organizations may submit simplified/partial financial statements if they meet criteria set by the Ministry of Finance.
7. Consequences of Late Submission
Failure to submit on time can lead to fines, other penalties, and, in severe cases, being struck off the register.
8. Requirements for Foreign-Owned Branches or Newly Established Companies
Foreign-owned branches and new companies follow the same standards and deadlines as local entities; newly established entities file their first statements according to their registration date (no special extensions unless provided by law).
Sources
| Source | Link |
|---|---|
| Electronic Government of the Republic of Armenia | https://www.e-gov.am |
| State Register of Legal Entities — E-Register | https://www.e-register.am |
| Armenian Securities Exchange (AMX) | https://amx.am |
| Start Companies Search | Order Credit Report |
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