agreement

 

In the name of God

 

Agreement

 

Parties:

 

1-      Chamber of Commerce and Industries of Republic of Armenia

 

2-      Chamber of Commerce and Industries and Mine of Islamic Republic of Iran

 

 

 

According to negotiations between Mr. Nahavandian, chairman of Chamber of Commerce and Industries and Mines of Iran and Mr. Tigran Sirkisian, Prime Minister of Republic of Armenia; Mr. Armen Moassesian, Ministry of Energy and Natural Resource; Mr. Nerses Yersinian, Ministry of Economy, Mr. Manok Vartanian,  Ministry of Transportation and Communication, and Mr. Vahram Nesisians, senior advisor of president of Armenia in the economic affairs by the attendance of Mr. Seyed Ali Sagaian, Ambassador of Islamic Republic of Iran in Armenia, parties agreed upon conditions and covenants as below:

 

Considering the long-standing historical, cultural, social and economic relations between two brother and neighborhood countries and regarding to very good relations of governors of both countries for promoting the mutual relations in the economic, trade and industrial fields, it was arranged to take action for implementing following clauses and it will be formed follow-up committees for accelerating any of above clauses by needed associations commonly.

 

1-      Creating a commercial center and specific transit warehouse of Iran in Armenia as well as Armenian Commercial Center in Iran;

 

2-      Cooperation for transacting the Armenian goods by Iranian ports in Persian Gulf, particularly for destinations like India, China and Eastern South Asia;

 

3-      Cooperation for transacting the Iranian goods by Armenia and Georgia ports in Black Sea, particularly to commonwealth countries and Europe;

 

4-      Cooperation for establishing a common transportation company for executing above clauses;

 

5-      Cooperation for establishing a common airline agency for more communication and facilitation of tradesmen and authorities of industries in and out of country as well as promoting the tourism relations;

 

6-      Creating a common insurance company for fulfilling above objectives;

 

7-      Making a commercial free zone, particularly for conducting the semi- processed goods and completing the processing of these goods in Armenia in order for exports to third countries;

 

8-      Cooperation for establishing a culture and industry complex for animal husbandry in order for exporting to Iran and third countries as well as development and culturing aquatics in Sovan lake using state of art technologies;

 

9-      Establishing a common bank and private banks for facility in foreign exchange and credit activities of tradesmen and owners of industries in both countries.

 

 

 

In order for fulfilling above clauses, States of Islamic Republic of Iran and Republic of Armenia will provide the private sector with facilities required according to the regulations and legal issues operable among both countries.

 

 

 

For following up the above objectives, there will be formed a special committee for both country and regular meetings will be held in any moth and related results will be reported to the chamber of commerce of both countries on quarterly based.

 

Mr. Leon Aharonian, chairman of common Iran- Armenia Chamber of Commerce is responsible for follow up and implementing this agreement assigned by both chambers of commerce.

 

This agreement prepared in three copies in Persian and Armenian languages and all copies are considered as original and signed by parties on Oct. 3, 2010 in Yerevan by parties.

 

 

 

Signed and sealed by

 

Mohammad Nahavandian

 

Chairman of chamber of commerce, industries and mines of Islamic Republic of Iran

 

 

 

Martin Sirkisian

 

Chairman of chamber of commerce and industries of Republic of Armenia

 

 

 

Direct Foreign Investment Act

 

This Act determines the guarantees and patents of foreign investors. Foreign investment may be conducted based on joint stock or side companies with full ownership. The foreign investment in Armenia follows free policy and it is possible to take out the benefits and properties without any limitation and there has also been considered some exemptions for some investments. Foreign investments may not be nationalized or attached. In Armenia, there are suitable opportunities for direct foreign investment. Foreign investors may benefit from original possibilities and properties of Armenia, suitable commercial system and skilled labor with low compensations.

 

 

 

Article 15 of Act of Republic of Armenia about Foreign Investment

 

Part I- General

 

Goods imported to Republic of Armenia by foreign investor as legal fundamental capital, such as goods predicted for productions (raw materials, incomplete works, complementary objects, spare parts, etc…) are exempted from customs duties. According to International contracts, as foreign investment, goods imported to Armenia may be exempted from paying customs duties when upon the same contact, related project completed in due date.

 

 

 

Stages for Company Registration

 

1-      Referring to department of OVIR, having one year visa;

 

2-      Preparing an agreement for renting a legal place for registering a company in notary public;