Startup privilege law brings 4 foreign IT companies to Armenia

YEREVAN, MARCH 16, ARMENPRESS. After the passing of the law on "State support for IT sector”, a 4-5 times increase in startup formation is registered in Armenia. 16 startups were founded in 2014, and then in 2015, after the law took effect; the number of newly created companies went up to 80, 71 of which had been granted privileges.

Deputy Economy Minister Emil Tarasyan informed about this during an interview with “Armenpress", noting that in the first couple of months of 2016, the figure has already increased by 10%. "The dynamics is in place, now we have to continue the privileges. They are restricted in terms of time. December 31, 2017 is the deadline for applications for the newly established startups, and the current privileges will be active until 2020.

We need to analyze the field of privileges, taking into account all the positive-negative aspects. I think this year we will launch a new initiative in the National Assembly in order to extend the deadline for accepting applications and granting privileges. In addition, the law will be clarified, so that there are no barriers to foreign capital, as well as for the creation of Armenian startups, “the Deputy Minister said.

He was pleased to note that 4 organizations with foreign capital, having no connection to Armenia, decided to launch a startup here.

According to Emil Tarasyan , they will expand the range of activities to create a favorable environment for innovation development. "The field of innovative development is of a much wider range and it is possible that the by creating favorable environment we will attract innovative design companies “, he said.