YEREVAN, MARCH 23, ARMENPRESS. As many Russian businesses struggle to cope with the new sanctions, many are looking at Armenia as a potential destination for relocation.

938 Russian citizens have registered in Armenia as Private Entrepreneurs in between February 24 and March 22, while another 268 limited liability companies were registered in the same period which consist of Russian citizen legal or natural persons, the Ministry of Justice Head of the State Registry Agency for Legal Persons Tatev Mkrtchyan told ARMENPRESS.

She said that most of the abovementioned Russians are from the IT sector.

Some of the Russian citizens required legal consultation upon registration because they were unaware of technicalities and required paperwork. However, lawyer Lilit Karapetyan says the process is very easy.

“Anyone who wants to relocate their business to Armenia should simply take their passport and come to Armenia, translate the passport in a notary office, go to the registry,” she said, adding that the registration will only take 30 minutes.

Karine Terteryan