36th Session of the SME Development Sub-Council Led by RA Minister of Economy Gevorg Papoyan

On July 14, the 36th meeting of the SME Development Sub-Council was held under the chairmanship of RA Minister of Economy Gevorg Papoyan.

The agenda included the following items: 

– Draft law on making amendments to the Law on Investment Funds (increasing the maximum number of participants in a non-public investment fund from 49 to 99);

– Amendment to the Law on Limited Liability Companies (introducing regulations allowing the sole participant of an LLC to exercise the powers of the executive body);

– Review of the requirement to submit an annual confirmation of a legal entity’s beneficial owner, regardless of whether any changes have taken place.

Members of the SME Development Council presented their positions on the above issues. Speeches were delivered by Karen Vardanyan, representative of the Union of Advanced Technology Enterprises (UATE); Aram Khachatryan, representative of the Enterprise Incubator Foundation; Ara Khzmalyan, representative of the American Chamber of Commerce in Armenia; Hovhannes Melkonyan, representative of 2B Business Support Foundation; and Hayk Malkhasyan, Senior Legal Advisor of the EBRD Investment Council of Armenia. Representatives from the State Revenue Committee of Armenia, the Central Bank of Armenia, and the Ministry of Justice also spoke during the meeting.

Minister Gevorg Papoyan expressed a positive position regarding the draft amendment to the Law on Investment Funds, noting that it will soon be submitted to circulation and presented within the framework of the SME Development Council’s sessions.

As for the other two issues discussed during the meeting, it was decided that joint consultations will continue, and further work on these matters will proceed.