As global efforts to enhance transparency grow, beneficial ownership reporting is becoming a regulatory focus. Here’s a quick overview of requirements in Armenia and the USA:

Armenia
 Since 2021, Armenia has required certain companies to disclose their beneficial owners, expanding the scope in 2022 and the requirement applies to all companies from 2023. This information is filed with the State Registry of Legal Entities and is publicly accessible.

USA
 The Corporate Transparency Act (CTA) mandates certain companies to report beneficial owners to the Financial Crimes Enforcement Network (FinCEN). 23 entities, including publicly traded companies and many nonprofits, are exempt. While reporting became available on January 1, 2024, the deadline has been extended to March 21, 2025. Notably, FinCEN has issued an interim final rule specifying that only non-exempt foreign reporting companies must file beneficial ownership information.

Key Differences
Public Access: Armenia’s data is publicly accessible, while USA filings are limited to government authorities and financial institutions.
Scope: Armenia’s rules apply to all companies, while the USA targets specific entities.
As both countries strengthen transparency frameworks, companies must stay updated to ensure compliance.

BEST LEGAL SOLUTIONS 

LY Law Firm offers a comprehensive suite of legal services for businesses and philanthropic initiatives, finding the best and most creative solutions to complex legal issues. From startup formation to intellectual property protection, mergers and acquisitions, contract negotiation, cross-border deals, and complex transactions, privacy and data protection, employment and many more, we offer tailored services that align with your business needs. Whether you’re launching a startup, expanding operations, or tackling complex legal landscapes, LY Law Firm is your trusted partner in achieving strategic business objectives and driving success. The services are available in Armenian, English, and Russian languages. We have special packages designed for startups.