The purpose of the action is to assist business entities in involving highly qualified specialists, which will lead to an increase in the productivity of companies operating within the territory of the Republic of Armenia.
Business entities are considered to be either commercial or non-profit organizations registered and carrying out actual activities within the territory of the Republic of Armenia, which, during the 12 months preceding the moment of applying for assistance, have involved highly qualified specialists meeting the requirements set out below.
A highly qualified specialist (hereinafter referred to as a HQS) is a specialist who has lived outside the Republic of Armenia for at least 12 of the 30 months preceding the moment when an economic entity submits an application for participation in the program, is listed as an Income Tax payer (with the exception of HQS who have a doctorate (Doctor of Philosophy) or an equivalent scientific degree in one of the leading 50 (fifty) universities (QS World University Rankings) and and complies with at least one of the following requirements:
– has graduated from one of the leading 400 (four hundred) universities listed under the the QS World University Rankings published in the year of application for participation in the Program, and obtained a Bachelor’s, Master’s and/or Doctor’s degree,
– has at least 10 (ten) years of experience in companies that are part of a scoring or index issued by the following Rating or Index companies: Forbes, Fortune, HeadHunter, NIFTY, Dow Jones, FTSE, S&P, SSE Composite, SZSE, KOSPI, KOSDAQ, BSE SENSEX, NSE of India, BOVESPA, IBrX, ITEL, Nikkei, TOPIX, DAX, MDAX, MOEX
Method of assistance
The business entity having involved the HQSs is reimbursed 20% of the specialist’s salary and equivalent payments (but no more than 1,000,000 (one million) drams per month and no more than the difference between the income tax paid-off during the compensation period and returned as part of other state arrangements).
If the HQS has a doctor’s degree (PhD), then 50% of the salary and the equivalent paymenst (but no more than 1.5 million drams) are subject to reimbursement.
In the case the HQS possessing a Doctorate degree conducts teaching in the entities providing educational and research services in the territory of the Republic of Armenia in addition to the specified compensation for the salary of the main workplace, 70% of the salary paid by the organization providing educational and research services and other payments equivalent to the latter ( but no more than 2 million drams) will also be reimbursed).
Compensation period: compensation is provided within the 36 months following the date of approval of the application.
The assistance is rendered to business entities that meet the requirements established by this action, provided that the HQS was engaged by the business entity during the 12 months preceding the time of filing an application for assistance, and was an employee of the given business entity for at least 2 months (in a row) prior to filing an application for the mentioned assistance.
The deadline for the action is December 31, 2024.
In case of additional questions, you can call 011 597 206, 011 597 207 or write an Email: secretariat@mineconomy.am.
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