Armenia plans to change its legislation to give foreigners the right to acquire a business in Armenia or make an investment in a local company without visiting the ex-Soviet country, Vahe Danielyan, a deputy justice minister, said.

He said that Armenia’s consulates abroad would be eligible to register a foreign-owned business in Armenia or formalise the acquisition of a share in an Armenian company by foreigners.

“This is a good tool to attract new foreign investments, but time will show how effectively this tool will work,” Danielyan said, adding that Armenian consulates would be vested with the power to make the identification and registration work.

He said that the government had been mulling other reforms to attract investment, particularly by reducing the requirements to register and set up a company. In addition, foreigners would also be able to open a bank account in Armenia online.