Category: News

We are thrilled to announce that on April 29, our Partner, Ara Khzmalyan, participated as a speaker in the IP for IT discussion, and our associate, Adelina Asatryan, moderated the discussion, as part of the IP Global Forum.

The forum was organized by Association of Intellectual Property Right Armenian Lawyers- AIPR, with the support of Katapult Pavilion: A Creative Industries expo, AGBU, and ArtNexus.

We extend our gratitude to all the organizers for their tireless efforts and commitment, and we are eager to continue supporting such valuable initiatives.

We were happy to host the event for EBRD SME Credit Line in Armenia, as the project implementor in the coutry. The event gathered stakeholders of the programme: the EU ambassador to RA, representatives of the EBRD, leadership of local financial institutions, the programme beneficiaries, and many other.

ADWISE Consulting is responsible for the local coordination efforts of the programme as part of the technical assistance provided to the participating financial institutions of the programme.

The Programme is a joint initiative of the European Bank of Reconstruction and Development (EBRD) and the European Union (EU).

For the third year in a row ADWISE Business and Legal Consulting is ranked by the world-renowned Chambers & Partners ranking as one of the leading law-firms in Armenia, and our partner Ara Khzmalyan is ranked as of the leading legal practitioners.

We are grateful to all our clients and partners whose feedback has helped us gain this recognition, and are committed to continue working to help them navigate the regulatory environment, minimize risks and find optimal solutions to old and new challenges.

We are excited to share our news! ADWISE Legal Associate Adelina Asatryan has successfully passed the qualification exam and obtained the status of an attorney-at-law (License № 3263 of advocate’s activity).

We congratulate Adelina on joining the Chamber of Advocates of the Republic of Armenia and wish her many more achievements.

On 20 December, in the framework of the “Lake Sevan new national vision roadmap” activity within the EU4Sevan UNDP project, a national workshop was conducted by ADWISE Consulting.

The workshop brought together representatives of various stakeholder groups with the aim to share and initiate a discussion on the draft vision and the procedures that preceded its development, as well as to refine the initial vision based on the

received feedback and comments.

The workshop was attended by 40 representatives of governmental and public institutions (ministries, local self-government bodies, regional administration), NGOs, academia, and international organizations.

During the workshop an interesting discussion took place, the details of which will be taken into consideration for finalizing the vision and during the further steps stemming from it.

The “Environmental Protection of Lake Sevan” (EU4Sevan) project is co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ). It is part of the BMZ-funded programme “Management of natural resources and safeguarding of ecosystem services for sustainable rural development in the South Caucasus (ECOserve)․” The project is implemented by GIZ and UNDP in Armenia.

ADWISE Business and Legal Consulting signed a Memorandum of Understanding with Investment Council of Armenia – ICA.

The parties will cooperate in mapping the regulatory challenges facing the businesses in Armenia, and work on determining optimal solutions to those challenges.

We remain committed to helping businesses overcome challenges and build a strong future together.

The Investment Council (IC) of Armenia serves as a public-private dialogue platform between the Government of Armenia and SME Associations targeted at the development of business-oriented legislative reforms. IC Armenia is supported by the EBRD and funded by the UK Government’s Good Governance Fund (GGF).

ADWISE Consulting experts continue working on a very important project – “New Long-term National Vision for Lake Sevan”

We want to thank the  Ministry of Environment of Armenia and the Ministry of Economy of Armenia for their participation in the focus group.

Focus groups are crucial in ensuring the participatory component of the project, that will in turn motivate the various stakeholders’ engagement in the future implementation of the actions aimed to reach the vision by 2050.

The details of the focus group can be found here:

The Project “Environmental Protection of Lake Sevan” (EU4Sevan) is co-financed by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ). It is part of the EU Action “EU4 Energy Efficiency and Environment,” and of the BMZ-funded programme “Management of natural resources and safeguarding of ecosystem services for sustainable rural development in the South Caucasus (ECOserve).” The project is implemented by GIZ and the United Nations Development Programme (UNDP).

We are happy and proud to start working on this important project!

Within the framework of the “National Adaptation Plan in Armenia” UNDP- GCF project, ADWISE Consulting is implementing the development of the City of Yerevan Climate Change Adaptation plan.

During the introductory meeting our team of consultants had the opportunity to define the project objectives, and the directions that should be included in the development of the adaptation plan through a discussion with the representatives of the municipality of city of Yerevan as well as those of the UNDP Armenia.

We are happy to share, that within the framework of Summer School on IP law, organized by Association of “Intellectual Property Right Armenian Lawyers”, our partner Ara Khzmalyan gave a lecture on Introduction to trademarks.

ADWISE Business and Legal Consulting associate Adelina Asatryan acts as one of the permanent members of the Association.

Gegharkunik marz communities are strongly influenced by the challenges related to Lake Sevan. Therefore, in order to ensure highly inclusive approach, it was important for both ADWISE and UNDP in Armenia to facilitate the discussion on the problems and expectations, as well as to motivate the engagement among the representatives of various communities of Gegharkunik.

We thank Gegharkunik Regional Administration for the opportunity.

Throughout the course of the project, ADWISE Consulting experts have been having meetings with different stakeholders, in order to ensure that the vision is long-term, interiorized, and motivates the engagement of the stakeholder groups in the future implementation of actions to reach the vision by 2050.

The Project “Environmental Protection of Lake Sevan” (EU4Sevan) is co-financed by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ). It is part of the EU Action “EU4 Energy Efficiency and Environment,” and of the BMZ-funded programme “Management of natural resources and safeguarding of ecosystem services for sustainable rural development in the South Caucasus (ECOserve).” The project is implemented by GIZ and the United Nations Development Programme (UNDP).

In the framework of the “Implementation of the roadmap for defining a new long-term national vision for Lake Sevan” project ADWISE team had a very productive meeting with Hydrometeorology and Monitoring Center”

Current and future challenges, objectives and problems were identified and discussed.

We thank HMC for this informative meeting.

In the framework of the implementation of the roadmap for defining a new long-term national vision for Lake Sevan project ADWISE Consulting  team is having meetings with various stakeholders to ensure that the vision is long-term, interiorized, and motivates their engagement in the implementation of actions to reach the vision by 2050.

The Project “Environmental Protection of Lake Sevan” (EU4Sevan) is co-financed by the European Union and the German Federal Ministry for Economic Cooperation and Development (BMZ). It is part of the EU Action “EU4 Energy Efficiency and Environment,” and of the BMZ-funded programme “Management of natural resources and safeguarding of ecosystem services for sustainable rural development in the South Caucasus (ECOserve).” The project is implemented by GIZ and the United Nations Development Programme (UNDP).

ADWISE Consulting delivered trainings in financial planning and digital marketing to the participants of the Tourism Innovation Academy Pre-Acceleration program.

ADWISE’s CEO Lilit Gharayan introduced the basics of the financial management and different financial management tools for effective decision making.

Our Partner in Marketing and Communications Nuné Melkoumian gave an introduction to the digital marketing, including digital marketing strategy and social media marketing, as well as vital information on the proper way to communicate with customers using social networks!

The Tourism Innovation Academy project is made possible with the support from the European Union’s EU4Business “Innovative Tourism for Armenia” project, TSC, and Impact Hub Yerevan.

ADWISE Consulting Marketing and Communications Partner Nuné Melkoumian took part in the “Tourism During COVID-19 And in Post-war Armenia: Analyses And Forecast” forum, organized by the Armenian Association of Professional Tourist Guides / AAPTG. The speakers and the guests of the forum discussed the challenges and new opportunities, that should be explored in order to ensure the stable development o the tourism sector in Armenia.

The project kick off meeting took place on the 17th of February, at ADWISE Consulting office.The project focuses on a highly participative approach. It will engage different stakeholders to ensure that the vision is long-term, interiorized, and motivates their engagement in the implementation of actions to reach the vision by 2050.

We are happy for the opportunity to dedicate our efforts to the implementation of such an important project, and also to once again work with UNDP in Armenia.

The program is funded by the European Union.

We were happy to once again contribute to the development of green finance practices in Armenia via developing Environmental and Social Management System Guidelines for Armenian banks.

In the framework of “Scaling up green finance practices in the Republic of Armenia” project commissioned by Green Climate Fund ADWISE Consulting in cooperation with an international consultant has developed ESMS guidelines for financial sector, providing methodological guidance on advancing green finance practices and tools based on the standards applied by climate funds and IFIs.

The guidelines were discussed with IFIs active in Armenia, Armenian banks, the Central Bank of Armenia.

In addition, ADWISE Consulting held trainings for Armenian banks and representatives of the Central Bank of Armenia and introduced in detail the content of the guidelines.

ADWISE Consultiing developed and implemented a multi-stage training program on “Fundamentals of Marketing and Development of a Marketing Plan for Agribusiness”. The training was conducted by ADWISE Marketing and Communications Partner Nune Melkoumian within the framework of the Green Agriculture Initiative European Union-GAIA Armenia project funded by the EU and co-financed by the Austrian Development Cooperation.This is an important training, that is aimed to help Armenian agribusiness select the target customer, analyze their business, apply new market research tools and finally develop a feasible marketing strategic plan.

We are happy to announce that ADWISE Business and Legal Consulting’s legal team has been ranked by the renowned IFLR1000 Guide as one of the top tier law firms in Armenia. Our Partner Ara Khzmalyan was recognized as a highly regarded lawyer and our Senior Associate Hasmik Movsesyan was recognized as a rising star. This comes as a recognition of our legal teams dedicated and diligent work, always delivering clients with timely and high-quality legal support amid the challenging times. We thank all our partners and clients for the trust they put with us and re-ensure our readiness to represent and protect their rights and interests at the best of our abilities. ADWISE Consulting reiterates its commitment to providing high class and comprehensive legal support to its clients.

On May 26, results of the media contest organized in frames of Climate Change #media training were announced.

The training was organized by ADWISE Business and Legal Consulting in the frame of UNDP – Green Climate Fund Armenia’s National Adaptation Plan Project.

The training was aimed at increasing the interest of media representatives in the field of climate change and particularly climate change adaptation related issues, as well as encourage active and exoteric reporting of these topics.

Congratulations to the winners on their well-deserved success!

• The first prize of the competition was awarded to Mariam Tashchyan for her “Red Line․ A film about climate change” short film.
• The second prize was awarded to Ani Yeghiazaryan for her “Will we cure Sevan, or will we leave it for self-treatment?” article.
• The winner of the third prize was the youngest contestant Oksanna Arakelyan, with her “If illegal logging continues at this rate, the condition of the forest will be catastrophic” article.

Winners of the contest received certificates and monetary prizes.

It was our pleasure to work with UNDP in Armenia, Green Climate Fund and all the professional and enthusiastic media specialists, interested in covering climate change issues in Armenia.

Last week the Government has approved the draft on making amendments and additions to the Law on the “Joint Stock Companies”, which provides several new regulations aimed at development and improvement of the investment sector in Armenia. 

We are pleased to inform that the draft has been developed jointly by ADWISE Consulting, Armenian National Interests Fund (ANIF) and the ”Center of Legislation Development and Legal Researches” Foundation of the Ministry of Justice of the Republic of Armenia.

The draft law proposes a number of innovative regulations, which are in line with the current developments and tendencies in the global business community and improve Armenia’s investment climate for both local and foreign investors.

The draft law proposes, among others, the following:

• Issuance of different classes of ordinary shares;
• Significant flexibility for delegation of powers between the management bodies of the company;
• Allowing the existence of fractional shares, especially as a result of consolidation, which at its turn will exclude the vicious practice in the field of share consolidation in Armenia;
• Allowing the operation of companies with negative capital, which is especially important for IT startups and R&D companies;
• Elimination of the legal fiction in force for years and allowing payment of charter capital of the company after its state registration;
• Elimination of strict regulations of major transactions and liberalization of their execution;
• Elimination of the obstacles for the newly established companies to issue unsecured bonds in the first 3 years of their existence, which created great impediments for the start-up companies to seek funding opportunities right from the beginning. 

We thank our colleagues and partners, as well as the working group in the field of development of capital market for their participation in the discussions and proposals.

We are confident that these amendments will have positive impact on the economic development of Armenia amid these hard times.

To find out more please visit: 

http://www.parliament.am/drafts.php?sel=showdraft&DraftID=61916

We are both immensely proud and happy to announce that ADWISE Consulting’s legal team has been ranked by the renowned Chamber and Partners Global Guide as one of the leading law firms in Armenia. This comes as a recognition of our legal teams dedicated and diligent work, always delivering clients with timely and high-quality legal support amid the challenging times. Throughout 2020 we have ensured smooth experience for all local clients and foreign investors in their dealings with Armenian market, as well as assisted partner law firms worldwide on abundance of matters related to Armenian legislation.

We thank all our partners and clients for the trust they put with us and re-ensure our readiness to represent and protect their rights and interests at the best of our abilities.

ADWISE Consulting reiterates its adherence to providing high class and comprehensive legal support to its clients.

Another important project undertaken by our team in 2020 was the Development of a Concept Paper on most feasible and sustainable housing finance solutions for socially vulnerable population (including refugees and displaced people) in the framework of “Increased Resilience of Syrian Armenians and host population” (IRIS) programme. 

During the project we performed an assessment of socio-economic conditions of the target group (demand side) and financial market readiness (supply side), analyzed the legal, regulatory and institutional framework as well as best international practices in the field.

As a result, we produced a set of housing finance solutions, feasible models and tools targeted at improving the housing conditions of the target population.

We hope that the proposed models and solutions will be widely applied for achieving more sustainable housing conditions for the target group.

The involvement of citizens in the governance process is an essential part of democracy. Citizen participation in local governance involves ordinary citizens assessing their own needs and participating in local budgeting and budget monitoring processes.In the framework of Good Local Governance Program (Citizen Participation in Municipal Budgeting project) implemented by GIZ ADWISE Consulting developed a “Handbook on participatory budgeting for municipalities”. Many municipalities lack competences, approaches and experience in involving their citizens in the procedure of the budgetary process. The Handbook aims to provide the administrations of municipalities with the necessary knowledge and experience for the application of pro-active and citizen-oriented participation methods and tools for activation and engagement of citizens in participation budgeting processes. ADWISE Consulting also designed and delivered a workshop to the administrations of municipalities introducing the tools and measures described in the Handbook.

In the framework of “Integrated Biodiversity Management, South Caucasus” (IBiS) program of GIZ, ADWISE Consulting has facilitated the development of sustainable pasture management strategic paper of Armenia. The aim of the project was to develop an effective and unified mechanism of pasture management in Armenia, the implementation of which will result in the sustainable development of the livestock sector and will ensure environmentally responsible behavior.

In the framework of the project, ADWISE Consulting has studied existing challenges and issues, analyzed local and international best practices, conducted individual meetings and group discussions with all relevant stakeholders of the sector. As a result, ADWISE Consulting developed the Strategic Concept Paper on sustainable pasture management of Armenia, which reflects the position of all relevant stakeholders on the development of the sector as well as best international practices.

On October 12, 2019 the inaugural Summit for Transformation of IP & Corporate Law in Armenia took place in Yerevan, Armenia, at Armenia Marriott. The Summit was aimed at transformation of IP innovation and corporate law in Armenia to boost the advanced technology development in the country. The Summit brought together experts, attorneys and technology professionals from US, Russia, Germany and Armenia, as well as representatives from the Government and the National Assembly of Armenia.

The Summit culminates 9 months of work on developing reform proposals aimed at improving IP protection and corporate law regulatory framework. The legal team of ADWISE Consulting has been a key part of this initiative by the US Armenian Bar Association, including leading 2 of the working groups, and actively working on the reform proposals.

The proposals were welcomed by the representatives from the Government and the National Assembly, and we look forward to working on implementing them in practice.

We are happy to share that our Senior Associate Hasmik Movsesyan along with our Partner Ara Khzmalyan had the honor to present the reforms proposal on Corporate Law issues, aimed at promoting VC/Angel Investments (you can access the live broadcast recording through the following link: https://www.youtube.com/watch?v=2KsUpI-PxpE&t=17520s).

ADWISE Consulting expresses its deepest gratitude to all organizers, participants and enthusiasts who made this incredible event a reality and once again asserts its readiness to stand by IT innovation and development of Armenia.

In the framework of “Responsible Finance in the Caucasus, Ukraine and Iran” (RF) project commissioned by the German Federal Ministry for Economic Cooperation and Development (BMZ) and implemented by Savings Banks Foundation for International Cooperation (SBFIC), ADWISE Consulting conducted a study on digital communication services in Armenia. The key objective of the research was to support the Central Bank of Armenia (CBA) in enhancing the current legislation and regulations on consumer rights protection in the financial sector of Armenia. The research covered a market analysis of existing digital financial products and their features, an overview and analysis of prevailing legislation and regulations related to the consumer rights protection within this field, as well as a market analysis among financial institutions’ clients regarding their perception of consumer rights protection in the realm of digital financial services. As a result of the study, ADWISE came up with a set of recommendations on how to achieve the above-mentioned objectives of the project. Within the framework of the project, an international expert was involved by SBFIC to assist with the integration of international best practices and the provision of additional recommendations on how to further develop the digital communication services in Armenia.

ADWISE Consulting is proud to contribute to the advancement of the financial sector and the digital financial services in Armenia.

We are happy to announce that ADWISE has recently participated in the Sustainable Finance Forum 2019 Eastern Europe, Caucasus, Central Asia held in Yerevan as a general partner of the event organized by the Greenpact (www.susfinforum.com), which brought together around 150 impact investors (including EBRD, IFC, KfW, UN agencies), commercial banks, micro-finance institutions and social entrepreneurs for catalysing dialogue and developing innovative collaboration aimed at advancing the sustainable development of the region. The key objective of the forum was to develop business models that would effectively connect the traditional financial institutions with the organizations that are committed to creating a positive social and environmental impact in the region. The panel discussions revolved around the topics of green banking, renewable energy, waste management and recycling, organic food and agriculture, fintech and blockchain, as well as the concept of “smart” cities and mobility. Having delivered a wide range of projects in more than 10 countries, the ADWISE team has developed substantial expertise in the financial sector, embracing continuously every opportunity to promote the employment of green solutions and the transition to a greener economy. Within the scope of the forum, our CEO Lilit Gharayan has taken part in the panel discussion on providing business incentives and support mechanisms to the SME sector to reduce carbon emissions and facilitate investment in green technologies. She has also been among the judges of the start-up pitch competition, which brought to the stage a number of promising start-ups in terms of the viability of their business models and the potential to make sustainable impact within the field of finance.

ADWISE Consulting is proud to contribute to the development and advancement of innovative and sustainable financial infrastructure in Armenia and the region.

Our Partner Ara Khzmalyan took part in the Regional Cooperation event dedicated to Regional Cooperation Conference dedicated to Public Administration Reform (PAR) in Neighbourhood East countries, organized by GIZ in Brussels on May 17th, within the scope of the Neighbourhood East 10th year anniversary events. Key European donor approaches towards future assistance to PAR were discussed, along with key advantages and obstacles for regional approaches. Within the scope of the event Ara presented the outlook of the private sector.

ADWISE Consulting is happy to contribute to furthering Public Administration Reforms in Armenia and the region.

Our CEO Lilit Gharayan has recently taken part in the first #WETalk in the framework of GIZ SMEDA project as a panelist on the women’s engagement in IT and high-tech sectors. The panel discussion aimed at initiating a dialogue among actors from different industries, civil society, and the public sector on the topic of women’s engagement in IT, high-tech sectors and entrepreneurship. The facts and figures, along with a number of inspiring stories were presented at the WETalk, indicated a growing tendency of female engagement in the above-mentioned sectors.

ADWISE Consulting is happy to contribute to the promotion of women entrepreneurship, as well as development of start-up ecosystem in Armenia.

We are happy to announce that ADWISE Legal has been ranked as one of the top 10 law firms in Armenia by The Legal 500, which is one of the world’s largest legal referral guides. It is an independent guide, in which law firms are recommended purely on merit. ADWISE Legal has increased its ranking to tier 2. We are honored to be awarded this recognition for the dedication and hard work of our legal team. 

In the framework of EBRD “Women in Business” project our CEO Lilit Gharayan has conducted a pro-bono seminar on financial management for women entrepreneurs – clients of ArmEconomBank.

The seminar aimed at providing the participants with basic financial knowledge, as well as equipping them with the most essential and practical toolkit of financial management.

We are proud to have our contribution to the enhancement of financial literacy among women entrepreneurs, as supporting and empowering women entrepreneurship is one of the main causes of ADWISE Consulting. 

ADWISE Consulting in cooperation with Savings Bank Foundation for International Cooperation (SBFIC) has successfully completed the first phase of the capacity building project for the beneficiaries of the Organic Agricultural Support Initiative (Austrian Development Agency (ADA) project).

Within the project we conducted Micro Entrepreneurship Simulation trainings (MEST), which is a game aiming to help the participants gain entrepreneurial thinking, major understanding of challenges and opportunities of micro enterprises, decision-making skills and understanding of basic financial information.

ADWISE is now ready to move to the next phase and conduct Business Plan Development Seminars (BPDS) with further coaching sessions. The aim of BPDS is to develop the business idea into a living business project resulting in a detailed strategy, business and operational plan. This will then be followed up with individual coaching sessions, which will help participants prepare the written concept of their business idea.

We are proud to contribute to the development of organic agriculture in Armenia!

We are proud to announce that ADWISE Consulting has become a member of the American Chamber of Commerce in Armenia (AmCham).

AmCham is a leading business association with more than 130-member organizations from various business industries in Armenia. The association not only best represents the business interests of its member firms to the Armenian Government, international organizations and wider business community but also is an excellent business community networking platform.

ADWISE Consulting is always open to new partnerships and is pleased to cooperate with AmCham contributing to the development of business environment in Armenia.

Our Partner Ara Khzmalyan has participated in the conference on the Possibility of Introducing Mechanisms of Transitional Justice in Armenia. He presented issues related to responsibility under public international law pertaining to the subject matter. We are committed to be a part of the important legal and justice reforms ongoing in Armenia.

We are proud to announce that ADWISE Legal has been officially ranked as one of the leading law firms in Armenia by IFLR1000 – one of the world’s leading guides to corporate and financial law firms. We are honored to be awarded this recognition for the quality work and commitment of our legal team.

In the framework of “Responsible Finance” program implemented by Sparkassenstiftung (SBFIC), ADWISE Consulting experts have been co-trainers at the Training of Trainers (ToT) on “Savings game” and “Micro Entrepreneurship Simulation” held in Georgia, Tbilisi.

The “Savings game” is a board game for households, which aims at helping participants get acquainted with the basic concept of saving, improving saving skills and gain basic financial literacy.

“Micro Entrepreneurship Simulation” board business simulation game aims at improving the financial and entrepreneurial decisions and develop overall entrepreneurial understanding.

The main objective of the ToT is to scale up the described trainings in the countries of the Program.

We would like to thank all participants and SBFIC as it was still another great opportunity to partner in the framework of “Responsible Finance” project.

Our Partner Ara Khzmalyan, participated in the VI International Summer School on Human Rights, dedicated to the 70th Anniversary of the Universal Declaration on Human Rights, held in Yekaterinburg, Russia as a guest lecturer. Ara delivered a master class on the right to asylum. The Summer School brought together students from across the region, along with leading experts from across Europe and CIS countries. We are proud to have our contribution to the promotion of knowledge in the field of human rights across the region.

ADWISE Consulting has been recently invited by the World Bank Group to contribute to a study of the digital economy and legal framework of ICT spectrum in Armenia.

The study will allow the World Bank Group to assess the compliance of participating countries following the methodology of Doing Business Report and evaluate the readiness of the regulations to serve the transactions carried out over the Internet.

Given the extensive practice of ADWISE Consulting in providing consultancy services on communication regulations, data privacy issues, digital markets and their regulations, we were pleased to act as contributors on the two surveys: “Broadband Regulatory Framework” and “Regulatory Framework for Digital Markets”. 

These surveys were meant to disclose the legal framework on broadband regulations in Armenia, their licensing procedures, as well as on privacy and consumer protection issues regarding e-commerce and digital markets in Armenia.

ADWISE Consulting is honored to receive such reliance in our work and towards our company, and we will be confidently continuing our fruitful cooperation with the World Bank in the future.

ADWISE Consulting is proud to announce the successful completion of the trainings on Finance for non-Finance Managers for Ucom, specifically tailored for middle and senior managers.

We believe that knowledge of finance is essential for all professionals despite their role in the organization. Thus, we equipped all our participants ( around 100) with all necessary tools and insight of basic finance helping them understand and analyze financial data, improve their planning and budgeting skills and sharpen their financial thinking. 
Our partner Lilit Gharayan provided comprehensive knowledge on basic financial models and critical financial principles making sure that managers walk away with an awareness of the role of finance in their organization.

It was a great pleasure for us to be able to work with such an amazing team, and once again many thanks to all participants and Ucom for trusting us!

A seminar on preparation of project proposals designed for the signatories of the Covenant of Mayors was held in Yerevan. The seminar was conducted by Astghine Pasoyan (Foundation to Save Energy) and our CEO Lilit Gharayan. The purpose of the event was to strengthen the capacity of local municipalities in assessing the economic effectiveness of project ideas outlined in the Action Plans for Sustainable Energy Development and Climate, identify the most promising activities and develop high quality project proposals acceptable for financing.

Representatives of 15 signatories of the Covenant, as well as representatives of the Ministry of Energy Infrastructures and Natural Resources of the RA, the Ministry of Territorial Administration and Development of the Republic of Armenia also took part in the event.

ADWISE Consulting is proud to announce the launch of “Your Business Guide” application, which was developed by our company in cooperation with Sparkassenstiftung für internationale Kooperation e.V. Armenia in the framework of the “Economic Integration of Syrian Refugees in Armenia (EISRA)” project implemented by GIZ. “Your Business Guide” is a learning tool for entrepreneurs and start-ups and was designed to provide an understanding of various topics that any entrepreneur would need for the strategic development and operation of his business. “Your business guide” is a unique tool that touches the legal aspects of a business and the basic but most essential concepts on entrepreneurship, finance, marketing and HR management. The app provides a comprehensive knowledge on each topic by walking you through the main notions within each and one of them as well as gives you a chance to test your knowledge through the quizzes. 
The app is available on androids and will soon be available on iOS as well. 
You can download it from Google Play following the link below: 
https://bit.ly/2HnGJE1

Our CEO Lilit Gharayan has participated in the 9th Business Opportunities Fair 2018 held by Asian Development Bank at ADB headquarters in Manila, Philippines on the 14-15th of March. The aim of the event was to bring together consultants, contractors, manufacturers and suppliers looking to provide goods and services to ADB projects and discover exiting and upcoming business opportunities. Applicable policies and procedures related to business partnerships with ADB have been discussed. During the event ADWISE Consulting established cooperation and partnership with representatives of the world’s leading consulting companies in agriculture, environment, energy, public management, finance, transport, urban development as well as received first-hand information on opportunities under ongoing and upcoming ADB-financed projects.

ADWISE Consulting has successfully delivered another training on Labor Code. The training was designed specifically for HR professionals, company directors, business managers and owners the objective of which was to cover all major facets of labor law. As all our trainings, this training was predominantly tailored for participants considering the key features and needs of their organizations. Practical case studies, presentation and discussions aimed to target and understand the specifics of the topic.

Our legal partner and trainer Ara Khzmalyan provided a comprehensive knowledge and implementation skills to the participants touching the key aspects of labor law. It was our pleasure to host and train participants from such companies as Ameriabank CJSC, Anelik Bank CJSC, Cascade People & Business, Lydian Armenia, DarmanTest Laboratories, Digitain, Benivo Armenia, 2mindS.

Yesterday, on December 21st, the National Assembly adopted amendments to the Tax Code. Among various other issues, the amendments delay the application of the widely discussed 5% income tax on dividends paid to Armenian citizens – the tax will only be applied to dividends from the profits generated from January 1st 2018 and onwards. Under the current wording dividends paid in 2018 for the previous years’ profits are also taxable. Similarly, the application of the 10% income tax on dividends paid to foreigners is retroactively delayed by 1 year. The amendments are yet to be signed into force by the President.

Our partner Ara Khzmalyan has been judging the National Moot Court Competition on International Humanitarian Law (IHL) held by the Armenian Delegation of the International Committee of the Red Cross, which took place on 8-10 December, 2017. The competition, which was introduced in Armenia in 2005, takes place every year ever since and aims to raise awareness of international humanitarian issues among students from leading universities and increase their knowledge of application of IHL. The objective of the moot court is to “take the law out of the books” by assigning students to variety of roleplays and challenge their decision-making and time management abilities.

ADWISE Consulting has participated in the International Cooperation and Development Forum 2017 held by DevelopmentAid at DoubleTree by Hilton Yerevan City Centre Hotel on November 20th, where our partners Lilit Gharayan and Ara Khzmalyan established cooperation and partnership with leading donor institutions and IFIs. The forum involved such bilateral and multinational donors as the European Commission, EBRD, EIB, Japanese International Cooperation Agency, WB and others, who intend to support Armenia in its development path. There were several topics on the agenda including the importance of international cooperation for development, its upcoming challenges and already experienced best practices that can be used in the future.

“Protection of Intellectual Property” training, organized by ADWISE Consulting, was held on May 15 and 16. The training is designed for top and middle managers, business owners, production, sales and marketing specialists and is especially relevant for IT sphere professionals, IT company founders and directors. The training is aimed at introducing participants not only to the intellectual property and the specifics of its protection, but also to the mechanisms of preventing IP violations. During the training the participants learned how to: – protect their intellectual property more effectively – avoid violating intellectual property rights – effectively prevent and fight against violations of their intellectual property rights.

The workshop on copyright related issues in photography has taken place. Ara Khzmalyan, the co-founder and head of legal consulting direction of ADWISE Consulting, presented the existing legal issues in photography and the ways to deal with those issues during the discussion with sector representatives. As currently the illegal use of photos has increased significantly, the discussion was very useful and interesting for the participants. The workshop was organized jointly with Photo Atelier Marashlyan. ADWISE Consulting is specialized in the field of intellectual property and provides a range of services related to protection of intellectual property. Find our more about the scope of our legal services here.

ADWISE Consulting completed its serial training on Labor Code. Within the topic two trainings were delivered: “Introduction to Labor Code” and “Advanced Labor Code”. The trainings were designed for business managers and owners, company directors, HR professionals, accountants and covered all the aspects of the Labor Code․ Our trainings are specially tailored for the participants, considering specifics of their organizations. Presentation, discussions, practical tasks and Q&As by our legal partner and trainer Ara Khzmalyan provided all necessary knowledge and implementation skills to the participants. We were delighted to host and train participants from leading local and international companies from financial sector, IT, production, HORECA, consulting and other sectors.

ADWISE Consulting has successfully completed the Study on the Business Membership Organizations (BMOs) sector of Armenia in the framework of SMEDA (Support to SME Development in Armenia) project implemented by GIZ and co-funded by European Union. BMOs play a vital role in the development of the SME sector and the economy overall. Our study has revealed the challenges and opportunities of the sector as well as produced a set of recommendations, the implementation of which would strongly contribute to the development of the BMOs in our market. The results of the study were presented to the representatives of leading BMOs in Armenia in GIZ Armenia office on 12 July 2017. You can download the report here.

ADWISE Business and Legal Consulting is proud to have started working with the UK-based Equal Right Trust as a local partner in an EU project to support civil society and trade unions in Armenia to improve implementation of UN human rights and International Labor Organization labor rights conventions. The project is implemented in the context of the European Union’s GSP+ mechanism in Armenia. The project is aimed at supporting and empowering civil society and social partners to monitor implementation of the relevant conventions, and to advocate for legal and policy reforms necessary to comply with the conventions. We trust the project will be successful in furthering the protection of human and labor rights in our country.

Our partner Ara Khzmalyan has been judging the 20th International Martens Competition on International Humanitarian Law. The Competition, organized by the Regional Delegation of International Committee of the Red Cross, brings together leading lawyers and students from leading universities across the region, and aims to promote knowledge of the future leaders in the sphere of humanitarian law. We hope promoting such knowledge will help minimize the hardships caused by the armed conflicts in our region, and help arrive at peaceful solutions thereof.

ADWISE Consulting is proud to announce that it has been ranked as one of the leading law firms in Armenia by The Legal 500, one of the top worldwide law firm rankings. This is a result and a recognition of the outstanding work of our legal practice team in providing the most cutting edge and innovative advice to our Clients. We are proud and delighted to receive this honorable ranking.

Our Partner Ara Khzmalyan delivered an induction training to incoming Peace Corps volunteers, covering fundamentals of the legal environment for non-for-profits and small and medium enterprises in Armenia. The training provided the participants with understanding of basic corporate structures, taxation schemes, tort law, intellectual property rights and other issues commonly facing start-up businesses and new non-for-profits. The volunteers will be able to use the gained knowledge in helping their beneficiaries in communities across Armenia.

Our CEO and co-founder Lilit Gharayan took part in the international conference of consulting professionals held in Tbilisi, Georgia. The conference was organized by the European Bank for Reconstruction and Development (EBRD) and hosted over 200 consulting professionals to explore the trends and challenges of the consulting industry. The conference featured plenary sessions from leaders in the consulting industry and the business world. They explored global trends in the sector and new challenges in the industry and the region. The event included breakout sessions examining new techniques, models and approaches for agile consulting, combining experience with innovation. Competitive consulting 2016 brought together consultants from a wide range of markets, as well as a number of international consulting firms interested in engaging with local partners.

On Tuesday, 25 October 2016, ACBA-CREDIT-AGRICOLE BANK presented sme.acba.am portal to more than 200 entrepreneurs of Armenia. Sme.acba.am is the first SME portal in Armenia that will grant entrepreneurs an opportunity to access resources and tools to establish, improve and grow their businesses. The project initiated by ACBA-CREDIT-AGRICOLE BANK in cooperation with International Finance Corporation (IFC) will be launched in December, 2016 and will offer a range of toolkits that cover the most relevant areas necessary for running a successful business. ADWISE Consulting is the partner of the sme.acba.am portal for legal and HR sections that will cover the most important aspects in those fields in a most practicable and clear manner. We are proud to take yet another step in supporting the development of SME sector in Armenia.

Launching training series of “Finance for Non-Finance Managers” is another step towards our mission. “Finance for Non-Finance Managers” training, which took place on May 23-27, 2016 aimed at delivering company shareholders, directors and middle level managers the financial knowledge and skills needed for strategic as well as operational level decision-making in order to improve the performance of the businesses as well as enhance the efficiency of daily operations. This training will be continuous and will deliver opportunities for different business area managers and professionals to gain essential financial literacy.

Aiming at developing SME banking in Armenia and in the region, ADWISE Consulting took part in the 2nd Annual Caucasus SME Banking Conference.

The Conference held in Tbilisi, Georgia on May 18-19, 2016, gathered representatives of banks and other financial institutions mainly from Caucasus and CIS region who shared their experience in SME banking sector, stressing out several key issues such as:

• Managing financial institutions in the time of crisis
• Innovations and disruptions in SME segment
• Operational efficiency in financial institutions

One of today’s hottest topics in the banking sector, operational efficiency and the ways of its enhancement in financial institutions, was presented by conference speaker Lilit Gharayan, co-founder and CEO of ADWISE Consulting. “It is no news that financial institutions in Armenia are undergoing tough times and major transformations, and one of the biggest challenges of the sector is to improve operational efficiency. We, as a company that delivers consultancy to financial institutions, nowadays put a lot of effort into supporting banks and other financial institutions in improving operational efficiency”, says Lilit Gharayan.

Among participants representing different leading financial institutions from countries such as Russia, Ukraine, Georgia, Kazakhstan, Slovakia, Belarus, Turkey, France, Egypt, the financial sector of Armenia was represented by participants from Ameriabank, ACBA-CREDIT-AGRICOLE Bank, SEF International UCO and ADWISE Business and Legal Consulting firm. During the conference participants exchanged their experience, gained sensible and worthy information on the key areas of discussions and made wide network of connections.

Notice: no specific logic applied while listing countries and institutions.

Don’t miss the chance to participate in the 2nd Annual Regional Conference on SME Banking organized by SME Banking Club, which will take place in Tbilisi, Georgia this year. Until 2nd May you can take participation with the rate of EUR 350 for the first and EUR 300 for the second and each next participant. The conference focuses on current most important topics of the financial sector: Managing in times of crisis: strategy and risk management implications Disruptions and innovations in SME segment SME financing ADWISE Consulting, being the Armenian partner of SME Banking Club, encourages bank and finance professionals to participate in the SME Banking Conference on 18-19 May 2016 at Tbilisi Marriott Hotel. For Registration, participation and additional info please contact ADWISE Consulting at E-mail: info@adwise.am or Tel: 374 60 54 12 95, 374 55 21 35 88. More details, agenda and current participants of the conference can be found.

Banking industry in Armenia, bearing a resilient tension, is now passing through greater challenges. While being backed by local experience, exchange of experience and a wide network of colleagues within the region is a crucial factor for wiser and more practical solutions through managing in time of crisis and disruptions in SME segment. SME Banking Club is organizing the 2nd Annual Regional Conference on SME Banking, which will take place in Tbilisi, Georgia this year aiming at focusing on: Managing in a time of crisis: strategy and risk management implications Disruptions and innovations in SME segment SME financing ADWISE Consulting, being the Armenian partner of SME Banking Club, encourages bank and finance professionals to participate in the SME Banking Conference on 18-19 May 2016 at Tbilisi Marriott Hotel. For Registration, participation and additional info please contact ADWISE Consulting at E-mail: info@adwise.am or Tel: 374 60 54 12 95. More details about the conference can be found here: www.events.smebanking.club/event/caucasus16/.

SME development is vital for the economic development of Armenia.

ADWISE®, as an SME development-oriented consulting firm, on 23rd February 2016 participated in the presentation of SME Policy Index: Eastern Partner countries 2016, an EU co-founded project in partnership with OECD, ETF and EBRD, followed by round-table discussions with the representatives of the aforementioned organizations and other institutions such as Ministry of Economy, European Economic Association, European Union Twinning Project, SME Cooperation Association and many others.

Within the discussions we targeted to raise main areas of concerns of SME business environment improvement in Armenia emphasizing the importance of further simplification of tax and customs administration, SME access to finance, public-private dialogue, women entrepreneurship.

As a part of our pro bono activities our Partner Ara Khzmalyan, together with co-coach Yeghishe Kirakosyan, and with the help of advisor Isabella Merabova, have been coaching a team of AUA students for the Phillip Jessup International Moot Court Competition. We are happy to announce that on February 14th the team went on to win the national rounds of the completion and is now set to represent Armenia in the international rounds in Washington D.C. This is the first time for an AUA team to make it this far in the competition, and we wish them great success in the international rounds.

We are pleased to announce that Ara Khzmalyan, our Partner in charge of Legal Practice, has been certified as a Patent Attorney with the Intellectual Property Agency of Republic of Armenia. This certification takes ADWISE Business and Legal Consulting yet another step further in our pursuit of excellent level of services to business community.

The working group of the Chamber of Advocates of Republic of Armenia, in which Ara Khzmalyan (Partner- Legal Advisory at ADWISE) has been actively engaged, today published an opinion on the draft Constitution.

The opinion addresses Chapters 1, 2, 7 and 8, which deal with the foundations of the constitutional order, fundamental rights and freedoms, and the justice sphere. The Opinion raises various issues and shortcomings contained in the Draft. Substantial changes to the Draft are accordingly proposed. The Armenian version of  Opinion is available at 

http://advocates.am/news/view/1050.html  

On June 4th 2015 a number of legislative amendments were enacted (including amendments in the Civil Procedure Code and the Judicial Code), formally introducing the mechanism of mediation into civil proceedings.

Once the amendments take force in mid-September, a designated mediation procedure will become available to parties engaged in civil disputes. At that, certification of to-be mediators by the Ministry of Justice is expected to begin ahead of that date.

The newly introduced mediation procedure may be expected to facilitate dispute settlement, and also decrease duration and costs of litigation.

On May 29th 2015 the Eurasian Economic Union and Socialist Republic of Viet Nam signed a Free Trade Agreement (FTA), which will enter into force 60 days from subsequent ratification.

Among the key provisions of the FTA are the agreed progressive reduction and/or elimination of customs duties on goods originating from the Parties, applying to over 6,000 categories (Harmonized System sub-codes) of goods. Armenian businesses may particularly benefit from elimination of customs duties on such goods as metal ores and various foodstuffs. It was announced during the signing ceremony that the respective reductions under the FTA will save exporters from the EAEU around $40-60 million per year.

Additionally, the FTA establishes Most-Favoured-Nation Treatment in relation to import and export of goods, treatment of investments, intellectual property and other trade related issues.