The law on Aviation provides that aviation activity in the Republic of Armenia shall be effected by civil aircraft registered in the Republic of Armenia. Accordingly, the required certificates can be obtained only by legal entities registered in the Republic of Armenia with at least 51% of shares (stocks, shares, etc.) owned by citizens of the Republic of Armenia and (or) legal entities created (publicly registered) in the Republic of Armenia; It is not clear if indirect fully-owned foreign ownership is possible. For the purposes of the OECD FDI Regulatory Restrictiveness Index, it is assumed not possible, and therefore, foreign investment is limited to 49% of votign rights.
"CHAPTER 2 - AVIATION TYPES AND MANAGEMENT SYSTEM [...]
Article 6. Carrying out of aviation activity
 1. Aviation activity in the Republic of Armenia shall be effected by civil aircraft registered in the Republic of Armenia pursuant to Chapter 4 of this Law. Aviation activity can also be carried out by state airplanes of the Republic of Armenia.
2. Foreign national-owned civil aircraft may fly to the airspace or operate aviation activities in the Republic of Armenia only in the presence of an international treaty (agreement) envisaging the relevant rights or in the manner prescribed by this law.
[...]
SECTION II - CIVIL AVIATION
CHAPTER 4 - AIRCRAFT REGISTRATION, NATIONAL HUMAN RIGHTS AND DESIGN [...]
Article 15. Aircraft registration terms
1. The aircraft may be registered in the Republic of Armenia, if:
(1) is its owner and (or) operator; a. The Republic of Armenia, b. Communities of the Republic of Armenia, c. Citizens of the Republic of Armenia, d. Legal entities registered in the Republic of Armenia;
(2) the aircraft meets the minimum requirements for the airworthiness permitted by the designated authority for registration.
(3) the aircraft is not registered in another country.
2. The aircraft application owner or his representative shall submit an aircraft registration application.
[...]
CHAPTER 8 - AIR COMMUNICATIONS AND AIRCRAFT CONTRIBUTORS
Article 42. Requirements for commercial air transportation
1. Commercial air transportation in the territory of the Republic of Armenia may be only effected in the manner prescribed by this Chapter on the basis of aircraft operator certificate, air carrier specification and permit for exploitation of air traffic.
[...]
Article 43. Terms of issuance of airplane certificate
 1. The Aircraft Operator Certificate is issued by the Authorized Body to:
(1) Legal entities registered in the Republic of Armenia with at least 51% of shares (stocks, shares, etc.) owned by citizens of the Republic of Armenia and (or) legal entities created (publicly registered) in the Republic of Armenia;" (Law on Aviation, 2007, as amended).
Law on Aviation, 2007, as amended [google translation]
[<a href="https://www.arlis.am/DocumentView.aspx?DocID=74663">Law</a>]