Doing Business Argentina

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Doing Business Argentina: CHAPTER 1

— Profile of Argentina — An overview of the country, its population and geography — 16
1.1. Argentina at a glance — 18
1.2. Geographical location and territory — 19
1.3. Climate and natural resources — 20
1.4. Population and demographics — 22
1.5. Language and religion — 25
1.6. Education — 25
1.7. Form of government — 26
1.8. Political system — 27
1.9. Foreign relations — 27
1.10. Infrastructure and communications — 28

Doing Business Argentina: CHAPTER 2

— Economy and business — An overview of our economy and business structure — 34
2.1. Main economic indicators — 36
2.2. Economic structure — 37
2.2.1. Primary sector — 38
2.2.2. Industrial sector — 41
2.2.3. Services — 43
2.3. Companies in Argentina — 45
2.3.1. Profile of the top 500 non-financial companies — 45
2.3.2. Multinational companies — 47
2.4. Economic policy — 48
2.4.1. Fiscal policy — 48
2.4.2. Monetary and exchange policy — 49
2.4.3. Debt policy — 50
2.5. Domestic and foreign investment — 51
2.5.1. Gross domestic foreign investment (GDFI) — 51
2.5.2. Foreign Direct Investment (FDI) — 52
2.6. International trade — 54
2.6.1. Trade in goods — 54
2.6.2. Trade in services — 58
2.7. Labor market — 58
2.8. Financial system and capital markets — 60
2.8.1. Banking system — 60
2.8.2. Capital markets — 6210 —DOING BUSINESS IN ARGENTINA — AN INVESTOR’S GUIDE

Doing Business Argentina: CHAPTER 3

— Setting up a business in Argentina — How to do business in Argentina — 64
3.1. Establishing a company — 66
3.1.1. Branch offices — 66
3.1.2. Creation of a new company or acquisition of ownership interests in an existing one — 68
3.2. Accessing investment opportunities in Argentina — 71
3.2.1. The Productive Investment Opportunities Database (BaPIP) — 71
3.2.2. Goals of the BaPIP — 72
3.2.3. Submission requirements for projects — 72
3.2.4. Access to the BaPIP website — 72
3.3. Settling in Argentina — 73
3.3.1. Entry permits — 74
3.3.2. Types of residence permits — 74
3.4. Lease and purchase of real estate — 77
3.5. Rural land purchase — 77
3.6. Building permits — 78

Doing Business Argentina: CHAPTER 4

— Legal framework — Key legislation and regulations — 80
4.1. Legal framework for FDI — 82
4.1.1. Foreign Investment Law — 82
4.1.2. Bilateral investment treaties — 83
4.1.3. Transferring funds into and from Argentina — 85
4.2. Tax system — 87
4.2.1. National taxes — 88
4.2.2. Provincial taxes — 90
4.2.3. Municipal taxes — 91
4.3. Hiring employees — 91
4.3.1. Types of employment contracts — 91
4.3.2. Work experience contracts for training purposes — 94
4.3.3. Remuneration — 95
4.3.4. Occupational hazards — 98
4.3.5. Vacations and leave — 98
4.3.6. Minimum working age — 99
4.3.7. Dismissal — 99
4.3.8. Registering the work relationship — 100
4.3.9. Incentives for contracting personnel — 101
4.4. Intellectual property — 101
4.4.1. Copyright — 101
4.4.2. Industrial property — 101
4.5. Environmental legislation — 104
4.5.1. Environmental Law — 104
4.5.2. Law of Integrated Management on Industrial Waste and Services Activities — 104
4.5.3. Other specific environmental provisions — 104INDEx— 11

Doing Business Argentina:CHAPTER 5

— Foreign trade regulations — How to export from and import to Argentina — 106
5.1. Argentina and its participation in multilateral trading — 108
5.2. Requirement for international trade operations — 108
5.2.1. Registering with the National Registry of Exporters and Importers — 108
5.2.2. Registration as frequent importer and exporter — 109
5.2.3. Registration as a non-frequent exporter — 110
5.3. Exports: relevant steps and information — 110
5.3.1. Customs clearance procedure for exports — 110
5.3.2. Export refund system — 111
5.3.3. Export duties — 112
5.3.4. VAT exemptions — 112
5.3.5. Other aspects — 112
5.4. Imports: relevant steps and information — 114
5.4.1. Types of imports — 114
5.4.2. Import licensing — 114
5.4.3. Sworn Affidavit Prior to Import — 114
5.4.4. Sworn Affidavit Prior to Rendering Services — 115
5.4.5. Tariffs and duties — 115
5.4.6. Other aspects — 116

Doing Business Argentina: CHAPTER 6

— Investment incentives — Public support to foster investment — 118
6.1. Investment incentives for capital goods and infrastructure — 120
6.1.1. Law to promote investments in capital goods and infrastructure works — 120
6.1.2. Reduction of import duties on capital goods — 120
6.1.3. Incentives for national production of capital goods, IT, telecommunications
and agricultural machinery — 120
6.1.4. Reduction in Value-Added Tax (VAT) — 120
6.1.5. Import of capital goods for large investment projects — 121
6.1.6 Temporary import of capital goods — 121
6.2. Sector-specific incentives — 121
6.2.1. Promotion of the automotive and auto-part industries — 121
6.2.2. Software industry promotion — 122
6.2.3. Promotion of state-of-the-art biotechnology development and production — 122
6.2.4. Biofuels promotion — 123
6.2.5. Promotion of the motorcycle and motorcycle parts industries — 123
6.2.6. Mining industry promotion — 124
6.2.7. Forestry —124
6.2.8. Promotion of the exploration and exploitation of hydrocarbons —125
6.2.9. Public infrastructure Works — 125
6.2.10. Promotion of the use of renewable sources of energy — 125
6.2.11. Audiovisual industry — 126
6.3. Location incentives — 127
6.3.1. Provincial incentives — 127
6.3.2. Free Trade Zones — 127
6.4. Incentives for innovation and technological development — 127
6.4.1. Argentine Technology Fund (FONTAR) — 127
6.4.2. Software Industry Fiduciary Fund (FONSOFT) — 12812 —DOING BUSINESS IN ARGENTINA — AN INVESTOR’S GUIDE
6.4.3. Fund for Scientific and Technological Research (FONCYT) — 128
6.4.4. Argentine Sector Fund (FONASERC) — 128
6.4.5. National Science and Technology Council (COFECYT) —129
6.4.6. Promotion and Encouragement of Technological Innovation (Law No. 23877) — 129
6.5. Employment incentives — 129
6.5.1. New hiring incentive programs — 129
6.5.2. Training programs for employees — 130
6.6. Investment Financing — 131
6.6.1. Credit lines from the National Bank of Argentina (BNA) —131
6.6.2. Bicentennial program for productive Financing — 131
6.6.3. Credit lines from the Investment and Foreign Trade Bank (BICE) —131
6.6.4. Credit lines from the Federal Investment Council (CFI) — 131
6.6.5. Subsidized rates for loans to Micro, Small and Medium-Size Enterprises (MiSMEs) — 132
6.6.6. National Development Fund for MiSMEs (FONAPyME) — 132
6.6.7. Bicentennial national program for industrial park development —132
6.6.8. FINPYME —132
6.7. Export promotion —133
6.7.1. Draw back — 133
6.7.2. Export refunds — 133
6.7.3. Inward processing relief —134
6.7.4. Turnkey exports — 134
6.7.5. In-company customs system (RAF) —134
6.7.6. In-house customs —135
6.7.7. Undersecretariat for Investment Development and Trade Promotion —135
6.7.8. Fundación Exportar — 135
6.7.9. PROArgentina —136

Doing Business Argentina: CHAPTER 7

— Living in Argentina — A place you will want to stay — 138
7.1. Quality of life — 140
7.2. Transport — 140
7.3. Culture — 140
7.4. Entertainment — 142
7.5. Cuisine — 143
7.6. Tourism — 144

Doing Business Argentina: CHAPTER 8

— Frequently asked questions — Answers to investors’ queries — 146
8.1. What is the legal framework that protects foreign investment? — 148
8.2. Are foreign investors treated differently from national investors? — 148
8.3. Is there a foreign investment registry? — 148
8.4. What restrictions are there on companies remitting profits abroad? — 148
8.5. Are there any restrictions on specific sectors? — 148
8.6. Does Argentina adhere to the Authorized Economic Operator (AEO) program? — 148
8.7. What kinds of immigration permits are required to do business in Argentina? — 148
8.8. What are the main legal provisions that regulate the labor market? — 148
8.9. How many hours is a work day? — 148
8.10. How many vacation days are workers entitled to per year? — 149INDEx— 13
8.11. Is there an extra or additional salary to be paid per year? — 149
8.12. What are the terms of the different work contracts? — 149
8.13. What are the regulations governing redundancy? — 149
8.14. How is the tax system structured? — 149
8.15. What are the main taxes according to the different levels of government? — 149
8.16. Are there any promotional and/or incentive programs in place to encourage investment? — 150
8.17. Are there any industry-specific incentives in place? — 150
8.18. Are investment incentives provided at a provincial level? — 150
8.19. What are the options available to establish a company in Argentina? — 150
8.20. Which importers need to file a Sworn Affidavit Prior to Import (DJAI)? — 150
8.21. Is the Sworn Affidavit Prior to Import required to be processed
together with the non-automatic import license? — 150
8.22. What is the validity period of the Sworn Affidavit Prior to Import? — 150

Doing Business Argentina: Chapter 9

— Directory — Key public institutions for doing business in Argentina — 152
9.1. National entities — 154
9.2. Provincial entities — 156
9.3. Information sources

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