San Telmo: Best Property Buys In Buenos Aires
You could say that the San Telmo district of Buenos Aires, Argentina, is the soul of this city and the...
Read moreArgentina is set up to be welcoming to foreigners starting businesses in the country—though the amount of paperwork to do so can seem overwhelming. (That is required, however, of local citizens just as well.)
Many foreign business owners consider the paperwork and accompanying headaches worth it to owning a business in Argentina, though, mostly because it is rife with opportunity and local talent. The benefits to incorporating in Argentina obviously are the ability to conduct business freely and openly in the local market. Because Argentina is currently in a more protectionist phase where it is looking to promote local industry and rely less on imports, it is even more crucial for corporations looking to do work in Argentina to have a local incorporated presence.
One major frustration many business owners who are used to working in foreign countries have relates to corruption. Corruption is well embedded in the Argentine culture, in both small and big ways. Corners sometimes are cut with processes and paperwork. In extreme cases, many people own and operate flourishing business en negro (in black) and not officially on the books. To a scrupulous and careful business owner who follows all of the many steps required to get a business off the ground, this can be maddening.
It is recommended to enlist the help of consultants and companies with on-the-ground expertise when considering incorporating in Argentina. It is a legally complex country with laws regularly changing and being added, especially during an unstable economic time.
| Procedures For Starting A Business in Argentina | Estimated Completion Time | Associated Fees And Costs |
|---|---|---|
| The name of the company is verified by the Office of Corporations (Inspección General de Justicia) (IGJ) | 1 day | ARS 210 |
| Certify signatures of partners by a notary public | 1 day | Approximately ARS 1,000 to ARS 1,500 (cost of 5 notarized signatures) |
| Deposit initial capital in National Bank (Banco de la Nación Argentina) and obtain proof of payment | 1 day | ARS 45 (VAT excluded) |
| Publish the new company’s notice in the official paper (Boletín Oficial) | 2 days on average | approximately ARS 2,500 (expedited publication fee) + ARS 100 (legalization of signature) |
| Payment of the incorporation fee | 1 day | ARS 100 |
| Registration with the Public Register of Commerce of the City of Buenos Aires | 5 days on average (expedited procedure) | ARS 3,360 for expedited procedure |
| Buy special books | 1 day | fees included in procedure 8 |
| Get a form from the Public Notaries College and have a notary public submit the company books for rubrication by the General Inspection of Justice (IGJ) | 5 days (urgent filling) | ARS 3,018 |
| Corporate manager needs to obtain a Fiscal Code (Clave Fiscal) | 1 day | no charge |
| Obtain a tax identification number (CUIT) from the National Tax Office (Administración Federal de Ingresos Públicos, AFIP) and register for social security | 4 days | no charge |
| Register turnover tax at local level at the Administración General de Ingresos Públicos (AGIP) in the City of Buenos Aires | Less than one day (online procedure) | no charge |
| Register with the Sistema Unico de Seguridad Social (SUSS) | Less than one day (online procedure) | no charge |
| Contract an insurance for employees with a risk labor company (ART, Aseguradora de Riesgos del Trabajo) | 1 day | no charge |
| Rubricate books of wages in the Dirección General de Empleo (Ministry of Labor) | 1 day | ARS 5 per page (an average of 20-25 pages) |
Source: doingbusiness.org
