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Doing Business in Argentina
Law firm

If you would like to receive a copy of the firm’s “Doing Business in Argentina” report, please click the relevant chapter, indicating your name, organization, and e-mail address. We will be glad to send you the selected chapter or as per your request the full version.

I. FOREIGN INVESTORS CONDUCTING BUSINESS IN ARGENTINA (p. 6)

            A. Introduction (p. 6)

            B. Branch of a foreign entity (p. 7)

                        1. General considerations

                        2. Incorporation

            C. Corporation (p. 8)

                        1. General considerations

                        2. Incorporation

                        3. Capital

                        4. Management

                        5. Shareholders Meetings

                        6. Syndics

                        7. Governmental monitoring

            D. Limited Liability Company (p. 12)

                        1. General considerations

                        2. Incorporation

                        3. Capital

                        4. Management

                        5. Partners Meetings

            E. Regulated Activities (p.13)

II. PRINCIPLES OF TAXATION (p. 14)

            A. Federal taxes (p. 14)

                        1. Income Tax

                        2. Value Added Tax (VAT) 

                        3. Tax on Real State and Personal Property

                        4. Tax on Financial Indebtedness

                        5. Tax on Minimum Presumed Income

            B. Local and State Taxes “Provincial” and “Municipal” (p. 17)

                        1. Gross Turnover Tax

                        2. Stamp Tax

                        3. Real Property Taxes

III. MERGERS AND ACQUISITIONS (p. 18)

A. Introduction (p. 18)

            B. Transfer of ongoing concern (p. 19)

            C. Transfer of shares (p. 20)

            D. Due diligence (p. 20)

            E. Antitrust (p. 22)

IV. EMPLOYMENT ISSUES IN ARGENTINA (p.25)

A. Introduction (p. 25)

            B. Characteristics of an employment agreement (p. 25)

                        1. Salary and benefits

                        2. Labor Day, vacations and other leaves of absence

                        3. Termination

            C. Social security contributions (p. 29)

            D. Occupational hazards and insurances (p. 29)

            E. Service Agreements (p. 29)

            F. Immigration issues (p. 30)

                        1. Previous considerations

                        2. Business Visa

                        3. Labor Visa

                        4. International Agreements

V. INTELLECTUAL PROPERTY (p. 31)

A. Introduction (p. 31)

            B. Industrial Property Rights (p. 32)

                        1. Patents

                        2. Trademarks

                        3. Trade names

                        4. Industrial models or Designs

                        5. Utility Models

                        6. Trade Secrets

                        7. Domain names

            C. Intellectual Property Rights (p. 37)

                        1. Copyright

                        2. Copyright Registration

VI. CONSUMER PROTECTION (p. 39)

VII. ENVIRONMENTAL LAW (p. 39)

IX. INSOLVENCY AND BANKRUPTCY (p. 41)

X. INCENTIVES (p. 43)

A. Introduction (p. 43)

            B. Investment incentives for Capital Goods and Infrastructure (p. 43)

            C. Sector Incentives (p. 44)

            D. Provincial Incentives (p. 44)

            E. Free Trade Zones (p. 44)

XI. MINING (p. 45)

A. The Code of Mining (p. 45)

                        1. Domain of mines

                        2. Categories of mines

                        3. Exploration

                        4. Exploitation

                        5. Mining vacancies

                        6. “Amparo” conditions

                        7. Land surface

                        8. Environmental protection

                        9. Provincial Royalties

            B. Regime of the Mining Investment Law (p. 52)

                        1. Fiscal stability

                        2. Income tax

                        3. Reserves

                        4. Import

                        5. Royalties

                        6. Environment

XII. OIL & GAS (p. 55)

A. Overview (p. 55)

            B. The expropriation law (p. 57)

            C. Law No. 26,197 (p. 60)

            D. Decree No. 1277/2012 (p. 61)

            E. Law No. 27,007: new amendment to the Hydrocarbons Law (p. 63)

                        1. Exploration permits

                        2. Production concessions

                        3. Royalties

                        4. Process for awarding new areas – Streamlines tender bids

                        5. No more reservation of areas or “Carry” agreements for state owned companies

                        6. Promotion regime for new investments

                        7. Framework for agreements between the federal government and the provinces to incentivize private investment

            F. Exploration and production (p. 68)

            G. Natural Gas Transportation and Distribution (p. 74)

            H. Transportation of Liquid Hydrocarbons (p. 75)

            I. Refining (p. 76)

            J. Market Regulation (p. 77)

                        1. Overview

                        2. Production of crude oil and reserves

                        3. Refined products

                        4. Natural gas

                        5. Natural gas export administration and domestic supply priorities

                        6. Liquefied petroleum gas

            K. Argentine Environmental Regulations (p. 92)

            L. Taxation (p. 94)

            M. Repatriation of Foreign Currency (p. 97)

            N. Law 27.007 Promotion Regime (p. 97)

            O. Other recent regulations (p. 97)

XII. PRIVATE BANKING

The Argentine Securities Exchange Commission (Comisión Nacional de Valores, “CNV”) has issued three new resolutions to regulate the Agent for Global Investment Advice (Agente Asesor Global de Inversión, “AAGI”), an agent that can be assimilated to an independent External Asset Manager. This modification opens the possibility of promoting and managing the accounts of cross-border private banking clients within Argentine territory. Only companies organized as corporations (Sociedades Anónimas) can be registered as an AAGI.

The new resolutions also changed the scope of the activities of the liquidation and compensation agents, negotiation agents and broker agents. From now on the AAGI will be the only agent entitled to discretionally manage the client’s portfolio, instead of the liquidation and compensation agents. The AAGI can collect additional fees from the intermediaries, in addition to the fees paid by the client, provided that these fees are disclosed. 

The resolutions provide specific guidelines for the issuance of the agreements to be entered into with liquidation and compensation agents, and also for the agreements to open clients’ accounts. They also provide the requirements to be complied with for the registration of an AAGI with the CNV.

See CNV 708,709,710, Minimum requirements for account opening agreement and Minium requirements of the agreement between client and global investment advisroy agent (AAGI)

 

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