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Argentina Legal considerations

To help speed up the start-up process and minimise delays in finding and contracting office space, you can use the postal address of a local law firm.

In Argentina, you can write into contracts that disputes can be handled in a non-argentine court. This helps give confidence that decisions will be neutral.

The most common choices are:

• UN Arbitrations Court CIADI in New York
• The State of New York
• International Chambers of Commerce in Amsterdam or Paris

In the last 10 years there have been problems in enforcing sentences given by foreign courts against state-owned companies or the Argentine Government.

Court proceedings in Argentina can be expensive and take years to complete.

Argentina Tax and customs considerations

Tax

Argentine tax laws are complex and change often. You should seek professional advice if you are opening a subsidiary or exporting services.
Some payments may be withheld in lieu of taxes when exporting goods. You can usually deduct this from tax liabilities in the UK. Argentina and the UK have a double taxation agreement that allows some taxes paid in one country to be deducted in the other.

Customs

Argentine Customs use the Harmonised System (HS) for classification of goods. Import duties are based on the Cost, Insurance and Freight (CIF) value.

There are import restrictions that can affect all goods and services. Your representative in Argentina will have to send the Argentine customs a Statement of Intention to Import (DJAI). The application can be approved in 10 days but delays usually occur. Anecdotal evidence suggests the regulations for this process are non-transparent and inconsistently applied. Many importers suffer important delays.

There are restrictions on access to foreign currency to pay imports. Your representative in Argentina must get approval from the tax authorities first.

Finding An Accountant In Argentina

It is recommended, and probably in your best interest, to employ an accountant in Argentina. They'll nearly always save money, and more importantly, will make your business in Argentina the most financially efficient it can be. Used wisely, accountants in Argentina can make you more profitable than ever.

Accountants in Argentina provide a range of services. They can look after everything financial, from fundamental book-keeping to more expert advice. You could hire accountants in Argentina simply to prepare financial statements for your tax return in Argentina, or you may require them for other added-value services such as auditing. Accounts must be audited each year, unless the company or region you are based in is exempt.

Companies in Argentina need to produce the following accounting documents:

• Accounting book
• Assets and liabilities
• Stock evolution

Balance sheets and profit and loss accounts must be verified by an internal or external auditor.

It is essential to choose an appropriate accountant for your circumstances. If you just want an accountant to take care of your book-keeping, then a small firm will probably suffice. However, if you require astute financial and planning advice, a larger, more reputable company might be needed. Check they're chartered / registered with a recognised accounting body. It is important to lay out exactly what you want them to do for you and what the charges will be.

Keeping a sound financial record is essential. Apply yourself. Have a good system in place and then the time that you do spend on accounts won't be so burdensome. Ensure you retain receipts for everything you buy. It is recommended that you keep a ledger or book with the details of what the receipt is for. Keep a record of all sent and received invoices too. These will keep you informed that you've been paid or have money owing, etc.

Ultimately, applied and diligent record-keeping will keep your accountancy costs low.

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