The process of deregulation, liberalization, and privatizacion was followed by significant reforms of the banking, social security, labor, and tax systems, and contributed to the creation of a favorable framewoek for the increasing international business activity witnessed during the 1990s.
Foreign Investments Regime
Foreign investments in Argentina are regulated by a framewpek of international traties and Argentine laws that establish the norms for choce of law and jurisdiction, legal treatment of foreign investors, and monetary policy and foreign exchange.
There are no restrictions on foreign investors wishing to invest in Argentina, either by starting up new business or by aquiring existing business or companies.
The Argentine foreign investments law for investors have the same rights. Foreign investors are subject to the same procedures as local investors.
There are no limitations on profit remittances nor upon capital repatriation. All investors enjoy the right to repatriate profits and capital at any time.
MERCOSUR
Argentina´s relationship with the rest of Latin America has emphasized cooperation in trade and investments issues, most notably with the creation of the Southern Common Market (Mercosur), It calls for a gradual elimination of all tariff barriers between its members and a common external tariff with respect to the rest of world.
CUSTOMS REGULATIONS
Argentina and the other Mercosur member countries have adopted the International Classification of Goods and are parties to the World Trade Organization.
Most goods may be freely imported into Argentina, subject to the prior payments of duties. There are restrictions on the importation of certain goods (pharmaceutical goods, motor vehicles).
LABOUR LAWS
Employment relations in Argentina are governed by specific labor laws, collective bargaining agreements, and the individual terms of labor contracts between employers and employees. Labor laws and public policy in Argentina are quite protective of the rights of employees, something that must be borne in mind when hiring workers to be employed in the country.
Salaries may be paid on a monthly, daily, or hourly basis. The standard work week is from 40 to 48 hours, with an average of 8 hours per day.
Employees are entitled to annual paid holidays, and female employees enjoy certain additional rights, most notably special leaves of absences for maternity of 45 days before ans 45 days after childbirth.
IMMIGRATION CONTROLS: THE TREATMENT OF FOREIGN WORKERS
Citizens of most countries are not required to obtain a visa to enter the country for up to three months.
There are 2 categories of resident:
- - A permanent residence: permit grants a foreigner the right to reside and work in Argentina indefinitely.
- A nonpermanent residence: Foreigners to enter in Argentina for a limited period of time.
INTERLLECTUAL PROPERTY
Intellectual property rights are not protected by the Argentine Constitution but also by the Paris Convention.
Trademarks and trade names, patents, and utility models are especially governed by specific legislation. Copyright matterss in Argentina also have their own legislation.
CONSUMER PROTECTION LEGISLATION
Prior to 1993 there was no specific consumer protection legislation. The only possible remedies or protection available to consumers lay in the general provisions of the Civil Code, the fair trade laws and antitrust legislation.
ANTITRUST LEGISLTATION
The Argentina Congress passed a antritrust law, which in addition to amending the existing antitrust rules, introduced the requirements that all major acquisitions be previously reviewed by the national Tribunal for the Defense of the Competition.
The antitrust law applies to all individuals and legal entities, either public or private, who carry put business activities within the country, and also to those who do so abroad, to the extend their conduct may produce effects in the Argentina market.
BANKRUPTCY
Under Argentine bankruptcy legislation, there are two main insolvency proceedings:
- Reorganization and bankruptcy proper, in addition to the possibility of out of court arrangements
- Liquidation proceedings.
Argentina courts are vested with exclusive jurisdiction to hear all insolvency proceedings relating to debtors domiciled in Argentina and, with respect to debtors domiciled abroad, only to extend that they have assets in Argentina.
CHOICE OF LAW AND JURISDICTION
Argentina law generally permits parties to a contract to select the laws that will govern their agreements as long as there exists some connection to the system of law that is chosen.
The choice of foreign law will only be valid to the extend that it does not contravene Argentina international public policy.
Rights associated with real estate are all governed exclusively by local laws.
- Argentine courts have jurisdiction whenever the defendant is docimiciled in Argentina, the place for performance of any of the obligations is located in Argentina, or Argentina court have been chosen as the applicable forum.
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The recognition of foreign judgments concerns federal procedure rules, which are in principle applicable when a foreigner is involved. Reciprocity is not required for an Argentina court to recognize a foreign judgment.
Foreign arbitration awards are recognized in Argentina but are subject to the same requirements applicable to the recognition of foreign judgments.
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