Legal and Compliance
In Argentina, the responsibility of legal compliance is not a one-time affair, but a continuous process. Below is the various Argentina legal and compliance requirement to be followed by incorporated entities:
- All companies located in Argentina, regardless of their legal form and size, are required to keep an analytical accounting system for their operations and to issue annual financial statements.
- All companies shall file annual financial statements, covering 12 months of activity. These consolidated financial statements disclose the cash and financial position of the group of companies, excluding transactions among each other.
- Companies must take prior authorization from the Central Bank for repatriation of all amounts of profits;
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HR and Employment Law and Immigration / VISA
The payroll employment system, governed by Law No. 20744, is mainly based on an employment contract for an indefinite period of time (from the date when the worker joins the company until he/she qualifies for retirement benefits).
- The basic rules of employment are laid down by labor laws and those establishing the rights and duties of the parties.
- Depending on their duties and roles, people joining the company may be covered by a labor union (unionized staff) or not.
- There is a regular 8-hour workday and working time may not exceed 9 hours a day or 48 hours per week.
- The maximum overtime worked may be 3 hours a day, 30 hours per month or 200 hours per year.
- Overtime is paid with a 50% surcharge over the hourly rate, except overtime worked on Saturdays after 1 pm, Sundays or holidays, which has a 100% surcharge
- Overtime worked within the 48-hours-per-week limit shall be paid at the regular hourly rate.
Any Foreign person wishing to reside and work in Argentina must obtain a residence permit from the Argentine Immigration Board. There are two categories of resident: Permanent Resident and Temporary resident. The prescribed process needs to be followed for obtaining the same.