How To Bringing In Dollars To Bs As For Possible Business

[arlean]

Hybrid Ambassador, I don't know how many people advising you are in business in Argentina, but of course you will always find a lot of nay sayers who think you can't do it. But still I agree so much with those who say to come here first and get the lay of the land. I think that's good advice anywhere, but especially in Argentina.

Perhaps you could even work for an established restaurant, just to see what problems they have to deal with. There are so many pitfalls and so many laws that make it tough, don't make sense to me, cause more problems for people who are not smart enough to figure out that is is not helping them like they think that it is! And yet I know successful business people here. But they know how to navigate the system. And it is different from anything I have seen anywhere. If you don't understand it, you are a lamb in the woods, as I was when I first came here--and I'm still being surprised by new discoveries.

Also, as mentioned, if you bring money in, and it doesn't work, it might not be so easy to get it back out again. Also my very successful, knowledgeable Argentina mentor tells me now is not the time to buy anything in Argentina--you wait for the crisis. The way things are going, it may be the crisis is not more than a couple years ahead and by then you could be well oriented.

There are business people among the expats who perhaps could help you get oriented. Whatever you do, if you come I hope you will keep us informed, and I, for one, will be cheering for you!!!!

 

[nlaruccia]

I think you should talk to an accountant here. They're the only ones that can give you sound advice on the best way to get your money in, how to work the system, and how to get it out. Honestly, I wouldn't bring in US dollars to invest here. It's too risky. I guess I don't have the balls. I prefer to keep my eggs in baskets where the Easter bunny visits.

 

[French jurist]

cmon , dont exaggerate so much. if a person has the b*lls, he can do it here despite everything . A little tougher but not as tough as u guys are proclaiming.

And most importantly, remember in life.. "no pain..= no gain".

I see many expats whom I encounter in BA, sitting jobless eating their retirement funds or doing some low jobs as teaching English or other languages or doing some smalls jobs for a Argentine business. And the moment they sight a would-be expat entrepeneur, they take out their swords to kill him/her immediately.

Is it case of jealousy or sour grapes?

Just a failed attempt at dark humor

 

[citygirl]

Of course one can open a business. But much as I would say to anyone opening any business
1) Restaurants are notoriously difficult to operate. According to restaurant owner (which is obviously pro restaurant) 60% of restaurants close their doors within 5 years.
2) Now take the inherent difficulties of owning/operating a restaurant and do it in Argentina with the shortages of ingredients, constantly fluctuating prices, employee issues, coimas, lawsuits, etc.
3) Now factor in the fact that the OP is not fluent in Castellano nor the country and would need to handle everything in step 2 while learning.


Impossible - no. Close to it - yes. The above in reference to restaurants. Other biz are easier (not easy but easier).

There is a reason that so many very experienced chefs have gone the route of puerta cerradas while learning the market and in some cases, waiting years to open a brick and mortar restaurant.

To the OP - my recommendation (FWIW - come down and have a puerta cerrada. You can get some exposure, build some clientele and learn about the system here without investing a huge amount of capital to start.

And do not bring dollars in to Arg. Uruguay is just a short boat ride away.

 

[Rich One]

• Suggest you buy into a sushi or similar, "Fondo de Comercio" for sale (an existing business) Check google...! http://www.foodconsulting.com.ar/fondosdecomercio.asp
• Also do a minimal research on the existing business price structure and competition http://www.sushi-lives.com.ar/menu#
• An in situ research is a must.
• !00 K may not be enough to start
• In depth knowledge of the Gastronomic unions UHTRA and tax plus city regulations are a must
• Good Luck

 

[Ries]

Rich One's menu link reinforces my point as to the bizarre nature of Argentine sushi- I had forgotten, they often put Mayonaisse in their sushi, along with canned tuna and cream cheese.

ICK.

On the other hand, contrary to the naysayers here, it is perfectly possible to start a restaurant here, as an expat, and do well- but you must have local partners.

A recent example is La Cresta, in Almagro
http://pickupthefork.com/2012/10/22/la-cresta-winning-over-almagro/

it breaks all the rules- everybody knows Argentines dont buy fast food to go, they dont eat mysterious unknown things like wraps, they dont like spicy, they want familiar, and so on.

And yet, a Brit and his argentine wife are doing gangbuster business, making all kinds of unfamiliar things- and the times I have been in there, the clientele is mostly locals, with expats coming on long pilgrammages across town as well, because the food is so damn good. His rent is cheap, his overhead is low, and I cant wait to go back.

 

[GS_Dirtboy]

To the OP - my recommendation (FWIW - come down and have a puerta cerrada. You can get some exposure, build some clientele and learn about the system here without investing a huge amount of capital to start.

Excellent suggestion. This keeps you off of AFIP's radar as well. AFIP is the tax arm of the mafia government here, in case you didn't know.

 

[Hybrid Ambassador]

To open a bank account you need to be a Permanent Resident and may need to show a payslip...!!
Many threads on this subject
Regards

Will a proof of income from pension do?

 

[Hybrid Ambassador]

You can try to open your business here in "blanco" and probably lose your investment. Or you can do it in "negro" and have at least half a chance to make some Pesos.

Blanco means bringing your Dollars in at the official rate, paying all of your taxes, paying all of the taxes on employees, etc, etc. Negro (or 50/50) is what most people here do. I spent 6 months doing the groundwork to open a Philly Cheesesteak restaurant here. Ultimately, my numbers didn't make sense. But beyond that, most of the food suppliers here are mafia, or wannabe. I highly recommend that you connect with people who have opened a restaurant in Buenos Aires and pick their brains.

Good luck!

'GS_Dirtboy'-san, much obliged for your easy to understand method for my doctrinering! Yes, I hear you. There are food supply industry conglomerate or the "yakuzas" in every country..Again, thank you on the Negro vs Blanco scheme! Now, still interested to know about your fighter jet happy days..Where, Tachibana, Kadena, Misawa ?

 

[Hybrid Ambassador]

My dear Oriental friend: in my modest opinion, the best that you could do is to open a bank account in near Uruguay (in US dollars).
Then you can tranfer your funds there without any major loss. Next you can visit here and see for yourself the market possibilities. If I were you, Sao Paulo (Brazil) may be a better and larger market due to the the large Japanese colony there.

HenryNisental'-san, Muchas gracias to you. Uruguay? bank account opening place? Surprise, Surprise.. Yes, been in Sao Paulo and Rio de Janeiro, many Japanese descendants abound and the lingo, Portuguese is no barrier for me and the the Spanish too. I speak them both, thanks to me being in Europe and our Toyota team (racing) had many diffrent technicians from Portugal and Spain. besides, I lived in Spain and Portugal as well. But my Cheffs-san, they want to establish in the passion country the gran Argentina! I guess, the Argentinean culture is much well known to the Japanese people. Regardless, Brazil can not be discounted. Also Iam still thinking of Chile as well, despite they shut out offering the health care services ( private carriers ) to folks over the age of 60! So for my Japanese gastronmy offerings could be in one of these "three: countries..But for the time being, Iam most leaning for Argentina..? Any more comment for me? Domo Arigato to you again. Oh by the way, Oriental friend.. nah, not too trendy to use this terminology! International or Asian even better a Nipponese friend will do!