Looking for business people

#1
Hi
My husband and I are about sell up in London in order to move out to BA permanently in order to invest all of our life savings in a new business. Would really love to meet some expats going through the same thing in order to pick each other's brains about everything. Particularly regarding the travel, tourism and leisure market.
Look forward to hearing from you
 
#2
When I read your post, it crossed my mind you could be joking...
Before you plough your life savings into Bs As, please visit www.doingbusiness.org & click on the statistics for starting a business in Argentina. It could take you years before anything gets going and with all the hidden taxes, profit will be almost nil. As a foreigner, you may pay the penalty of even higher taxes.
It's near impossible to get anything done here, I haven't managed to open a bank account in 4 months despite lawyers' help. After 18 months living here, I would give anything to go back to London, but due to a property purchase am stuck here.
 

nikad

Registered
#3
"Celia" said:
When I read your post, it crossed my mind you could be joking...
Before you plough your life savings into Bs As, please visit www.doingbusiness.org & click on the statistics for starting a business in Argentina. It could take you years before anything gets going and with all the hidden taxes, profit will be almost nil. As a foreigner, you may pay the penalty of even higher taxes.
It's near impossible to get anything done here, I haven't managed to open a bank account in 4 months despite lawyers' help. After 18 months living here, I would give anything to go back to London, but due to a property purchase am stuck here.
Your lawyer must be not very good imho, it took my husband 48hs to get a bank acct
 
#4
Which bank did your husband open his account with? I spent a year trying to open one at Itau and now 3 months attempt with HSBC premium before finally enlisting the lawyer's help. They have asked for passports, visa, DNI, CDI, utility bills, copy of house insurance, you name it, and still nothing. Maybe I'm jinxed!!
 
#5
You may want to consider purchasing rental property. Here in Bariloche, there are some very good opportunites for postive cash flow on many different properties.
 
#6
Celia
Opening a bank account is fairly easy if you know the rules . I have opened bank accounts for many expats here in Buenos Aires and it has been achievable.
Unfortunately there are some that are lawyers who are exploiting expats creating a difficult situation out of something very straightforward.
If anyone wants to open a bank account send me a private note and I will explain it to you simply.
 

nikad

Registered
#7
"Celia" said:
Which bank did your husband open his account with? I spent a year trying to open one at Itau and now 3 months attempt with HSBC premium before finally enlisting the lawyer's help. They have asked for passports, visa, DNI, CDI, utility bills, copy of house insurance, you name it, and still nothing. Maybe I'm jinxed!!
Celia, go to Banco Piano and you should be fine ( spanish speaking is a must though, I dunno if u can speak the language, if u can´t just go with a friend )nik
 
#8
Celia thanks for that link.
Calling all other small business expats-- get in touch if you are embarking on a new business out here and you fancy sharing experiences or even letting off steam with us!
Thanks
 
#9
For additional insight into what it will be like doing business with
Argentine employees check out the March 24th post "The Irony of the
Argentine Job Market" at http://expat-argentina.blogspot.com/.
Also be very careful about how you bring your money into the country.
There are probably specific regulations for transferring money for the
purpose of starting a business. I am not familiar with those rules. I
do believe that if you buy a residential property you can only transfer
the exact amount which is stated on the papers (escritura). Additional
funds (always necessary as the amount on the "papers" is usually much
less than the actual price paid and there are additional fees and
commissions as well) may be subject to a 30% "hold"at zero interest for
one year at the Banco Nacion. If you do not comply with the regulations
you may be taxed at the rate of 30% on the entire amount PLUS pnaalties and interest when you sell your property, possibly wiping out your entire investment .
Individuals who transfer funds using a "non-official" route...such as a
change house that has the client transfer the money from one bank in
the US to another (also) in the US (rather than through the Banco
Nacion) may not discover their tax liability (plus the outrageous penalties
and interest) until they try to sell their property. This is not a
capital gains tax. It is assumed that if you did not bring the money
into the country by the proper channels that you earned it here and it
is subject to income taxes plus the penalties and interest. Few real estate
"professionals" tell their clients about these regulations, knowing it
would kill most (if not all) sales. They don't even disclose the existence of the tiny
asset tax (about 1 percent) for the same reason.



It may be possible to transfer funds without the 30% "hold" if you
already have a DNI. Don't rely on what lawyers or real estate
professionals say. Ask AFIP! I've read post that indicate that foreigners need to obtain "permission" from AFIP to sell property which mens AFIP will check to see how the funds entered the country...and if all the requirements were met. I've also heard that if you are a "resident" and have a DNI, you can sell a property without getting "permission" from AFIP. Hopefully, its true.



Buying an apartment for the purpose of renting it does not satisfy the
requirement to obtain the "investor" visa. And it is necessary to
reapply for all type of one year visas annually. You CAN lose iyour visa if you do not continue to meet all of the requirements (which are also subject to change...ask Celia).



Also, I believe that there is a law that prohibits foreigners from
buying property in Bariloche without a special permit which can take a
year to obtain. This was something I was told by real estate
professionals there, but that was two years ago.



If anyone has contrary or additional information, please post it here.