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Argentina, formally the Argentine Republic, is a nation in South America's southern half. Argentina is the world's biggest Spanish-speaking country by size, with a land area of 2,780,400 square kilometers (1,073,500 square miles). It is South America's second-largest nation after Brazil, the Americas' fourth-largest country, and the world's eighth-largest country. It shares the majority of the Southern Cone with Chile to the west and is additionally bounded to the north by Bolivia and Paraguay, to the northeast by Brazil, to the east by Uruguay and the South Atlantic Ocean, and to the south by the Drake Passage. Argentina is a federal-state split into twenty-three provinces and one autonomous city, Buenos Aires, which serves as the federal capital and biggest metropolis in the country. The provinces and the capital each have their own constitutions, yet they are all part of a federal government. Argentina claims sovereignty over a portion of Antarctica, as well as the Falkland Islands and South Georgia, and the South Sandwich Islands.
The Paleolithic epoch is the oldest documented human presence in modern-day Argentina. In pre-Columbian times, the Inca Empire spread to the northwest of the nation. The country's origins may be traced back to the 16th-century Spanish colonization of the area. Argentina came to prominence as the successor state of the Viceroyalty of the Rio de la Plata, a Spanish foreign viceroyalty established in 1776. The proclamation of independence and the subsequent battle for independence (1810–1818) were followed by a prolonged civil war that lasted until 1861, resulting in the country's reformation as a federation. Following that, the country enjoyed relative peace and stability, with several waves of European immigration, primarily Italians and Spaniards, radically reshaping its cultural and demographic outlook; today, more than 60% of the population has full or partial Italian ancestry, and Argentine culture has strong ties to Italian culture.
Argentina became the seventh-wealthiest country in the world by the early twentieth century, thanks to an almost unprecedented surge in income. Argentina's GDP per capita exceeded that of the United States in 1896 and remained in the top 10 until at least 1920. It is now rated 71st in the world. Argentina plunged into political instability and economic deterioration after the Great Depression of the 1930s, pushing it back into underdevelopment, although being among the fifteen wealthiest nations for many decades. After President Juan Perón died in 1974, his wife and vice president, Isabel Perón, succeeded to the presidency until being deposed in 1976. The succeeding military junta, backed by the US, imprisoned and killed thousands of political dissidents, activists, and communists during the Dirty War, a period of state terrorism and civil unrest that lasted until Raúl Alfonsín was elected president in 1983.
Argentina is a regional power with a long history as a medium power in international affairs. Argentina is a major non-NATO ally that ranks 46th on the Human Development Index, the second-highest in Latin America after Chile. It is the second-largest economy in South America and is a G-15 and G20 member. Argentina is also a founding member of the United Nations, World Bank, World Trade Organization, Mercosur, Latin American and Caribbean Community, and Organization of Ibero-American States. Argentina has been an OECD candidate nation since January 2022.
The length of annual leave is determined by the employee's seniority.
14 days off for employees who have less than 5 years of experience.
21 days off for employees who have over 5 years but less than 10 years of experience.
28 days off for employees with more than 10 years but less than 20 years of experience.
35 days off for employees who have over 20 years of continuous employment.
There are eighteen national holidays in Panama. In the event that a holidays falls at the end of the week, this holiday is moved to the following Monday.
Employees who have worked for less than 5 years are entitled to 3 months of paid maternity time. Many that have worked for the company for more than 5 years are entitled to 6 months of paid sick time. Those of dependents have double time off.
Maternity leave is usually broken into 45 days before the birth and 45 days after the birth, although it is not necessary.
Before giving birth, you must wait at least 30 days.
Fathers are entitled to two days of paid paternity leave.
There are curently no provisions in the law regarding parental leave in Argentina.
10 days of marriage leave.
Bereavement Leave: For the death of a partner, infant, or father, 3 days of leave is granted, and for the death of a relative, 1 day is granted.
Employees who have exams for university or high school are entitled to two days (with a capacity of 10 total).
Termination must be justified and preceded by notice, unless it is mutually agreed upon, caused by economic considerations, or the employee has failed to complete work or committed significant misbehavior.
When an employee is on probation, they are entitled to fifteen days notice prior to being terminated. A month's notice is required when an employee has worked for the company for more than three months but less than five years. Finally, if an employee has been with the organization for more than five years, they are entitled to two months' notice.
The probation period in Argentina is fixed at three months.
Each year of employment entitles employees to one month's pay. If an employee is let go for economic reasons, they are entitled to receive half a month's pay for each year of service.
A typical workweek is 48 hours long, or eight hours per day. Work cannot exceed nine hours per day or forty-eight hours per week. Employees working in hazardous or unhealthy conditions are not permitted to work more than six hours per day or 36 hours per week.
Additionally, all employees must be provided with a 12-hour rest period between workdays.
Excessive overtime should not exceed three hours per day, thirty hours per month, or two hundred hours per year. Employees earn an additional 50% for overtime work and 100% for work performed on holidays or after 1 p.m. on Saturdays.
The monthly minimum wage in Argentina is $27,216.00 ARS (281 USD). On August 1, 2021, the minimum wage will increase to $28,080.00 ARS (290 USD), and then to $29,160.00 (302 USD( ARS on September 1, 2021.
Additionally, a 13th month bonus is required. The bonus is paid in halves by June 30 and in full by December 18. It is titled "Sueldo Complementario Annual."
In Argentina, the obligatory health insurance given to workers via private businesses and organized by labor unions covers what is set by the PMO (Compulsory Medicare Program). Employers contribute 6%, while workers pay 3% on top of their basic wage.
The PMO includes maternity and child insurance, oncology, main assistance (emergencies), a dental plan, medicines, prosthesis, and rehabilitation programs.
Secondary help includes medical visits, examinations, operations, hospitalization, and treatments. Employees are also entitled to paid time off in the following situations:
10 days' leave for mariage
3 days' leave for the death of a child, parent, or spouse
1 day's leave for the death of a sibling
Although meal tickets are optional, they are a typical perk given to workers in Argentina and are completely paid for by employers on a monthly basis along with the monthly pay. The amount paid to workers varies based on their profession, although it is typically not more than one-sixth of their monthly income.
Legal entities in Argentina are imposed a corporate tax rate of 35 percent.
The income tax imposed on individuals in Argentina depends on the tax bracket the individual belongs to. Generally, the percentage ranges from 9 percent to 35 percent.
Argentina's income tax is collected entirely by the government, with no participation from the provinces. Argentina has a progressive income tax that is collected as a deferred tax.
Wage taxes are solely made up of social security contributions. Argentina does not have a payroll tax. Employer contributions of 17 percent or 21 percent of payroll and employee contributions of 14 percent fund the social security system. The health-care system is the same, except that the company contributes 6% and the employee contributes 3%. Individuals who work for themselves must pay a set monthly payment.
The normal tax rate, which is presently 21%, is levied on the transaction's net price. The special rate of 27 percent is applied to services such as water, natural gas, electricity, and communication. Some capital products are taxed at a reduced rate of 10%. Exports of products and services are tax-free because the outputs are not taxed and the inputs may be recovered.
Argentina offers a variety of visas to allow entry into its territory. Aside from nationality, the visa options available are also determined by the length of stay in the country and the purpose of the trip.
Electronic visas to Argentina are available for approximately 71 countries, but only if other important documents, such as a B1/B2 visa for the United States, are available. These electronic visas are only available for short-term visits and only for tourism, business, or medical services.
Countries that are unable to apply for electronic visas must obtain a consular visa in order to enter Argentina, unless they are part of the Argentine visa-free program. To obtain a consular visa, an interview at the nearest Argentinian embassy or consulate is required.
Argentina is a member of the MERCOSUR agreement, which was established in 1991 as a regional integration process. This program allows citizens who are part of the agreement to enter Argentina with only their valid IDs, rather than their passports.
Employment contracts should be written and contain information about the person, the kind of position, the type of work, the hours, and the remuneration.
Full-time staff are often hired on a long-term basis. Part-time workers are likewise hired on a long-term contract, but their pay is proportionate to their hours worked. Fixed-term contracts have a maximum length of five years. Temporary contracts are limited to six months and are used for extraordinary circumstances. Seasonal laborers are often hired on long-term contracts during certain times of the year.
Argentine Peso (ARS)
Argentina is a good investment destination for international investors due to its abundant human resources and potential trade ties with surrounding nations. Argentina's laws are also friendly to international investors, since there are little to no limitations and foreign investors are treated equally to native firms.
Prior to beginning the process of establishing an Argentina subsidiary, you should consider the following:
1. Which industry or sort of business do you want to establish?
2. What is the nationality of the organization's headquarters and key personnel?
3. Do you already have any contacts or trade agreements in place?
4. Where will the headquarters of your subsidiary be located? Different cities and areas may function independently of one another, with their own set of rules and fees.
5. Which language will you utilize on a daily basis and in written documents?
6. The majority of subsidiaries are organized as limited liability partnerships in which either people or businesses participate as partners. The procedure of establishing a limited liability partnership in Argentina might take months.
Numerous stages are involved in establishing a limited liability partnership in Argentina, including the following:
1. Verifying the company's name with the Corporations Office
2. Obtaining the notary public's certification of all founding partners' signatures
3. Making a capital deposit with the National Bank Publication of a new partnership notification in the official newspaper
4. Reimbursement of the incorporation charge
Argentina has rigorous labor regulations and robust worker rights in general, but it is also a sought-after business site due to its economic ties with surrounding nations. Although there is no regulation governing foreign investments in Argentina, it is vital to investigate local rules wherever your Argentina subsidiary is established. The criteria, as well as the pricing and availability, might vary depending on the location.
Argentina subsidiary law requires that you have two partners if you form a limited liability partnership. They are free to live in Argentina or another nation. Each partner's liability is restricted to the amount of money invested. Argentina has no minimum capital restrictions, and foreign partners may control the partnership entirely.