We have discovered that the most demanded service for the last three months is the registration as an importer in Argentina. This rush is due to several reasons, so in this article we will reveal some of them to you. Then we will tell you what are the requirements to become a large-scale importer so you can elevate your business to success.
One of the reasons for this is the search to expand supply by importing products in large volumes. This decision offers the possibility of significantly increasing the customer base while retaining existing customers.
This is a natural need for every company when it reaches a level of growth that then demands it and, at the same time, allows it to push itself to new challenges, which means gaining further expansion in the market.
This, in turn, gives rise to another motive: to gain competitiveness. Increasing market share is a key factor for the company’s profitability.
In large part, this is because the larger the market share, the greater the economy of scale. This implies obtaining better advantages to increase the level of competitiveness.
Another reason? Lack of products in the market. This detected shortage prompted businessmen to think of a favorable option for their supply. Today, the most profitable and beneficial alternative has been to import their products from China.
The Asian country manufactures most of the major products that are marketed in Argentina and the rest of the world, such as machinery, transportation, electricity, agribusiness, raw materials, household and construction, among others.
For this reason, more and more companies are joining the initiative to purchase and develop their products in the world’s largest factory. This happens since they detect the most fruitful way to maximize their profits: investing in the right place.
The requirements
There are three key points you need to know to become an importer in Argentina:
- Be registered with the General Tax Directorate of the Federal Administration of Public Revenues (DGI-AFIP).
- Present the corresponding documents required by Customs.
- Comply with the economic solvency requirement.
According to this last point, what determines that a legal entity is considered to have financial capacity? AFIP establishes that “importers/exporters must prove solvency through their gross sales for an amount not less than 300 thousand pesos in the immediately preceding calendar year or through a net worth of the same amount”.
In the event of not being able to “prove the required economic solvency, a guarantee for the amount of 30 thousand pesos must be provided”, according to the agency’s official website.
There are four ways to perform the financial solvency guarantee:
- Cash deposit
- Bank Guarantee
- Surety of Public Instruments
- Surety Insurance Policy
The procedure generally used by new importers is the surety insurance policy, which has a minimal cost of approximately 3 thousand pesos per year.
Regarding the manner in which the economic solvency to become an importer or exporter is accredited, the agency stipulates that the amount will be determined according to the values established in “the affidavits corresponding to the value added and income taxes”.
In the event that the legal entity is not subject to value added tax, “the amount of gross sales will be obtained from the income tax return for the immediately preceding fiscal year,” he said.
Finally, what are the requirements to register importers and exporters with the General Customs Directorate (DGA)?
- To be registered in VAT and Profits.
- Not to be in a state of default.
- To have signature, photo and fingerprint digitally registered in the “Sistema Registral”.
- No record in the Registry of Offenders. In the case of legal entities, this requirement applies to the members of the legal entity.
Once this step is completed, the data will be checked against the background of the Offenders Registry and the customs control area will assign the corresponding risk profile.
It should be clarified that the requirements are automatically exclusive. This procedure can be done in person or via web.
Since February 2018, registration as an importer has been simpler, based on the Trade Facilitation Agreement that facilitated and economized the procedures.
Registered importers can complete the required steps entirely online through VUCE (Single Window for Foreign Trade).
Mingta Group will provide you with personalized advice to become an importer in Argentina.
Apply as soon as possible and start enjoying the benefits that this decision will bring you.
