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Doing business in emerging markets
Latin America
Martin Castro
Legal & Public Affairs Manager - Bridgestone Argentina
President of ACC Argentina Chapter
https://ar.linkedin.com/in/martincastro
LATAM - Ease of doing business ranking
Rank 1-38
Rank 39-76
Rank 77-114
Rank 115-152
Rank 153-189
10 topics :
1. Starting a business
2. Dealing with construction permits
3. Getting electricity
4. Registering property
5. Getting credit
6. Protecting minority investors
7. Paying taxes
8. Trading across borders
9. Enforcing contracts
10. Resolving insolvency
Source: Doing business database – World Bank Group
México – Legal trends
• Trade Barriers: reduced. Broad FTAs with North America, EU,
Japan and some Latin American countries
• Hot topics:
– Deregulation in foreign investment, foreign trade, energy and
telecommunications sector:
PPP Law (i) transparency/publicity; (ii) defined rights/obligations, risk
sharing; (iii) rules for investors taking security interests and
compensation rights, (iv) feasibility of submission to jurisdiction of
domestic or international arbitration.
– Stricter regulation in consumer protection and IP
– Tax reform
• Compliance: Anti-corruption System Reform, Antitrust Law
Brazil – Legal trends
• Trade Barriers: Permits to import. Automatic & Non-Automatic
Licenses.
• Complex Tax System: Surfing 72 taxes
• Hot topics:
– Outsourcing – Statement 331 of Superior Labour Court
– Pros and cons of commercial channels: Distribution vs
Commercial Representative
• Compliance: Law 12.529 – Antitrust, Law 12.846 - Anti-bribery:
Company and personal civil and administrative liabilities, even if
doing business temporarily. Criminal Code.
Argentina – Legal trends
• Trade barriers: DJAI (Advance Affidavits) – permits to import
• Exchange barriers: non-formal. Central Bank authorizes
payments abroad.
• Hot topics
– Growing interventionism
• Law 26,991: Supply and distribution of good and services
• Law 26,992: Price Observatory / SIMONA
• Law 26,993: Consumer disputes
• New Civil & Commercial Code – Issues: Dealers, Debts in
foreign currency / New Labour Law?
• Compliance: Law 25,156: Antitrust, Law 25,188 Ethics on Public
Service, Criminal Code
General remarks
Challenges
Opportunities
• Stifling regulations
Interventionism
Increasing tax levies
• Commodities boom helped
governments to postpone
reforms and unpopular
measures, but now it might be
the time for a deregulation
• Threat of Corruption/Money
Laundering despite recent
regulations
• The times they are a-changin’
(Cultural problem, cultural
solution=Compliance
programs)
• Closed markets
• Huge profits / Time to invest
General remarks
• Enforcement
Economy
Latin America &
Caribbean
Time (days)
Cost (% of claim)
Procedures (number)
736.9
30.6
39.8
Source: Doing business database – World Bank Group
• Tips:
– Latin America is not one country, not even the Spanish ones
– Personal relationships matter, everywhere
– Corruption exists because someone pays – The importance
of effective compliance programs
– The evolution of In-house counsel: lawyer + compliance + PR