Generally, foreign and domestic shareholders of a company are subject to the same laws in Argentina, and foreigners are not limited in any way from owning Argentine businesses with a few restrictions in some sensitive industries - For example, foreign citizens are not allowed to own the majority of the shares in aviation and foreign ownership of Argentine broadcasting companies is limited to 30%. (Source 1, Source 2).

Foreigners working in Argentina require a work visa and an entry permit. Generally the employer applies for the employee, but if you have set up your own firm in Argentina, you should apply through the Argentine consulate in your country. In most cases, a temporary residence visa is obtained, valid for 90 days (a shorter version is valid for 15 days). (Source)

Here is a link with a step-by-step guide.

The employer applies for an entry permit for the employee through the Argentine Immigration Department (Direccion Nacional de Migraciones), requising an entry permit application from the employee. This may take around 30 days and the entry permit is mailed to the employee’s local Argentine embassy.

The applicant then submits an application for a temporary residence visa, and must go to the local Argentine embassy for an interview. Once cleared, the applicant will have both the entry permit and the visa. One requires a labor contract with an institution or company in Argentina, and one’s birth certificate translated into Spanish by a certified translator. Generally the application for the job visa is done by the employer.

The application materials required by the employee include:

• Birth certificate
• Marriage certificate, if bringing a spouse
• Police clearance certificate
• Domicile certificates in Argentina
• Copy of corporate tax document
• Copy of corporate registration certificate of company

All documents must be translated to Spanish and given authorization by the Argentine Sworn Translators Association.

After arriving in Argentina, the one must apply for a work identification number (Código Único de Identificación Laboral) so that they can be enrolled on a local payroll. They should also apply for a National Identity Card (Documento Nacional de Identidad) which is required for opening a bank account. (Source)

It is recommended that foreigners considering investing in Argentina use the help of local consultants or intermediaries when incorporating.

Sources:

• The Legal Framework for Starting a Business in Argentina
• Doing Business in Argentina
• Argentina: Work Permits- When and How to Apply for Them
• ShieldGeo: Immigration and Work Permits in Argentina