Foreign companies registration in Argentina: a significant breakthrough in the ease of doing business
Foreign companies registration in Argentina has just been greatly simplified by the Public Registry of the Autonomous City of Buenos Aires.
On 29 August2018, it was published in the Official Gazette the General Resolution No. 6/2018 issued by the General Inspectorate of Justice – IGJ – (the agency in charge of the Public Registry), amending the General Resolution No. 7/2015 in relation to the requirements for foreign companies to file for registration and do business in Argentina. This change is effective since 30 August 2018.
The most significant changes revolve around the repeals. In this line:
1. Foreign companies filing for registration with the Public Registry will no longer have to show evidence of the existence of assets or significant economic activities abroad. Nor will they have to name their partners;
2. The Annual Reporting Regime has been abolished. Once registered with the Public Registry, foreign companies will not need to submit yearly documents and information on their assets, business activities and partners;
3. However, given the case of companies that are set up, registered or incorporated in countries and jurisdictions considered non-cooperative for the purposes of fiscal transparency and / or the fight against Money Laundering and Financing of Terrorism, the IGJ will require proof on the existence of significant economic activities abroad, and will strictly evaluate the evidences submitted.
In a future article, we will summarize the updated list of documents and information to be put together for foreign companies registration in Argentina. For additional information on these or any other issues related to doing business in Argentina, please, sign up for our Legal Blog or contact us at any time.
Mario Eduardo Castro Sammartino
Our publications exclusively express the author´s opinion and do not purport to be legal counsel on any case. Should you need it, you must consult with your trusted lawyer or may contact us at your convenience. If you liked the article, please, share it.
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