Ultimate Beneficial Ownership: Special Report
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Argentina – Changes to Corporate Laws and Regulations
In Q1 2024, various legislative bodies in Argentina issued updates impacting the jurisdiction’s corporate regulatory framework.
These updates aim to simplify legislation, eliminate outdated provisions, enhance flexibility for existing companies as well as help attract foreign investors.
The most prominent changes for multinationals include:
Update of minimum capital stock requirement for companies under mandatory state control
On the 8th of February 2024, The Ministry of Justice published Resolution 10/2024 and the minimum capital stock of which companies are subject to mandatory state control was updated to ARS 2,000,000,000 (approximately USD $2,222,000).
Removal of a guarantee requirement for representatives of foreign companies
On the 22nd of February 2024, the Incorporation Office issued the General Resolution 5/202, eliminating the obligation for legal representatives of foreign companies to provide a guarantee for the performance of their duties.
Minimum capital stock update for the incorporation of new Corporations
On the 29th February 2024, the National Government issued Decree 209/2024, setting the new amount of the minimum capital stock required for the incorporation of new Corporations (Sociedades Anónimas) at ARS 30,000,000 (approximately USD $36,500).
“Flexibilization” in the registration and annual obligations of foreign entities
On the 27th March, the Incorporate Office issued the General Resolution No. 10/2024 (the Resolution).This relaxed registration and annual reporting obligations of foreign entities, including filing of information regimes as part of a publicly known international group or filing abbreviated information regimes.
The Resolution also removed the investment plan requirement for companies wishing to be registered with the Incorporation Office and
Finally, foreign companies registered in any jurisdiction within Argentina can now hold participations in local companies registered in the City of Buenos Aires.
How can Mercator help?
Mercator provides full support with process of removal of trustee, filing of information regime as part of publicly known international group or filing abbreviated information regimes.
Contact mercator@citco.com for more information.
