The Office of Companies of the City of Buenos Aires (the “Office of Companies”) simplified certain requirements for the registration and maintenance of foreign companies registered pursuant to the Argentine Companies Act.
General Resolution No. 10/2024, effective as of March 28, 2024, revoked General Resolution No 8/2021. As a result:
- Multiple foreign investment vehicle companies per group may be registered,
- Foreign companies resulting from a chain of successive single shareholder companies may be registered,
- Foreign companies with a single shareholder may be the sole shareholder of an Argentine Single-Shareholder Corporation,
- Foreign companies registered in any jurisdiction within Argentina, pursuant the terms of the General Companies Act, may hold participations in local companies registered in the City of Buenos Aires, and
- Foreign companies may be registered without the need to show an investment plan regarding the holding of interest of an Argentine company.
Additionally, other relevant changes to highlight include:
- Foreign companies belonging to publicly known groups may prove their economically significant activity outside of Argentina by filing consolidated financial statements of the group,
- Foreign companies from jurisdictions considered non-cooperative or with low or no taxation will be analyzed – for registration purposes – with a more restrictive criterion by the Office of Companies, which may require additional documentation related to the foreign company’s activity,
- Offshore foreign companies or those from jurisdictions with such status cannot be registered with the Office of Companies, and
- The resolutions adopted by local companies will not be registered with the Office of Companies when said resolutions were adopted by the affirmative vote of foreign shareholders that are not registered pursuant to General Companies Act, provided that their vote was decisive to adopt the resolution in question.
