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Public Registry of Commerce approves Simplified Corporation regulation

Today, the Public Registry of Commerce (Inspección General de Justicia”) has approved the regulation of theSimplified Corporation (Sociedad Anónima Simplificada or “SAS”), which will enable the incorporation of this type of companies as from September 1. The main features of the SAS are the following:

 The SAS may be incorporated by one shareholder and the formalities of incorporation have been relaxed substantially.

 The incorporation may be completed within 24 hours.

 The initial minimum corporate capital is very low (approx. USD 1,000).

 Simplified valuation procedure of capital contributions in kind (e.g. trademarks, software, etc.).

 More flexibility to create different stock classes and special rights.

 Flexibility to design the management structure.

 Only one director must be an Argentine resident.

 Simplified accounting and corporate records.

 National Tax ID may be procured within 24 hours.

 Reduced timing for opening a bank account.

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