General Resolution 6/2018 (the “Resolution”) issued by the Public Registry of Commerce (IGJ, in Spanish) has eliminated the duty to provide evidence of assets abroad and the reporting obligation to the shareholders applicable to foreign companies that must be registered with IGJ. It has also eliminated the classification as vehicle companies and off shore companies and the mandatory requirement to provide evidence on an annual basis that IGJ-registered foreign companies continue to carry out their business abroad.
Only foreign companies incorporated in non-cooperative tax jurisdictions and/or classified as non-cooperative in terms of asset laundering and terrorist financing will be required to provide evidence of an economically significant activity.
The Resolution became effective on August 30, 2018 and foreign companies that must be registered with IGJ, those already registered and companies with pending registration are within its scope of application.
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