On July 11, 2018, the Ministry of Justice and Human Rights, through Resolution 529/2018, resolved to raise from 10 million to 50 million Argentine pesos the minimum corporate capital amount so that companies are permanently subject to State surveillance, through the Public Registry of Commerce (“PRC”) with which they are registered. Such companies were also required to appoint a statutory audit committee, as set forth by the Argentine Companies Law No. 19.550.
In light of this, all companies with a capital below such amount will not be subject to permanent State surveillance, and the statutory audit committee will be optional, being able to reverse such decision and register it with the PRC.
All companies registered with the Registry of Companies of the City of Buenos Aires (Inspección General de Justicia) having a corporate capital higher than 10 million but below 50 million Argentine pesos, with their fiscal year closing date beyond the date of issue of the above-mentioned Resolution, must submit their financial statements through the application system known as SITIGJ.
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