The Argentine Tax Authorities (“ATA”) issued Resolution No. 3986/2017 (published in the Official Gazette on January 13, 2017), introducing a new identification code that will allow the operation of foreign entities that invest in Argentina but do not hold a tax identification number (“TIN”) or an identification code (“IC”).
This code, named Foreign Investments Code (“FIC”), is available for the financial entities described in the Financial Entities Law (Law No. 21,516) as well as financial agents registered in the National Securities Commission (“NSC”). These entities must request the FIC before opening an account held by a foreign company.
The code may be requested through ATA’s website. The individual who requires the FIC will be considered “Manager holding a power of attorney” and will need to hold a Tax Identification Number (TIN) or a Worker´s Identification Code (WIC).
The individual must submit the following data and documentation:
- Type of entity
- Entity’s name
- Entity´s country of origin and address
- TIN held in the country of origin
- Main activity
- Complete name of the representatives.
- TIN of the financial entity or agent registered in the NSC who acts as the entity´s representative for the creation of the FIC.
- Digital file (in pdf) that proves the entity’s formation, in the original language and the translation into Spanish.
Once the request is approved, the code will be generated within 5 working days and notice will be given through ATA’s website.
The Resolution is effective since its publication in the Official Gazette. However, notice will be served in ATA´s website once the online service is available.