On 23 February 2024, the General Inspectorate of Justice (“IGJ”) published in the Official Gazette General Resolution 5/2024 (the “Resolution”), that amends the regime of guarantees required from representatives of companies incorporated abroad, registered before the IGJ.
The Resolution amends article 3 of General Resolution IGJ 2/2020 and eliminates the obligation of legal representatives of companies incorporated abroad, registered under the terms of article 123 of the General Companies Act (“GCA”), to provide a guarantee equal to that of directors of corporations and managers of limited liability companies.
The obligation to provide a guarantee remains in force for legal representatives of companies incorporated abroad registered under the terms of Article 118 of the GCA. The amount of the guarantee for each representative shall be equivalent to 60% of the minimum capital established for corporations incorporated in the country, or 60% of the capital assigned to the branch and the minimum and maximum limits of section 76, subsection 4 of General Resolution IGJ 7/2015 apply, so that in no case may the amount of the guarantee be less than ARS 300,000 or more than ARS 1,000,000.
The Resolution entered into force on 24 February 2024.
