Urgent Procedure for Registrations with the PRC

Scope

It is possible to choose an urgent procedure for the registration of certain proceedings:

1. Incorporations of corporations (S.As.) and limited liability companies (S.R.Ls.) if the constituents are individuals or foreign companies and require only a notary public’s or lawyer’s legal opinion;

2. Incorporations of S.As. and S.R.Ls. which are not encompassed in the previous paragraph, excluding those resulting from business reorganisations;

3. Amendments to by-laws of S.As. and S.R.Ls., except those referred to the extension or renewal of the company’s term, or capital reduction;

4. Setting up of local branches, offices or any other type of permanent representations of foreign legal entities, as well as the registration of foreign legal entities as shareholder of local companies (Sections 118 and 123, Argentine Companies Law 19,550);

5. Transfer of legal domiciles to national jurisdiction;

6. The execution and amendments of contracts of entrepreneurial collaboration;

7. Capital increases of S.As. within fivefold;

8. Emancipations and authorisations to minors to enable them to run business;

9. Registration of businessmen, auctioneers, real state brokers and customs agents, and their amendments;

10. Suspension and cancellation of the above-mentioned registers;

11. Authorisations to use accounting means foreseen by Section 61 of Argentine Companies Law 19,550;

12. Authorisation of technical revaluations;

13. The issuing of written requests of information to other Registries concerning the ownership and registration of real estate property and personal property;

14. The appointment and removal of the companies’ administrators (Section 60, Argentine Companies Law 19,550);

15. Changes of legal domiciles of S.As. and S.R.Ls.;

16. Powers of attorney;

17. Individualisation and registration of corporate and accounting books and the transfer or rectification of the previous registration of corporate and accounting books;

18. Acts granted by companies regulated by the Securities Commission (“Comisión Nacional de Valores”) in which the registration is set forth by the above-mentioned body, with identical restrictions as set forth in point 1 above.

Procedure

When the registration requires a notice in the Official Gazette the procedure may only be initiated and filed with the PRC the day after publication. Should the PRC deem it convenient, it will be registered that day. The documentation must be filed from 9.30 to 11.00 a.m.

The PRC’s resolution also foresees the possibility of converting the proceedings filed under the standard form procedure into the above-mentioned urgent procedure.

Costs

The cost of the proceedings mentioned in points 1 to 6 is $282 (equivalent to three times the current fee for PRC form Nº1 for incorporations and amendments).

The cost of the proceedings mentioned in points 7 to 13 is $168 (equivalent to three times the current fee for the PRC form Nº 9 for several proceedings).

The cost of the proceedings mentioned in points 14 to 16 is $112 (equivalent to twice the current fee for the PRC form for incorporations and amendments).

The cost of the proceedings mentioned in points 17 and 18 varies according to the type of proceeding.

This new PRC Resolution encompasses all of the proceedings which were entitled to urgent procedure as foreseen by the former resolutions, and adds new proceedings. Among them, it is important to point out the inclusion of the following: authorisations of technical revaluations, the issuing of written requests of information to Registries related to the ownership of real estate property and personal property, the registrations of corporate and accounting books, and the registration of acts granted by companies regulated by the Securities Commission with the restrictions mentioned in point 18 above.