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International Desk

Opening of accounts

Resident Companies (Local Currency)

Minimum documentation required (of the company)

  • Registration of the Company with AFIP (Federal Administration of Public Revenues)
  • Original Articles of Association of the company, with registration stamp for the IGJ (Records Office)
  • Charter of the Board with most recent allocation of tasks
  • Amendments of the original Articles of Association with registration in IGJ (if applicable)
  • Proof of Registration for Gross Revenue/VAT/Income Tax
  • Note on letterhead with details of activities
  • Certificate of registration with RIN "National Register of Industry" (only for companies whose business is manufacturing)
  • Most recent required balance certified by the Professional Council of Economic Sciences (CPCE) of the relevant jurisdiction. For start-ups the initial balance certified by the CPCE or the last three returns and payment receipts of VAT (Value Added Tax) or Gross Income Tax will be required
  • Register of Shares
  • If the declared domicile was different from the Tax Registration record with AFIP, it is necessary to submit a municipal utility or tax bill in the name of the Company.

Minimum documentation required (of the proxies and signatories)

  • DNI of the signatories of the account (national identity document)
  • Record in CUIL (Employment Identification Code - full-time employees) or CUIT (Tax Identification Code - Self-employed) of the signatories
  • Proof of Registration with AFIP
  • Powers of the signatories (if any) certified by Notary Public.

Currency

Argentinian Pesos (ARS)

Person responsible for the receipt of documents and supplementation of the file

  • The Business Officer of the Branch/Office of Santander will be responsible for receiving the documents and signed company forms
  • The opening is performed by scanning the documents submitted physically in the Branch/Office of Santander and then sending them to the Digital Processing Centre
  • The analysis of the Articles of Association and powers will be conducted by the Legal Department of Santander prior to opening the account.

Time (days) in which the account is operational*

  • 10 business days

Do you require a local proxy?

  • YES. According to the BCRA (Banco Central de la República Argentina) the proxy must be duly authorised by the relevant Articles of Association and have powers to manage the account
  • In turn, such proxy should also have a tax identification code (CDI) and submit his identity document as a foreigner in Argentina if he is nonresident.

Does the signature of the opening contract require physical presence? If the answer is NO, what are the alternatives?

  • YES

Other requirements/restrictions

  • NO

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Resident Companies (Foreign Currency)

Minimum documentation required (of the company)

SPECIAL CURRENT ACCOUNT FOR LEGAL PERSONS (USD - United States Dollars)

To open this account it is essential to have a current account in pesos previously activated. To do this, it is necessary to add the following forms signed by the applicant to the documentation and forms required to open an account for a resident company (local currency):

  • Request for Additional Current Account and
  • Table of Special Current Account Fees in dollars.

Minimum documentation required (of the proxies and signatories)

  • DNI of the signatories of the account (national identity)
  • Record in CUIL/CUIT of each signatory (Registration with AFIP)
  • Powers of the signatories (if any) certified by Notary Public.

Currency

USD - US Dollars - SPECIAL CURRENT ACCOUNT FOR LEGAL PERSONS

Person responsible for the receipt of documents and supplementation of the file

  • The Business Officer of the Branch/Office of Santander will be responsible for receiving the documents and signed company forms
  • The opening is performed by scanning the documents submitted physically in the Branch/Office of Santander and then sending them to the Digital Processing Centre
  • The analysis of the Articles of Association and powers will be conducted by the Legal Department of Santander prior to opening the account.

Time (days) in which the account is operational*

  • 7 working days

Is a local proxy required

YES. According to the BCRA (Banco Central de la República Argentina) the proxy must be duly authorised by the relevant Articles of Association and have powers to manage the account. In turn, the proxy should also have a tax identification code (CDI) and submit his identity document as a foreigner in Argentina if he is a nonresident

Does the signature of the opening contract require physical presence? If the answer is NO, what are the alternatives?

YES

Other requirements/restrictions

It will not be possible to open the special current account in dollars if the company does not have an account in Pesos ($ ARG) previously opened.

This account is provided for all applicable taxes for Current Accounts (Tax on Debits and Credits, VAT, Income, Stamps, etc.)

Negative balances are not permitted, nor agreements to overdraw.

Deposits
It is possible to receive only cash deposits in USD dollar banknotes.
It is possible deposit USD dollar banknotes at the cash desks of the Branches or through the self-service terminals of Santander.

Withdrawals
Dollar banknote withdrawals can only be performed by authorised signatories at the cash desk of the branch where the account is opened.

Transfers
From this account dollar transfers to and from other banks in Argentina and Abroad are not activated. It may only be used for savings purposes.
International transfers to be made abroad must be debited from a current account in $ AUD.

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NON-Resident Companies

Minimum documentation required (of the company)

According to current regulations of the BCRA (Banco Central de la República Argentina) it is NOT permitted for NON-Resident Companies to open accounts.

Minimum documentation required (of the proxies and signatories)

Not Applicable

Currency

Not Applicable

Person responsible for the receipt of documents and supplementation of the file

Not Applicable

Time (days) in which the account is operational*

Not Applicable

Does the signature of the opening contract require physical presence? If the answer is NO, what are the alternatives?

Not Applicable

Other requirements/restrictions

Not Applicable

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