August 31, 2011
As of August 17, 2011, the National Migratory Directorate (DNM) has issued Disposition 2093/2011 that abolishes the requirement for Argentine host companies to supply their annual balance sheets when registering as a company qualified to sponsor foreign nationals. This modification to the company document requirements will relieve Argentine host companies from undergoing the onerous process of requesting confidential financial information from company directors or the company accountants.
The ReNURE Registration Requirement
Under Argentine immigration law, in order for an Argentine company to sponsor foreign nationals workers, companies must apply for official sponsorship status with the IND’s National Corporate Registry Office (Registro Nacional Unico de Requirentes de Extranjeros or “ReNURE”). As part of the registration application, Argentine companies were routinely required to submit a list of corporate registration documents, along with their most recent annual balance sheets (balance del último ejercicio contable) evidencing the company’s gross annual profits and operating expenses.
Due to numerous Argentine companies expressing their difficulty in requesting confidential financial information and reluctance of Argentine companies to share this information with the IND, the IND modified its list of required corporate documents to no longer include the Balance Sheets. The recent modification by the IND to no longer require company Balance Sheets has been welcomed by the Argentine business community and streamlines their ability to assemble the necessary corporate support documentation for filing with the IND.
ACTION ITEMS FOR EMPLOYERS
This modification assists Argentine companies in filing their registration ReNURE registration applications in order to sponsor foreign workers. Companies should note that once successfully registered with the ReNURE, the ReNURE does require registered companies to report substantive changes affecting the company’s operations.
Argentine companies are reminded that a substantive change is defined by the ReNURE as any change of information that appears in the Argentine company’s by-laws (e.g., the company’s registered address, a change in the company’s board of directors). Failure to keep current the company’s information may result in the ReNURE refusing work permit applications until submission of the amended corporate information or, at worst, a temporary suspension from the registry and inability to file future work permit applications for a defined period.
Caveat Lector | Warning to Reader
This content is provided for general information purposes only and does not constitute legal advice or final guidance for any immigration matter. Readers are reminded that a country’s immigration laws and requirements may change with little to no advance public notice. Questions regarding specific immigration matters should be addressed to your Pro-Link GLOBAL specialist. Pro-Link GLOBAL has worked with our PLG | KGNM Correspondent Office, AFN Visas in Argentina, to provide this update.