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The Company Registration Law is updated

The Company Registration Law is updated

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Law No. 21.366 amended Law No. 20.659 to improve and modernize the registration of companies and corporations:

  • Insert the following new paragraphs 7 and 8 in Article 3:
    • 7. Shareholders Registration: Registration referred to in Law No. 18,046, on corporations and its regulations, as well as that referred to in the Code of Commerce related to joint-stock companies, which shall be kept electronically on the Registration’s website for legal entities availing themselves of this law, making the registrations under the provisions of Article 13 bis.
    • 8. Registration of Powers of Attorney: Registration kept electronically on the Registration’s website in which the powers of attorney and delegations granted, modified, or revoked of the legal persons availing themselves of this law under the provisions of Article 13 ter may be entered”.
  • Article 4 is amended as follows:
    • In the first paragraph, after the full stop becomes a period followed, insert the following sentence: “The Regulations shall determine the operational aspects of the manner the rescission of certain acts may be performed, appearing the parties at said act must sign a form provided for that purpose”.
    • Replace, in the second paragraph, the phrase “they would have appeared at the act that originates it” with the following: “they must be present at its signing under the provisions of this law”.
  • The second paragraph of Article 8 is deleted.
  • Amend article 9 as follows:
    • Replace the second subparagraph by the following:
    • “Form subscription shall be performed by the incorporator, partners, or shareholders and may be signed by their representatives or attorneys-in-fact, as the case may be, through their advanced electronic signature thereof under the provisions of the Regulations”.
  • Among other changes.

Implementation of changes

The regulation states the amendments in question must be made through a supreme decree issued by the Ministry of Economy, Development, and Tourism within a period of one year from the publication of this law in the Official Gazette.

Finally, it is important to point out that the greater expense represented by the implementation of this law during the first budgetary year will be financed from the budget of the Ministry of Economy, Development, and Tourism. In the following years, it will be according to the considered terms in the respective Public Sector Budget Law.

Source: Diario Oficial 25/08/21

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