To obtain authorization for banking activities, an applicant must go through a formal process, which involves the completion of required application forms and the submission of supporting information. The particular forms that must be completed for submission to the regulator will depend on the nature of the regulated activities being conducted and the type of financial entity to be registered (e.g., commercial bank, investment bank, financial entity).

The request for authorization must be signed by all founding partners, and a special domicile must be established in the city of Buenos Aires for the application procedure with the Superintendence of Financial and Exchange Institutions. Also, the amount of ARS 510,000 must be paid for the evaluation of the application.

The application form must include, among others, the following information/documentation:

• Name
• Type of institution
• Address
• Amount of capital contributed by each shareholder
• If any shareholder is a legal entity, the following additional information is required:
  1. A certified copy of the bylaws
  2. A copy of the balance sheet and information regarding creditors and debtors
  3. A list of members of the board of directors with personal information regarding each of them
  4. A list of shareholders
• A draft of the bylaws or constitutional documents of the entity
• Anti-Money Laundering/Terrorism Financing handbook
• IT systems to be installed
• Background information on the shareholder’s responsibility and experience in financial activities; also, an affidavit signed by all shareholders stating that they do not fall within the scope of the inabilities established by Section 10 of the Financial Entities Act
• A certificate of judicial records for each shareholder
• A description of the administrative organization of the institution
• A proposed budget and business plan for the next five years
• Organizational chart
• Minimum capital – The minimum capital required is determined by the jurisdiction where the main activity of the entity is located, with declining levels of basic requirement for areas with less relative supply of financial services and the type of entity in question. Thus, the minimum capital requirement for banks is fixed at ARS 500 million. For other financial entities, the minimum capital required will vary depending on their type.

On the other hand, the requirements to become an agent to operate in the capital market vary depending on the type of registration and license required (e.g., custody agent, broker, negotiating agent, clearing and settlement agent).

Nevertheless, the application form must include, among others, the following information/documentation:

• Copy of the bylaws and shareholders registry
• Anti-Money Laundering/Terrorism Financing sworn statement
• Payroll and personal information of the board of directors and auditors
• Copy of financial statements
• Information about external auditors
• Tax ID
• Minimum net worth (e.g., approximately ARS 410 million for certain types of clearing and settlement agents)
• Sworn statement certifying the truth and correctness of the information provided at the registration request by electronic means
• Shareholder resolution authorizing the registration as an agent
• Sworn statement subscribed by the managers and directors of the company certifying that they do not have any incompatibility according to the regulation issued by the Argentine Securities Commission

By means of Communication "A" 7146, the Argentine Central Bank extended the application of the provisions set forth in the Financial Institutions Act No. 21,526 to non-financial credit providers and non-financial companies issuing credit or purchase cards, with a scope limited only to the financing they grant.