Argentina corporate bank account
Once again, Argentina is on the brink of default, which negatively impacts the quality of corporate banking services available in the country. Still, a corporate bank account in Argentina often remains a necessity for organizations and entrepreneurs doing business in the country. However, Healy Consultants recommends our Clients to keep careful watch of new capital controls regulation that may reduce further their capacity to transfer their Argentinian company’s earnings abroad. The following information will help you determine whether an Argentina bank account is the optimum solution for your business.
Argentina corporate banking services overview
- Leading international banks such as HSBC and Citibank now offer an Argentina corporate banking solutions;
- Opening an Argentina corporate bank account is relatively easy. It is not necessary for our Client to visit the country to open a corporate bank account in Argentina. Our local affiliate in Buenos Aires will complete bank account opening formalities on your behalf;
- Healy Consultants’ corporate banking services offered in Argentina includes a range of conventional banking services, including business loans, cash management services, internet banking, insurance services, leasing, lines of credit, merchant services, and miscellaneous trade services.
Exchange controls and other regulation
- All businesses buying or selling foreign currencies are required to do so at an official exchange of 8.4 peso per US$, much over valuated as the peso is currently traded on the black market at 14.7 per US$;
- The authorities also enforce stringent capital controls on businesses remitting earnings abroad, by capping maximum foreign currency purchases by a company at 20% of its annual earnings;
- Businesses needing US$ and other foreign currencies to pay for imported products are currently unable to do so, due to i) red tape and ii) long delays when dealing with Argentina Central Bank.
Healy Consultants fees to help open a corporate account in Argentina
Our fee to assist you to set up an Argentina corporate bank account amounts to US$2,950. This fee includes:
- Healy Consultants’ International Banking Team completing the Argentina business bank account application form on behalf of our Client and obtaining our Client’s signature;
- Healy Consultants’ International Banking Team preparing a detailed business plan relating to our Client’s company to support the Argentina corporate account application;
- Healy Consultants’ International Banking Team submitting the Argentina account opening forms and business plan to the bank, together with the corporate and personal due diligence information outlined above;
- Healy Consultants’ local officer attending a bank interview on your behalf, describing to the Argentina bank your global business activities, and explaining why you require an Argentina corporate bank account. Healy Consultants can open the account without the bank signatory and beneficial owners’ presence;
- Paying the initial bank deposit to the Argentinean branch of the international bank on our Client’s behalf. A scanned copy of the bank deposit slip is emailed to our Client as verification of the same;
- On behalf of our Client, Healy Consultants applies for corporate internet banking facilities in Argentina;
- On behalf of our Client, Healy Consultants applies for a corporate credit card, corporate ATM card, and corporate cheque book;
- Healy Consultants’ International Banking Team receiving approval for the opening of the corporate bank account;
- Healy Consultants receives the Argentina corporate bank account internet login and password information in a sealed letter that is passed directly to our Client;
- Healy Consultants receives a corporate cheque book in a sealed letter that is passed directly to our Client;
- Healy Consultants receives credit and ATM cards in a sealed letter that is passed directly to our Client.
Please note that this fee does not include the initial deposit required by the bank.