Only 14 months were necessary for the Companies for Simplified Shares (SAS) to start moving the Corporations. Taking into account the facilitation of the constitution procedures, it is not by chance that the new format is the "vedette" for the new startups.
In this regard, Nuria Plez, co-founder of RPA Consulting, provided iProUP with an accurate X-ray of the SAS: "We have been in the Autonomous City of Buenos Aires for more than a year now, and in some provinces. online processing, throughout the country must accept the necessary steps for the constitution of SAS ".
According to the survey of statistical data compiled by the consultant, 4,953 SAS were constituted in the Federal Capital between September 1, 2017 and October 31, 2018.
During the same period, 730 were the companies that used this format in the province of Buenos Aires.
Following the example of Buenos Aires, the SAS concentrated 29% the types of companies, surpassing the corporations, with 24%. 47%, in as much, inclined by the SRL.
The new corporate format is growing rapidly in participation. For example, of the 1,182 companies that were born in the city of Buenos Aires in September 2017, 13% were SAS (149), 29% SA (344) and 58% were SRL (689).
A little more than a year later, the SAS displaced the SA and took away the participation of the SRL.
In effect, the same statistics as of October 2018 show it: Societies for Simplified Shares accounted for 35% (383), followed by corporations with 23% (252) and limited liability companies with 41% (438).
"Beyond the SAS shortened the terms of incorporation with respect to the SRL and the SA, the biggest advantage is that they are registered with CUIT, which saves the step of showing the address before AFIP with the tax code linked to the representative legal ", they stated from RPA Consulting to iProUP.
And they completed: "This means that the tax agency does not have to be linked to it, therefore, taxes can be registered 100% online and it is immediately possible to invoice, since it is not necessary to prove economic solvency to issue invoice A ".
In the same sense, from the Association of Entrepreneurs of Argentina (ASEA), the lawyer, Alejandro H. Ramírez assured that this new corporate format "generated a great impact in the regularization of new companies, bringing the entrepreneur to the formal economy".
SAS X - ray
According to the analysis of RPA Consulting, almost four out of 10 companies by simplified actions were processed by men, while 23% were constituted by women. 1% corresponded to other companies.
"If the SAS are constituted by means of a model act, the object includes a very large number of activities, which is why at the time of registration the activity to be developed at the AFIP must also be chosen," Plez said.
In this sense, in the city of Buenos Aires the most used activities were:
- Business services
- Services of computer consultants and information program supplies
- Advisory services, management and business management
Another key point is how to certify the signatures of the SAS.
One of them consists of doing it before the General Inspection of Justice (IGJ), that monopolized the greater amount of interested: 45%, since it is free.
The second is about the digital signature by means of a cryptographic device that must be purchased. In this case, it was ranked second, with 29%.
Finally, 26% decided to make it before a notary public, where each of the partners of the SAS must pay the certification of their own signature.
In the case of the Province of Buenos Aires, notarization was the most used option: 42%. While 39% chose to process it in the Provincial Office of Legal Entities.
The digital option was the least popular among the people of Buenos Aires: only 19% took advantage of the most economical methodology.
The report also breaks down the branches of the economy in which the greatest amount of registration to the SAS took place:
- Construction, renovation and repair of residential buildings
- Cargo transportation service
- Maintenance and repair of the engine, integral mechanics
Favorite among startups
From INICIA, Dolores Nazar, member of Estudio Tanoira-Cassagne Abogados, explained to iProUP why the slow implementation of the corporate format in the country.
"The key lies basically in the fact that the functioning of public registers, which are responsible for overseeing the registration and operation of societies, is a matter reserved for the provinces by the National Constitution," he warned.
"In this sense, the regulation and implementation of the SAS depends on a decision, and even on the possibilities of each district, although there is a certain obligation to make available to citizens the constitution of the companies created by the regulations, respecting the Different requirements (digitization, deadlines) established by law, the opportunity and how to do it, depend on each jurisdiction, "said Nazar.
Meanwhile, the expert stressed that "the creation of the SAS as a flexible corporate type in which the freedom of the partners to regulate the way they are going to relate as such predominates, marks an important change for the ecosystem".
The SAS bring advances that allow a more dynamic development of nascent companies, more adapted to a firm that has just started its operation.
In this regard, from INICIA they give the five pillars that base the relationship between the SAS and the startups:
1. Possibility of being constituted with only one partner.
Although the Sole-Shareholder Company exists in our system since the enactment of the new Civil Code, the requisites and formalities required, both for the constitution and for the operation thereof, made this figure more attractive for large foreign holding companies that would like to operate in the country and establish its 100% controlled subsidiaries that for an entrepreneur who wants to formalize his idea.
2. Facilities and lower costs in the constitution process.
Although this does not occur in all the jurisdictions that have already implemented the SAS (for example in the CAJ IGJ, for example), the law clearly establishes that the registries must make available digital media so that the constitution of the same (and any other subsequent registration) is effected through electronic means.
In this way, any citizen could, from home, set up the company or do any further processing. It is an improvement in relation to the existing system for other social types, which require a visit to the agency. As mentioned above, the 100% digital processing is only operative in CABA, province of Buenos Aires, Corrientes and Córdoba.
3. Flexibility in operation.
The SAS give the partners a wide margin of freedom to regulate how their organs will function in the day-to-day life of the company. Although it establishes which ones should exist, the attributions and the way of adopting the decisions can be adapted by each company to the specific needs of its activity.
4. Investment incorporation.
At this point, the law that opens the doors to the SAS (27.349) foresees important advances that allow an entrepreneur to raise an investment round more in line with the uses and customs of the entrepreneurial capital market (or venture capital).
The law regulates irrevocable contributions, establishing a maximum period in which they can remain as such, something that today regulated the records at will and without a standardized parameter.
What is an irrevocable contribution?
Basically, the contribution made by an investor, partner or not, in a company on account of the subscription of a future capital increase. That is to say, the financier contributes capital today to receive shares in the future (in this case, within two years of completion). If parallelism is sought, it would be a SAFE.
In addition, the law allows the company to issue shares in a same capital increase at a different value, something that for traditional social types is prohibited.
What does this mean?
That an entrepreneur could incorporate investors at the same time to different valuations, according to what he would have agreed with each one when negotiating his investment without generating higher costs (each capital increase must be registered in the registry), or having to liquify the existing partners more than once.
Thus, combining these two points, an entrepreneur could raise a round of capital by signing irrevocable contributions for a period of two years, modifying the value of the company as the operation progresses.
Furthermore, before the expiration of that term, it may negotiate the entry of an institutional financier and issue the shares of all of them at the same time but at a different value, such as occurs in the international venture capital market.
With an SA, a SAU or an SRL this would not be possible.
5. Last, and not least, Law 27,349 provides that all corporate and accounting books of the SAS must be carried by digital means.
Although this has been resisted by some sectors, it represents an advance in terms of transparency and formalization of the entrepreneurial activity. Like any new development, its implementation will be a challenge. But, compared to the current system of copying books, it is understood that it means a substantial advance towards the modernization of Argentine companies.
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