15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the CNV's registration, including banking and payment rails.
Get an investment license in Argentina.
Argentina licenses every capital-market agent through one door: the Comisión Nacional de Valores, under Ley 26.831 art. 47 and Título VII of the Normas CNV (N.T. 2013). The categories are the Agente de Liquidación y Compensación (ALyC), the Agente de Negociación (AN), the Agente Asesor Global de Inversión (AAGI) and the Agente Productor, with the sociedad gerente of a fondo común de inversión registered under Título V. The minimum equity is written in UVA, the BCRA's inflation-indexed unit, not in pesos: 470,350 UVA for an ALyC integral or propio, 65,350 UVA for an AN or an AAGI, 150,000 UVA for a fund manager. Ley 26.831 art. 49 gives the CNV 20 business days to decide, and its own service page prices the registration at zero. The market is 46,044,703 people; corporate tax runs from 25% to 35% on a scale.
Updated
One regulator, four agent categories, and capital written in UVA.
The law is Ley 26.831 de Mercado de Capitales of 2012, amended by Ley 27.440 in 2018, and it puts a single gate in front of every agent: art. 47 says nobody acts without the CNV's authorisation and registration, on requirements set per category. Those rules are Título VII of the Normas CNV (N.T. 2013). Cap. I is the Agente de Negociación, an intermediary that settles through an ALyC-INTEGRAL (art. 7). Cap. II is the Agente de Liquidación y Compensación in four sub-types - integral, propio, participante directo and I AGRO (art. 5) - which advises, registers orders, settles and clears, and manages portfolios under express mandate (art. 2). Cap. IV is the Agente Asesor Global de Inversión, an S.A. or SAS with exclusive object that advises, manages orders and administers portfolios without custody (arts 2-3). Cap. V is the Agente Productor, the tied introducer who may hold nothing (art. 4). Fund managers register under Título V.
The capital is written in UVA, not pesos. An ALyC integral or propio holds a patrimonio neto mínimo of 470,350 UVA, an I AGRO 1,175,000 (Cap. II art. 13); an AN holds 65,350 UVA (Cap. I art. 9), an AAGI 65,350 UVA (Cap. IV art. 19), a sociedad gerente 150,000 UVA plus 20,000 per additional fund (Título V art. 5). Half of an ALyC's minimum and a fifth of an AN's sit in liquid assets as contrapartida líquida (Cap. II art. 15; Cap. I art. 11). The UVA is the BCRA's inflation-indexed unit, published daily, so the peso figure moves with it; we convert on the day of filing rather than print a stale number. Since RG 1130/2026 an ALyC also reports a monthly liquidity index of at least 1.0 and a gearing ratio of at most 5.0. Ley 26.831 art. 49 gives the CNV 20 business days to decide, and its service page prices registration at zero.
One regulator: the CNV registers every agent under Ley 26.831 art. 47 - ALyC, AN, AAGI, Agente Productor and the sociedad gerente. Capital is in UVA, the BCRA's indexed unit: 470,350 for an ALyC, 65,350 for an AN or AAGI, 150,000 for a fund manager. Art. 49: 20 business days, and registration is free.
Ganancias 25% / 30% / 35% on a scale, 7% on dividends, 21% IVA. 46,044,703 people. Built from Buenos Aires.
The AAGI at 65,350 UVA - or the ALyC at 470,350.
Two registrations at opposite ends of the same Título VII: the Agente Asesor Global de Inversión advises, manages orders and runs portfolios without ever holding a client's money, at 65,350 UVA; the Agente de Liquidación y Compensación settles and clears its own and its clients' trades at 470,350 UVA, and an ALyC-INTEGRAL settles for other agents too. We fix the category first, then build once.
The AAGI at 65,350 UVA - or the ALyC at 470,350.
The adviser without custody
Normas CNV Título VII Cap. IV: an S.A. under Ley 19.550 or an SAS under Ley 27.349 with exclusive object (art. 2) that gives investment advice, manages client orders and administers portfolios, contracts with ALyCs, ANs or sociedades gerentes for execution (art. 7) and may not hold client funds or securities (art. 3). Patrimonio neto mínimo 65,350 UVA (art. 19, RG 821/2019); annual CNV fee $2,620,000 in 2026; premises of its own, shared with no other registered agent (art. 3).
Normas CNV Título VII Cap. IV: an S.A. under Ley 19.550 or an SAS under Ley 27.349 with exclusive object (art. 2) that gives investment advice, manages client orders and administers portfolios, contracts with ALyCs, ANs or sociedades gerentes for execution (art. 7) and may not hold client funds or securities (art. 3). Patrimonio neto mínimo 65,350 UVA (art. 19, RG 821/2019); annual CNV fee $2,620,000 in 2026; premises of its own, shared with no other registered agent (art. 3).
- ✓Advice, order management, portfolio administration (art. 2)
- ✓65,350 UVA patrimonio neto mínimo (art. 19)
- ✓S.A. or SAS with exclusive object
- ✓No custody of client funds or securities (art. 3)
- ✓Executes through an ALyC, AN or sociedad gerente (art. 7)
- ✓CNV fee 2026: $2,620,000
The full agent
Título VII Cap. II: the agent that advises, registers orders, settles and clears, trades foreign instruments for qualified investors and manages portfolios under express mandate (art. 2), in four sub-types - integral, propio, participante directo and I AGRO (art. 5). Capital 470,350 UVA for integral and propio, 1,175,000 UVA for I AGRO (art. 13, RG 924/2022), half of it in eligible liquid assets (art. 15); a liquidity index of at least 1.0 and a gearing ratio of at most 5.0 reported monthly since RG 1130/2026; CNV fee $18,704,000 in 2026.
Settlement and clearing for own and client trades under Cap. II art. 2 - 470,350 UVA, half in liquid assets, liquidity and gearing reported monthly.
- ✓Integral · propio · participante directo · I AGRO (art. 5)
- ✓470,350 UVA · 1,175,000 UVA for I AGRO (art. 13)
- ✓Contrapartida líquida 50% (art. 15)
- ✓Liquidity index 1.0 · gearing 5.0 (RG 1130/2026)
- ✓Integral: settles for other agents under agreement
- ✓CNV fee 2026: $18,704,000
Costs and timelines are confirmed for your case before any work begins. Registration is free per the CNV's service page; the annual tasa de fiscalización follows Resolución ME 1/2026; the peso value of the UVA floor is taken from the BCRA's published rate on the day the equity is evidenced.
A 46-million market behind one regulator.
Argentina sells a pool of 46,044,703 people and a securities law that prints its clock, its fee and its capital - the last in an indexed unit.
The INDEC Censo 2022 figure, communicated on 31 January 2023 - the pool behind BYMA, A3 Mercados and MAE, reachable only through an agent registered with the CNV.INDEC Censo 2022.
Ley 26.831 art. 19 gives the CNV the register, the authorisation and the capital rules for every agent (c, d, o); the markets and clearing houses are authorised by the same Comisión (arts 45-46).The CNV, art. 19.
Art. 49: the CNV decides within 20 business days of receipt; art. 50 lets you appeal a refusal; the CNV's service page prices the registration at zero.Art. 49, at no charge.
Advice, order management and portfolio administration under Cap. IV without custody - the same equity floor as an Agente de Negociación (art. 19), about a seventh of an ALyC's.65,350 UVA, no custody.
The floors are indexed to the BCRA's daily UVA under the CER mechanism of Ley 25.827, so the peso amount rises with inflation and no page can print it truthfully for long. We convert on the day.Indexed; converted on the day.
Ley 26.831 art. 45 makes the markets hold guarantee funds, and Título VII Cap. III adds the Fondo de Garantía para Reclamos de Clientes, fed monthly by every agent (art. 4). The per-claim cap is set by the CNV under art. 11 and confirmed for your file before quoting.Cap. III; cap confirmed.
How Argentina differs from other routes.
The honest comparison: a 46-million market with a statutory clock and indexed capital - against a smaller neighbour with a guarantee instead of a printed floor, a bigger one with two regulators, and Chile's 30-day decision.
| Feature | Argentina | Other jurisdictions |
|---|---|---|
| Regime | Ley 26.831 - CNV | BCU Uruguay · CVM and BCB Brazil · CMF Chile |
| Capital | 470,350 UVA ALyC · 65,350 UVA AN or AAGI | UI 2M guarantee Uruguay · R$ 2M per activity Brazil · 6,000 UF Chile |
| Scope | Domestic market, no passport | Domestic only - no passport |
| Timeline | 20 business days (art. 49) | No published clock Uruguay · CVM 60 days Brazil · 30 days Chile |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Argentina | CNV ALyC · AN · AAGI | 25% / 30% / 35% scale | 470,350 UVA ALyC · 65,350 UVA AN · 20 business days |
Uruguay | BCU intermediario · asesor · gestor | 25% IRAE · 7% dividends | Guarantee UI 2M · AFI UI 1.5M · no clock |
Brazil | BCB CTVM/DTVM · CVM gestor | 40% nominal CTVM · 34% general | Formula capital · 60-day CVM clock |
Chile | CMF corredor de bolsa · AGF | 27% · 35% Adicional | 6,000 UF · 4,000 UF guarantee · 30 days |
Argentina
Uruguay
Brazil
ChileRequirements for the Argentine registration.Requirements for the registration.
One file under Título VII, read by one regulator against a list it publishes. The checklist below is what a passing application contains.
Reflects Ley 26.831 (as amended by Ley 27.440), the Normas CNV (N.T. 2013) Títulos V and VII as updated through RG 1163/2026, and Resolución ME 1/2026 as of 2026.Ley 26.831 + Normas CNV Título VII, as of 2026.
From first call to the CNV register.
AAGI, AN, ALyC or sociedad gerente - and the UVA floor that comes with it, converted on the day.UVA floor fixed.
S.A. or SAS with exclusive object, board, compliance officer and idóneos named, equity paid and certified by the auditor.Compliance officer named.
The Cap. II art. 12 list, complete at filing through TAD - nothing left for the CNV to ask for.Complete via TAD.
20 business days from receipt (Ley 26.831 art. 49); the clock runs from a complete file, and the Comisión publishes no processing statistics.20 business days.
Register entry, market membership, settlement agreement and Caja de Valores subaccounts open.Market membership live.
The CNV's list is public and its clock is short; the craft is the equity evidence - a UVA floor certified by an auditor on statements no older than five months - and a file that does not come back with observations.
Run from our Buenos Aires office.

AAGI, AN, ALyC or sociedad gerente - fixed in writing before drafting, with the UVA floor converted at the BCRA's published value on the day the equity is evidenced.Fixed, converted on the day.
Bylaws with exclusive object, shareholder register, board backgrounds, auditor certification, AML declarations and financial statements no older than five months (Cap. II art. 12) - drafted in Spanish and filed through TAD.Drafted in Spanish.
Board members with the knowledge of Cap. VII art. 5, the compliance officer of art. 16 and public-facing staff entered in the Registro de Idóneos - sourced in Buenos Aires.Sourced in Buenos Aires.
Membership at BYMA or A3 Mercados, the settlement agreement with an ALyC-INTEGRAL for an AN (Cap. I art. 7), Caja de Valores subaccounts - sequenced with the CNV decision.Sequenced with the decision.







Taxation of investment firms in Argentina.
A progressive corporate scale, an indexed unit, and a fee schedule the CNV prints every January.
Ley 20.628 art. 73, ARCA scale for fiscal years from 1 January 2026: 25% up to $133,514,185.74 of taxable income; $33,378,546.43 plus 30% on the excess up to $1,335,141,857.38; $393,866,847.93 plus 35% above that.Art. 73 scale.
Art. 97 of Ley 20.628 taxes distributions at 7%; the rate for your holding structure and any treaty relief are confirmed in your quote before the dividend line is modelled.Art. 97, confirmed.
The general rate of the Ley de IVA, confirmed per structure; art. 7 b) exempts sales of shares, bonds and similar titles, and whether a brokerage commission falls inside an exemption is confirmed for your service set - the treatment of your fee lines is modelled on that answer.No commission exemption.
Resolución ME 1/2026 and RG 1103/2026, payable 3-9 February 2026: ALyC $18,704,000, AAGI $2,620,000, AN $2,338,000, Agente de Custodia, Registro y Pago $46,760,000.ALyC $18,704,000.
A sociedad gerente pays 0.02% of the net assets it administers as its annual fee; the depositary 0.005%; ASG funds 0.006% and 0.0015%.Of net assets.
The CNV's service page prices the ALyC registration at zero; the idóneo exam costs $103,000 in full or $65,000 in part per person in 2026.Free per the CNV.
*Figures as of 2026 per Argentine law. Group and founder-level outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Argentine company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Launch your investment firm in Argentina with expert support.
Full-service assistance - from the Argentine company and the UVA capital to the CNV file, the compliance officer, market membership and ongoing compliance - run through our Buenos Aires office.
Get a consultation →Is Argentina the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
The Argentine investment licence, answered.
Who licenses an investment firm in Argentina?+
The Comisión Nacional de Valores alone. Ley 26.831 art. 47 requires the CNV's authorisation and registration for every agent, and art. 19 gives the Comisión the register, the licensing power and the capital rules; the markets - BYMA, A3 Mercados, MAE - are authorised by the same regulator.
What is the difference between an ALyC, an AN and an AAGI?+
The ALyC settles and clears - its own trades, its clients' and, if integral, other agents' (Cap. II art. 5). The AN intermediates in CNV markets but settles through an ALyC-INTEGRAL (Cap. I art. 7). The AAGI advises, manages orders and administers portfolios without custody (Cap. IV arts 2-3).
What capital is required?+
Patrimonio neto mínimo in UVA: 470,350 for an ALyC integral or propio and 1,175,000 for an ALyC I AGRO (Cap. II art. 13); 65,350 for an AN (Cap. I art. 9) and for an AAGI (Cap. IV art. 19); 150,000 plus 20,000 per additional fund for a sociedad gerente (Título V). An Agente Productor holds none.
What is a UVA, and what is it worth in pesos?+
The Unidad de Valor Adquisitivo is the BCRA's inflation-indexed unit under the CER mechanism of Ley 25.827, published daily. Because the value moves every day, we convert the UVA floor at the BCRA's published rate on the day the equity is evidenced, and quote the peso figure for that date.
How long does registration take?+
Ley 26.831 art. 49 gives the CNV 20 business days from receipt, and the CNV's service page says 20 days from a complete file. A refusal can be appealed (art. 50). The Comisión publishes no processing statistics, so we plan the file to pass without observations.
Can a foreign group own the agent?+
Yes, through a company constituted in Argentina: an ALyC or AN must be a legal person regularly constituted in the country (Cap. II art. 1; Cap. I), an AAGI an S.A. or SAS (Cap. IV art. 2). Neither Ley 26.831 nor the Normas prints a foreign-ownership cap.
What people does the CNV require?+
A responsable de cumplimiento regulatorio y control interno for every agent (Cap. VII art. 16), a relations-with-the-public function (art. 17), board and supervisory members with the knowledge and experience of art. 5, and public-facing staff on the Registro de Idóneos (art. 2). The Normas print no residency rule for these roles; substance is confirmed per structure.
How are Argentine agents taxed?+
Ganancias on the art. 73 scale - 25% up to $133,514,185.74, 30% to $1,335,141,857.38, 35% above - plus 7% on dividends under art. 97 and 21% IVA, both confirmed in the quote; the CNV's annual fee is $18,704,000 for an ALyC and $2,620,000 for an AAGI.
Argentina or Uruguay for a new firm?+
Argentina buys 46 million people, a 20-business-day clock and free registration, at indexed capital of 65,350 to 470,350 UVA. Uruguay buys a licence a natural person may hold, guarantees instead of a published floor - UI 250,000 for an asesor - and a 25% rate with 7% on dividends, but no statutory clock. Uruguay is lighter; Argentina is the market.
Why Prifinance for Argentina?+
A Buenos Aires office for the CNV file, the UVA floor converted and certified before anyone asks, the compliance officer and idóneos sourced locally, and the 20-business-day clock of art. 49 run from a file that arrives complete.
Who licenses?+
The CNV alone.
ALyC vs AN vs AAGI?+
Settles / trades / advises.
Capital?+
65,350-470,350 UVA.
A UVA?+
BCRA's indexed unit.
How long?+
20 business days.
Foreign owners?+
Yes, via a local company.
People?+
Compliance officer, idóneos.
Taxes?+
25-35% + 7% dividends.
Or Uruguay?+
Market vs lighter file.
Why you?+
Buenos Aires, one file.
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: which Argentine category fits your project and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Comisión Nacional de Valores or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.