Electronic Credit Invoice for MSMEs (FCEM)
It is an instrument that seeks to promote new forms of financing for micro, small and medium-sized enterprises (MSMEs). The MSME Electronic Credit Invoice (FCEM) allows MSMEs to transform a commercial debt into a financial debt. With the FCEM, MSMEs can choose between sending the invoice to the capital market or to the interbank system.
Requirements
- – The electronic credit invoice can be issued for transactions of purchase and sale of goods or lease of movable things, services or works.
- – The current minimum amount from which it is mandatory to issue an FCEM is $3,958,316. This value applies to receipts issued from 04/11/2025, according to the news published by the Customs Collection and Control Agency (ARCA).
- – Both parties (MSMEs and large companies) must have the Electronic Tax Domicile constituted.
- – Those who issue the electronic credit invoice must register a CBU on the ARCA website.
Key Benefits
- – It enables MSMEs to collect in advance or simplifies collection circuits.
- – Increases the certainty of collection. At the expiration of the FCEM, it is automatically credited to the account of the MSME (or whoever is the holder of the invoice). Otherwise, the non-payment is published in the Central of Electronic Credit Invoices MSMEs Unpaid at Maturity.
- – FCEM transmissions are free. Financial institutions do not charge commissions for this instrument.
How does it work?
Within the FCEM environment, MSMEs can choose between two collection alternatives: transfer the invoice to a Collective Deposit Agent (ADC) or to the Open Circulation System (SCA). When a collective depository agent is chosen, the invoice is negotiated on the Capital Market. On the other hand, by opting for the Open Circulation System, the invoice has its transmission and discount in the Banking System. On the other hand, the large company (or adhered MSME) is notified about the FCEM by ARCA. From that moment on, the company has an exceptional period* of 21 calendar days until September 30, 2023 to:
- – Cancel the FCEM and report it to the FCEM Registry in charge of ARCA.
- – Reject the FCEM, only for the reasons for rejection provided for in Article 8 of Law No. 27,440 (errors, vices, defects, divergences).
- – Expressly accept the FCEM.
* If the company receiving the FCEM does not cancel, reject or accept the FCEM, after the established period the FCEM is tacitly accepted.