Electronic credit invoice for MSMEs (FCEM)
This instrument is designed to promote new financing options for micro, small, and medium-sized enterprises (MSMEs).
The electronic credit invoice for MSMEs (factura de crédito electrónica MiPyMEs, FCEM) enables MSMEs to convert a commercial debt into a financial debt, allowing them to access funds before payment is due.
Requirements
- – An FCEM may be issued for transactions involving the sale of goods or the lease of movable property, and for the provision of services or the performance of work.
- – The minimum amount above which issuance of an FCEM is mandatory is currently ARS5,549,862. This threshold applies to invoices issued on or after April 14, 2026, as established by the Customs Control and Collection Agency (Agencia de Recaudación y Control Aduanero, ARCA).
- – Both parties (the MSME and the large company) must have an electronic tax domicile on file.
- – Issuers of FCEMs must enter a single banking code (CBU) on ARCA’s website.
Key benefits
- – It enables MSMEs to receive payment in advance and helps streamline collection processes.
- – It provides greater certainty of payment. Upon maturity of the FCEM, payment is automatically credited to the MSME’s account (or to the account of the current holder of the invoice). If unpaid, it is recorded in the database of FCEMs not paid upon maturity (CenFIV).
- – Transfers of FCEMs are free of charge. Financial institutions do not charge any fees for this instrument.
How does it work?
MSMEs may opt to transfer the FCEM to a central securities depository (agente de depósito colectivo, ADC) for it to be negotiated in the capital market, or to the system for the open transfer of e-invoices (sistema de circulación abierta, SCA) to be discounted through the banking system.
The large company (or participating MSME) is notified of the FCEM by ARCA. Then, the receiving company has an exceptional period of 21 calendar days, in effect through October 31, 2026, to:
– Settle the FCEM and report it in the FCEM Registry maintained by ARCA;
– Reject the FCEM solely on the grounds for rejection provided for in Law 27,440, Section 8 (errors, defects, flaws, or discrepancies);
– Expressly accept the FCEM.
If, within that period, the receiving company does not settle, reject, or expressly accept the FCEM, the FCEM is deemed accepted.