The majority of the shares and voting rights in companies that provide domestic air transport services must be held by Argentine nationals domiciled in Argentina. For reasons of public interest, foreign airlines may [exceptionally] be authorised to provide domestic services subject to a condition of reciprocity.
"CHAPTER II: INTERNAL AIR TRANSPORT SERVICES
SECTION A: Exploitation [...]
ARTICLE 97. - The operation of internal air transport services will be carried out by individuals or commercial companies that comply with the prescriptions of this code. Joint ventures and state-owned companies are subject to these rules as soon as they are applicable.
Foreign airlines may not take passengers, cargo or correspondence in the Argentine Republic, for transportation to another part of the country. However, the Executive Power, for reasons of general interest, may authorize said companies to perform such services under the condition of reciprocity.
ARTICLE 98. - Individuals who operate internal air transport services must be Argentine and maintain their real domicile in the Republic.
ARTICLE 99. - The companies will be constituted in any of the ways authorized by the laws, conditioned in particular to the following requirements:
1) The domicile of the company must be in the Republic.
2) The control and direction of the company must be in the hands of people with real domicile in the Republic.
3) If it is a partnership, at least half plus one of the partners must be Argentines with domicile in the Republic and possess the majority of the capital stock;
4) If it is a capital company, the majority of the shares, to which the majority of computable votes correspond, must be nominal and belong to Argentines with real domicile in the Republic. The transfer of these shares may only be carried out with the authorization of the board of directors, which will notify the aeronautical authority, within eight days of the transfer, the details of the authorization agreed.
5) The president of the board of directors or board of directors, the managers and at least two thirds of the directors or administrators must be Argentine. [...]" (Aeronautical Code (Law No. 17.285 of 17 May 1967), last amended by Resolution 336/2021 of 18 October 2021, Articles 97, 98 and 99 [google translation])
Aeronautical Code (Law No. 17.285 of 17 May 1967), last amended by Resolution 336/2021 of 18 October 2021, Articles 97, 98 and 99
[<a href="http://servicios.infoleg.gob.ar/infolegInternet/verNorma.do?id=24963">Code</a>]