News: Registration of business in Uruguay
How to open a business in the Uruguay?
Uruguay is a small state located in Latin America, between Brazil and Argentina. Opening of a business in this country is becoming more popular among large industrialists and individuals. The high level of the legal system and the favorable investment climate are guarantee of the developed economy of Uruguay.
Business in the Uruguay
Quite recently, it was difficult to imagine that business in Uruguay would be able to demonstrate rapid growth. However, the correct way chosen by the leadership of the country that changed the tax system enabled significant number of foreign entrepreneurs to pay attention to investing in the country.
Business in Uruguay has the following benefits compared to the rest countries in South America:
- Bank secrecy.
- Liberal tax legislation.
- Organization of several free business zones - Nueva Palmira, Carrasco.
- Lack of currency control.
- Democratic government policy.
- Cheap labour resources.
- High level of GDP per capita.
Currently business registration in Uruguay includes the following most optimal organizational and legal forms of companies:
- Limited Liability Company.
This company involves the participation of maximum of 50 partners. The period of activity can be carried out indefinitely, necessarily, displaying this provision in the charter. There are no restrictions on the size of capital. Important decisions are agreed upon by the founders unanimously. - Joint-stock anonymous company.
The number of shareholders is free. Issuance of registered bearer shares is possible. The responsibility of shareholders is limited by the size of their contribution in total capital.
Registration of business in Uruguay
More than 400 European companies operate in Uruguay, accounting for ¼ of the total number of companies registered in the country. The predominant part is represented by American companies.
Signing of bilateral international agreements that exclude double taxation, as well as the high world rating, allow us to consider that business registration in Uruguay meets the advanced international standards and requirements.
Process of registering a company in Uruguay obligatory involves the following steps:
- Check of the name uniqueness. The name, regardless of the type of activity, should end with abbreviations - LTD, CORP, INC, etc..
- Registration of the charter and other constituent documents in the registration chamber.
- Depositing financial resources forming the authorized capital with accounts opened in a local bank.
- Registration with a tax authority.
- Registration in social services.
- Publication in the official periodical edition encompassing full information on the establishment of the company.
Important information:
- Registration documents are filled in in Spanish.
- The company's office must be opened in the country.
- There are no taxes on foreign assets and income.
- There is no tax on dividend distribution.
- The excess of the income determined by the legislation of the country requires the submission of an accounting report to the National Internal Audit Service.
- Tax privileges and privileges are possible.
Competent and qualified lawyers at Law & Trust International will reduce the timing and finance by eliminating the long period of business registration in Uruguay, requiring careful and precise information. Establishing your own business in Uruguay is getting closer. We register business responsibly, without any complaints.
Please, select organizational and legal form of the company You are interested in:
For reference:
- SRL - "Sociedad de Responsabilidad Limitada" - Limited Liability Company
- SA - Sociedad Anónima - Joint Stock Company
