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People tend to go offshore for different reasons: some seek a tax haven, others need better asset protection or more favorable conditions than their home country can offer, and there are those looking for a more convenient place to interact with their counterparties (for instance, Hong Kong is an ideal place to set up your company if your business partners are mainly from China).
Uruguay is a small country that is becoming popular with entrepreneurs. It has a stable economy that relies on well-developed agricultural and tourist sectors, pro-business laws, and free trade agreements with many countries. If you have no experience in the offshore business, we invite you to our portal to read about different aspects of it before you open a company in Uruguay.
We have experts who will help you with offshore company establishment. Many people venture on their own and face different problems: the company registration procedure looks simple theoretically – until you encounter some practical barriers. We will save you time as we know the laws of the country and the right approach to company incorporation.
How Will You Benefit from a Company Formed in Uruguay?
With our help, businesses in Uruguay will be set up without any barriers! The fee is lower compared to other jurisdictions, and the whole procedure will take no more than 45 days. As a bonus, our experts will open a bank account for you in Uruguay or any other country. Uruguay is not a well-known destination for business registration, but it is surely worth your attention!
Here are the main advantages of the territory:
- The country’s economy is growing at a great speed in the background of a stable political situation.
- Uruguay takes an effort to create attractive conditions for foreign investors and companies, so you can benefit from lower tax rates and free economic zones provided that your profits are generated abroad (a standard requirement for any offshore company)
- The country takes first place in South America by the level of democratic freedoms, and non-resident investors benefit from the same perks as local ones
- If you need to import equipment to Uruguay on a temporary basis, you will be able to benefit from lower customs duties and tax rates
- You will have no problems importing and withdrawing capital from Uruguay as businesses are free from currency control
And if the situation in the country where you are currently residing shows signs of deterioration all of a sudden, you may get the tax resident’s status in Uruguay. An Uruguayan residence permit does not cost much, and ex-pats can become naturalized in Uruguay after just two years of permanent residence.
Uruguay’s Free Economic Zones
Uruguay has created a number of free trade zones as the authorities attempt to attract foreign capital to the country. Choose a free zone to start or relocate your company as it offers exemption from corporate and property tax, tax on dividends payable to foreigners, tax on products (services) imported to the zone, and state duties related to business activities in the free zone and export.
The only taxes you will have to pay are connected with the salaries of the professionals you employ.
Sounds good? If you have any questions, click on the above link to ask an expert.
Types of Companies
Business laws impose very few restrictions on foreigners: you do not need to be a citizen, stay in the country for some time, or work with local enterprises to launch your undertaking here. You can engage in any business activity – but remember that some activities require a license as they are monopolized by the jurisdiction:
- Banking services
- Insurance activities
- Means of communication
- Electricity supply
- Water purification services
Joint-Stock Company
This is the most popular legal form in Uruguay, and many large businesses use it. It can be open or closed, and any activity is allowed (it has to be set out in the Articles of Association). You can either form a new company or buy a ready-made one.
Basic requirements:
- The name should consist of Spanish alphabet letters. Keep in mind that your company name should exclude words denoting official institutions, such as Bank, Trust, or Broker.
- At least one director and two shareholders must set up a company. These can be individuals or legal entities residing in any jurisdiction.
- The JSC capital is made up of shares, and no minimum or maximum value is set. 100% of shares can belong to a sole owner.
- The company’s authorized capital should be paid by at least a quarter before entering into the State Register.
- You will need to rent an office in Uruguay to keep company information and hire a local registered agent.
- The company will need to regularly file accounting reports.
Limited Liability Partnership
While a Joint-Stock Company is popular with large companies, Limited Liability Partnership is more appropriate for small and medium businesses, and there is no possibility to purchase a ready-made one. An LLP is established by signing a corporate agreement between partners (from 2 to 50) and registering the document at the National Register of Commerce.
Features of the LLP:
- The company’s capital can be changed.
- Each partner’s liability is limited to the amount of participation share in the company.
- At least half of the amount stipulated in the contract should be contributed.
- If there are more than 5 partners in the company, it can only be transferred to a third party if 75% of them give their consent.
- The language of the LLP’s corporate agreement is Spanish.
- An extract from the Register of Commerce should be published in Uruguay’s printed edition as soon as the company registration is complete.
You cannot incorporate an LLP (in the same way as a JSC) without a local registered agent. If this sounds too difficult, contact us using the above link, and we will help you find a reliable registered agent.
Uruguay is a quiet and convenient destination for business (and life) with many benefits attached. We can help you with all aspects of business registration and open a bank account for you. All you need is a business plan in mind, and the desire to leave the administrative things to our experts as we know very well how to handle them properly!
Don’t delay business establishment – make the first step today!
