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Company formation in Uruguay
Comprehensive assistance in company formation, including banking services
How to form a company in Uruguay
1
Document submission
You submit to us necessary documents of the future founders and directors for the purposes of company formation in Uruguay and opening a bank account in Uruguay
2
Payment of services
Payment of our services for company formation in Uruguay and/or bank account assistance in Uruguay
3
Company formation
We register a new company in Uruguay for you. Upon completion of the registraion corporate documents are either delivered to you or submitted to a bank for the subsequent opening of a bank account
4
Bank account opening
In case you request an assistance with a bank account, we arrange an interview at the bank for you, inform you about the date of the visit and accompany you on your way to the bank. After the bank account is opened and active you receive corporate documents of the formed company as well as the access to the bank account
Key aspects to consider prior to incorporating a company in Uruguay
You can incorporate a limited liability company in Uruguay and open a corporate bank account remotely.
1. Founders that would like to register a company in Uruguay can either be resident or non-resident in Uruguay. Founders can be either individuals or legal entities.
2. A resident or a non-resident individual can be a company director in Uruguay. It is not required to register a company in Uruguay with a resident individual as one of its shareholders or directors. However, it is required to register a company in Uruguay with a resident legal representative.
3. One individual can register a company in Uruguay and simultaneously be a shareholder and a director in this company if such company is registered as a SRL (a limited liability company).
4. There is no requirement for creating substance in Uruguay - no need to hire local employees or rent an office in order to register a company in Uruguay or to conduct business in this jurisdiction.
5. Minimum share capital that is required to register a company in Uruguay as a SRL (a limited liability company) is not established.
6. Information about company founders, shareholders and directors after company registration in Uruguay is complete is publicly available in the state corporate register.
7. Only Uruguay-source income is subject to corporate income tax, which currently does not include capital invested abroad. It is also possible to conduct tax free business upon registration of a company in one of the free trade zones of Uruguay.
8. We can help you register a company in Uruguay remotely, on the basis of a power of attorney. It is necessary for the director of the new company to travel to Montevideo for 1 day in order to open a corporate bank account.
2. A resident or a non-resident individual can be a company director in Uruguay. It is not required to register a company in Uruguay with a resident individual as one of its shareholders or directors. However, it is required to register a company in Uruguay with a resident legal representative.
3. One individual can register a company in Uruguay and simultaneously be a shareholder and a director in this company if such company is registered as a SRL (a limited liability company).
4. There is no requirement for creating substance in Uruguay - no need to hire local employees or rent an office in order to register a company in Uruguay or to conduct business in this jurisdiction.
5. Minimum share capital that is required to register a company in Uruguay as a SRL (a limited liability company) is not established.
6. Information about company founders, shareholders and directors after company registration in Uruguay is complete is publicly available in the state corporate register.
7. Only Uruguay-source income is subject to corporate income tax, which currently does not include capital invested abroad. It is also possible to conduct tax free business upon registration of a company in one of the free trade zones of Uruguay.
8. We can help you register a company in Uruguay remotely, on the basis of a power of attorney. It is necessary for the director of the new company to travel to Montevideo for 1 day in order to open a corporate bank account.
Cost of services
Formation of a SRL
Timeframe - 20 business days
Timeframe - 20 business days
Purchase of a readymade SA company for non-taxable business activity in a Free Trade Zone
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Advantages of incorporating a company in Uruguay
Attractive business-environment
- Uruguay is a member of the MERCOSUR agreement with Argentina, Brazil and Paraguay which established a free market between these states. This free market provides multiple benefits to companies registered in Uruguay
- Geographic location of Uruguay allows to establish maritime trade with North, Central and South American states, EU states, as well as with Asian states, Australia and New Zealand
- Foreign investment promotion
- Free port and free airport regimes
- Gateway to Latin America markets
- Well-developed infrastructure
Stability and security
- Political stability
- Secure legal and justice systems
- Comprehensive protection of property rights
- Comprehensive personal security
- Investment protection
Tax benefits
- Only Uruguay-source income is taxed which currently does not include capital invested abroad
- Multiple free trade zones
- Multiple double tax treaties
No foreign exchange controls
- Uruguay state regulations do not impose foreign exchange controls. Individuals and business entities, either resident or non-resident in Uruguay may open bank accounts in local banks in any currency
Ease of establishing and doing business
- No minimum share capital requirement to register a company in Uruguay as a SRL
- Remote company formation and remote banking assistance in Uruguay is available for any foreign individuals
- 100% foreign ownership of a company in Uruguay is available
More about Uruguay
Uruguay is located in the southeastern region of South America. Uruguay has a territory of 181,034 square kilometers. Uruguay borders Argentina and Brazil and has access to the Atlantic Ocean. The capital city of Uruguay is Montevideo, the largest city and the location of key government institutions.
Population of Uruguay amounts to around 3,52 million people.
Population of Uruguay amounts to around 3,52 million people.
Official currency of Uruguay is Uruguayan peso (UYU).
Uruguay has an export oriented economy with the largest export coming from agricultural sector. Uruguay is a regional hub for international finance and tourism. Most of its electrical grid has been converted to sustainable energy sources: solar, wind and hydro. Uruguay has a well-educated workforce along with high levels of social spending.
In terms of foreign trade, the largest goods contributing to the country's export are meat products, soya beans, wood, milk and cream, cheese, rice, malt, product packaging.
Imports of Uruguay consist of energy, petroleum, oil, natural gas, electrical machinery and equipment, cars and vehicles, electric conductors, consumer goods, medicaments, insecticides, rodenticides, fingicides, herbicides, disinfectants, mineral or chemical fertilizers.
Primary trading partners of Uruguay are Argentina, Brazil, Peru, Mexico, China, Algeria, Angola, the USA, India, Netherlands, Turkey, Germany, Spain, Italy.
The GDP of Uruguay grew by 4.4% in 2021 and amounted to USD 59,32 billion. Tertiary sector makes up 63% of the GDP of the country, followed by industry sector at 18% and agriculture at 7.5%.
Uruguay has an export oriented economy with the largest export coming from agricultural sector. Uruguay is a regional hub for international finance and tourism. Most of its electrical grid has been converted to sustainable energy sources: solar, wind and hydro. Uruguay has a well-educated workforce along with high levels of social spending.
In terms of foreign trade, the largest goods contributing to the country's export are meat products, soya beans, wood, milk and cream, cheese, rice, malt, product packaging.
Imports of Uruguay consist of energy, petroleum, oil, natural gas, electrical machinery and equipment, cars and vehicles, electric conductors, consumer goods, medicaments, insecticides, rodenticides, fingicides, herbicides, disinfectants, mineral or chemical fertilizers.
Primary trading partners of Uruguay are Argentina, Brazil, Peru, Mexico, China, Algeria, Angola, the USA, India, Netherlands, Turkey, Germany, Spain, Italy.
The GDP of Uruguay grew by 4.4% in 2021 and amounted to USD 59,32 billion. Tertiary sector makes up 63% of the GDP of the country, followed by industry sector at 18% and agriculture at 7.5%.
International business expands to Uruguay and incorporates a company in Uruguay primarily for:
Restricted for foreign entrepreneurs are the following sectors:
- agrifood
- pharma and life sciences
- ICT
- business services
- forestry and timber
- manufacturing industry
- wholesale and retail trade
- tourism
- film industry
Restricted for foreign entrepreneurs are the following sectors:
- national defense
- television
- telecommuncation and radio
- air transport
- postal services.
- Corporate income tax - 25%. Tax returns are filed on an annual basis. Advance income tax payments are made on a monthly basis
- Dividend withholding tax - 7% for payments to non-residents, payments to residents are tax exempt
- Interest withholding tax - Standard tax rate 12%
- Royalties withholding tax - 12%
- Capital gains tax - 25%
- VAT - Standard tax rate 22% or reduced rates 0% and 10% or tax exempt. Tax returns are filed on a monthly basis by the majority of commercial enterprises
- Personal income tax - from 0% up to 36%.
Apart from such traditional business entity types as a limited liability company (Sociedad de Responsabilidad Limitada - SRL) and a public limited company (Sociedad Anónima - S.A.), corporate law in Uruguay offers to incorporate a company in Uruguay as:
1. General partnership (Sociedad Colectiva - S.C.)
2. Limited partnership (Sociedad en Comandita Simple - S. en C.S.)
3. Partnership limited by shares (Sociedad en Comandita por Acciones - S. en C. por A.)
4. Simplified Corporation (Sociedad por Acciones Simplificada - S.A.S.)
5. Branch of a foreign company (Sucursal)
To receive a detailed description of the company formation procedure in Uruguay and information about documents necessary for company formation in Uruguay please contact our experts.
1. General partnership (Sociedad Colectiva - S.C.)
2. Limited partnership (Sociedad en Comandita Simple - S. en C.S.)
3. Partnership limited by shares (Sociedad en Comandita por Acciones - S. en C. por A.)
4. Simplified Corporation (Sociedad por Acciones Simplificada - S.A.S.)
5. Branch of a foreign company (Sucursal)
To receive a detailed description of the company formation procedure in Uruguay and information about documents necessary for company formation in Uruguay please contact our experts.
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London, EC1V 2NX
Phone: +44 20 8157 4037
Email: request@pil-services.com
