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Legal Requirements That Enable You to Incorporate a Company in Uruguay Within the Shortest Time Possible

The facts are that to incorporate a company in Uruguay; you’ll benefit from the fastest growing economy in Latin America. And, therefore, you must first decide on the type of business structure that best suits your nature of the business. Some of the common structures are; Investment Financial Corporations (SAFI), Limited Liability Companies for Duty-Free Zones (SAU), Branch offices (Sucursal) and Corporations (SA).

 

Approval Required Before Registration

Before you incorporate a company in Uruguay, you must have a business name. The business name should be unique and resonates well with the nature of your business. You can then go ahead and get your business name approved by the local authority. Your company’s by-laws must reflect the purpose of the company, information concerning the partners and notarized signatures of the company’s owners as part of the requirements.

 

Registered Agent

In Uruguay, it’s a requirement that every company to have a local registered agent alongside a local office address. A registered agent could be under a corporate body or an individual resident. Again, when incorporating your company ensure that you have a minimum of two shareholders and it’s not necessarily that the shareholder is an Uruguayan national. You can have at least one director and not essentially an Uruguayan resident. To incorporate a company in Uruguay, you have to remember that the share capital may be bearer shares or nominative shares. There is no minimum capital needed or maximum capital limits, while the shareholder’s liability stands restricted to the paid-in capital.

 

Uruguay Flat Tax

The government has it that to incorporate a company in Uruguay your company’s by-laws should be approved by the National Audit Office (AIN) before being registered by the National Trade Register. Tax compliance is one of the legal requirements in Uruguay, and in that context, you must register with the National Tax Administration Office (DGI) thereby presented with a distinctive taxpayer number (RUT). The National Registry has the responsibility of stamping the letter copybook, the register of minutes of the board meetings, the shares book and the register of minutes of shareholder’s meetings for validation. Upon completion of approval of all these documents, the tax authority grants you with a local Tax ID. Remember that no taxes are charged on foreign assets, income or the distribution of dividends. What you’ll be required to honor is an annual flat tax of $420.

 

Employee Welfare Guarantee

No company operates a business without a bank account. Now, if you’ve received your Tax ID, you’re eligible to open a corporate account and start your operations.

The whole process of establishing a company in Uruguay can last about six weeks, but you need ten working days to wait for the documents to be approved. For more information about establishing a company in Uruguay, please contact us, 3E Accounting will provide you with the most accurate information and the best service