A Detailed Guide to Company Incorporate in Uruguay – All You Must Know
Uruguay has rapidly been gaining more and more popularity, drawing investors to gain a foothold in Latin America. Company Incorporate in Uruguay is a great choice for first-time businesspeople too. Uruguay has good trade relations with major countries of the world. So, being a company owner in Uruguay means that you can experience growth on a global scale.
Uruguay has consistently shown growth in GDP levels since 2001. Uruguay’s economy is one of the most stable economies among developing countries. In fact, Uruguay showed minimal damage during the global recession in 2008. Uruguay also has a well-educated taskforce to help you gain more profits, in case you incorporate your company there.
Uruguay has tax laws that are conducive to foreign investors. Only the revenue accrued across Uruguayan territory is taxable, according to its law. This means you can set up a branch office in Uruguay and manage your overseas business from there without paying tax.
How to Company Incorporate in Uruguay
There are two types of companies you can incorporate in Uruguay:
1. Sociedad Anonima (SA)
2. Sociedad de Responsibilidad Limitada (SRL)
Company Incorporate in Uruguay Requirements
Before you proceed with Company Incorporate in Uruguay, you must possess the following details:
1. Company name
You need to decide a name for your company. This name should be unique and should not closely resemble any other company’s name. For greater chances of approval, you should hand in at least three names of your choice. The one that is available will be considered to be the legal name of your company.
Your company must have at least one shareholder. Shareholders can be individuals or corporations. They can be of any nationality.
Your company will be managed by a single director (also known as an Administrator) or a Board of Directors. The minimum number of directors is different in different jurisdictional by-laws. You can also hold a shareholder’s meeting to decide the number of directors your company will need to function. Directors can be of any nationality. They can be individuals or legal entities. However, Uruguayan law requires that your company must have a company secretary, who must be a local registered agent.
4. Registered Address
Your company must have a local registered address for legal correspondence. This address must be registered with the Tax Administration Office for submitting monthly tax declarations.
Uruguay does not have a minimum share capital for companies. You can also choose to operate using any currency, though the national currency is required for SAs.
Procedure to Company Incorporate in Uruguay
1. Prepare your company’s by-laws and get approval from the National Audit Office (AIN).
2. Register them with the National Trade Register (RNC).
3. Publish the name and details of your company in the Official Gazette and another national newspaper.
4. Submit your company’s details at the Tax Registration Office and obtain TIN and VAT numbers for further tax processes.
5. You will get a Certificate of Incorporation and Articles of Association along with original share certificates.
Power of Attorney Submission
If you wish to operate remotely, you can submit a Power of Attorney to a legal agency located in Uruguay. They are authorized to work on your behalf. We would recommend that even if you are present in Uruguay during incorporation, a local legal firm could be very helpful during the entire process and you can get through without any snags.
3E Accounting Services
We help you through the process in case you wish to Company Incorporate in Uruguay. For more information and guidance to Company Incorporate in Uruguay, contact 3E Accounting Indonesia. We will help you with all aspects of incorporation.
You can contact us by sending an email to request a no-obligation quotation or get more information about Company Incorporate in Uruguay.