Global Business Service Agency: legal services for business

Uruguay is a tax-free harbor of Latin America, which is characterized by a high rate of economic development (GDP growth per capita in 2017 was 11.44%). In addition, the Eastern Republic is favorably distinguished in the region of stable Political situation: In 2016, the country is recognized as the least corrupt state of Latin America. For business, Uruguay also offers many opportunities, and not unreasonably: according to the rating "doing business-2017", the Republic is included in the top-100 with the simplest conditions for doing business. The possibility of opening offshore companies in the country is of great importance in this wins.

Company registration in Uruguay: what benefits and advantages does a new business get

1. Membership of the republic in the MERCOSUR Union. As a result, all Uruguay's firms could trade and exchange productive and industrial works on concessional terms with Paraguay, Argentina and Brazil.
2. The bilateral Investment agreement with the USA is signed. Due to this, the entire business of the Eastern Republic receives favorable conditions of investing in the U.S. business or receiving investments from America, including benefits for the exchange of capital.
3. Double taxation agreement with 21 jurisdictions. As a result, Uruguay's counterparts can completely or partially relieve the tax burden both in the territory of the country of registration and in the signatory countries agreement, where the business is realized.
4. Possibility of obtaining citizenship or residence permit. Investors, beneficiaries, shareholders and executives of the new business, according to the entrepreneurship program, can obtain a residence permit in Uruguay.
5. Freedom of transactions and real estate transactions. The jurisdiction has equal conditions for the acquisition of real estate for both foreigners and residents.
6. Lack of control over the volume, quantity and currency of operations on the entry/withdrawal of assets from the country. Thus, any profit for the business can be easily deducted from the country's accounts without restrictions.
7. Advantageous system of fiscal fees. In the state, there are no all types of taxes for non-residents of the country, except for the annual fixed fee of $400, resident companies in the manufacturing sector, manufacturing, re-export/Reimport can also count on preferential tax rates.

How to register an offshore company in Uruguay

In order to open a company in Uruguay, it will require at least one shareholder and director who can act as non-resident legal entities. It is obligatory to hold the board of directors and shareholders ' meeting at least once a year without any requirements to the venue. Executives of the company are obliged to keep accounting, which consists of 5 corporate books and take tax form once a year. The new firm will also necessarily require a registered office on the territory of the country agent with Uruguay residence.

For a new non-resident company there are no requirements for the size, currency, payment and form of the statutory fund. Shares of the company can be stored in any convenient place for founders.

Minimum package of documents:

• Beneficiary data;
• Charter of the corporation;
• Register of founders;
• Register of executive persons;
• Registration address of the company;
• Trust declaration;
• General nominal power of attorney;
• Print.

The cost of opening a company in the jurisdiction is from $6 985 (including apostilled package). Services of nominal service are not included. The annual extension of the offshore company is from $2 875.

Do you want to implement a full-scale profitable business in Latin America on preferential terms? Consult the experts of GBS Agency and we will recommend you the best form of opening a company with registration in just a couple of weeks.