EN 
RU Positive Invest invites entrepreneurs to open a company in Uruguay, a small country in South America.
OFFSHORE IN URUGUAY - BASIC INFORMATION
Uruguay is a country bordering Argentina and Brazil. The sea coast is washed by the Atlantic Ocean. Mostly people from Spanish-speaking countries live. At least 40% of the total population is concentrated in Montevideo and nearby settlements.
Uruguay is a republic. The basis of the constitution is the Law of Napoleon and the Constitution of Spain. The official language is Spanish. All documentation must either be in Spanish or have a Spanish translation.
The currency is peso. Offshore accounts can be opened in any currency of the world. Sources of cash receipts are not controlled. The economy is weak. There are very few tourists in the country. The government is trying to raise GDP by developing the banking sector and attracting investors to the offshore zone.
REGISTRATION OF A COMPANY IN URUGUAY: COUNTRY CORPORATE LAWS
In 1947, the Offshore Companies Act was signed. In 1989, the President of the country signed the "Law on Companies".
All offshore companies must be assigned the SAFI type "Sociedad Anynima Financiera de Inversiy" (Limited Liability Company).
Offshore companies do not have the right to engage in any type of activity on the territory of the country. It is impossible to register as an offshore company a bank, a banking structure, any organization if its activities are related to the provision of financial or banking services. Any activity related to the attraction of funds from third parties is subject to compulsory licensing. Consulting activities related to the provision of advice on the placement of funds in the assets of companies are prohibited.
Shares can be issued ordinary and preferred. Both voting shares and non-voting shares are allowed.
Offshore companies in Uruguay: key points
The founders can be at least 2 participants - individuals or legal entities. There must be at least one director. The maximum number of directors is seven. There are no requirements for founders or directors to have Uruguayan citizenship or residency.
Rules to be followed when registering a company in Uruguay:
- a registration office must be opened in the country. Storage of documentation related to the company (registers, lists of founders) should be carried out in this office;
- bookkeeping is a must. If a company receives more than 2 million US dollars in income during the reporting period, it must submit a report to the National Internal Audit Service. The report is also required if the balance sheet exceeds 585 thousand US dollars;
- documents, if they are not in Spanish, are subject to mandatory translation;
- company registration will be refused if the name matches, partially matches or mimics the name of a previously registered company. Rejection will follow if the name contains obscene language, is offensive to the government or country;
Information about shareholders, owners and directors is closed. Can only be granted by court order. Nominee directors and shareholders are allowed. Meetings of both should be held annually.
COMPANY IN URUGUAY: HOW REGISTRATION WILL GO
By the time of filing documents for company registration in Uruguay, it is necessary:
- draft the articles of association of the company. All founders must sign it;
- pay at least 5% of the authorized capital. The minimum amount of authorized capital is 50,000 US dollars. You can pay the authorized capital in the currency of your country. A fee is paid from the amount of the authorized capital on the day of submission of documents for registration;
- submit statutory documents to the registration chamber. A company is considered registered after it has been published in the Gazette and any public newspaper. At the same time, information about the new company is entered into the Unified State Register. It takes 30 days from the date of submission of documents for registration to receipt of confirmation.
Positive Invest specialists warn that the name of the company can only be written using the Spanish alphabet. If the title is given in a language other than Spanish, it is best to ensure that a translation is available in advance. If you plan to use the words bank, trust, trust, investment, construction, construction company or society in the name, you must obtain a license for financial activities.
The name, regardless of the type of activity, must end with Ltd, Limited, Corporation, Corp., Incorporated, Inc, etc.
PAYMENT OF TAXES BY OFFSHORE COMPANIES
The tax payment deadline is 4 months after the end of the next financial year. The tax rate is 0.3% of the taxable base, determined as the difference between the authorized capital and funds raised by the company during the reporting period.
The agreement on avoidance of double taxation is signed only with Germany and Hungary.
If the company is located in the free trade zone in Montevideo, it is completely exempt from paying taxes. Employees of enterprises located in the free trade zone are exempted from paying social contributions.
REGISTRATION OF OFFSHORE IN URUGUAY WITH POSITIVE INVEST
Positive Invest specialists offer a full range of services for opening an offshore company in Uruguay. The package includes:
- selection of office, nominee founders and directors;
- preparation of constituent documents, payment of registration fees;
- opening of checking accounts.
You receive a full package of documents giving the right to conduct business from the offshore zone of Uruguay. Do not waste time on independent market research, trips to Uruguay. It is enough to contact our company. After a minimum time, you will receive a complete package of documents giving the right to do business in the offshore zone of Uruguay - the country with the lowest tax rates in the world.