Published
4 სექ. 2023
Updates:
3 დეკ. 2024
Uruguay
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Legal forms:
Payment methods:
2 weeks
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Document checklist:
1.Passport
2.Proof of Residence
Requirements:
Local legal address (Handled by B2B Hub)
Uruguay
$
3000
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Registrar
Abbreviation
Phone
Location
Capital
Official languages
Population
Currency
ISO 4217
Montevideo
Uruguay
Spanish, Portunol
3,423,108
UYU
Uruguayan Peso
Delivery
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Certificate of incorporation
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Articles of association
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Meeting minutes
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Company stamp
Certificate of incorporation
Company stamp (By stempil.com)
Registration documents and guidance
FAQ for company formation in Uruguay
Here are some frequently asked questions (FAQ) for company formation in Uruguay:
1. What is the process of registering a company in Uruguay?
To register a company in Uruguay, you need to follow these steps:
- Choose a unique name for your company and reserve it with the National Trade Register (DNPI)
- Draft your company's articles of association and have them notarized
- Obtain a tax ID number for your company from the tax authorities (DGI)
- Register your company with the DNPI and obtain a legal registration certificate
- Register with the social security agency (BPS)
- Register with the Ministry of Labor (MTSS)
2. What are the different types of companies that can be registered in Uruguay?
The most common types of companies in Uruguay are:
- Limited Liability Company (Sociedad de Responsabilidad Limitada, SRL)
- Corporation (Sociedad Anónima, SA)
- Simplified Corporation (Sociedad por Acciones Simplificada, SAS)
- Individual Limited Liability Company (Empresa Unipersonal, EU)
3. What is the minimum capital required to start a company in Uruguay?
There is no minimum capital required to start a company in Uruguay.
4. Do I need to be a resident of Uruguay to register a company there?
No, you do not need to be a resident of Uruguay to register a company there. However, you will need to appoint a legal representative who is a resident of Uruguay.
5. What are the tax implications of setting up a company in Uruguay?
Uruguay has a territorial tax system, which means that taxes are only levied on income generated within Uruguay. The corporate tax rate is 25% on profits earned in Uruguay.
6. How long does it take to register a company in Uruguay?
It takes about 10 business days to register a company in Uruguay, provided all the necessary documents are submitted and there are no complications.
7. Are there any specific requirements for foreign-owned companies in Uruguay?
No, there are no specific requirements for foreign-owned companies in Uruguay. However, foreign-owned companies must comply with the same regulations as locally owned companies.
8. Is it necessary to have a physical office in Uruguay to register a company?
Yes, it is necessary to have a physical office in Uruguay to register a company. The office can be a commercial property, a residence or a shared office space.
Uruguay has a strong and stable economy, with a GDP of $59.7 billion in 2019. This is a 3.2% increase from 2018, and the country is expected to continue to grow in the coming years. The unemployment rate in Uruguay is also low, at 6.2%, and the inflation rate is relatively low at 4.2%. The country has a strong export market, with exports totaling $11.2 billion in 2019. The main exports are beef, soybeans, rice, wheat, and dairy products. Uruguay also has a strong tourism industry, with over 4 million visitors in 2019. The country has a strong banking sector, with a total of $50.7 billion in assets. The government has also implemented a number of reforms to improve the economy, including tax reforms, pension reforms, and labor reforms. Overall, Uruguay has a strong and stable economy, with a positive outlook for the future.
In Uruguay, both individuals and corporations are subject to taxation. The tax system is based on a progressive tax rate structure, which means that the tax rate increases as income increases.
For individuals, income tax is levied on a sliding scale ranging from 0% to 36%. Taxable income includes all income earned in Uruguay, as well as income earned overseas by Uruguayan residents. Deductions and allowances are available to reduce taxable income, such as deductions for health insurance and education expenses.
Corporations in Uruguay are subject to a corporate income tax rate of 25%. Additionally, there is a value-added tax (VAT) of 22% on most goods and services, with lower rates for some specific goods and services.
The tax year in Uruguay runs from January 1st to December 31st. Tax returns for individuals must be filed annually by June 30th, while corporations must file their tax returns within the first four months of the year following the end of the tax year. Tax payments for both individuals and corporations are generally made in two installments, with the first payment due in June and the second payment due in December. Employers are also required to withhold taxes from employees' salaries and remit them to the tax authorities on a monthly basis.
Non-compliance with tax laws in Uruguay can result in penalties and fines, and in some cases, criminal charges.
Application without registration
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