Uruguay Company Registration Services by Venture Overseas
Uruguay company registration procedures take up to a week and only involves five procedures.
Uruguay is a country located in South America that has democratic institutions that operate well and very little corruption. It also has a strong banking sector with strategic location which has benefited from political stability. In Latin America, Uruguay ranks first in terms of democracy, stability, low perception of corruption, and e-government. It also ranked second in the region for economic freedom, equal income, per capita income and FDI inflows.
Trade, agriculture, and agri-industry are the leading economic sectors, as well as construction. There are 12 free trade zones, with three devoted to services (e.g., financial, software, and logistics). Business potential is thus high as the country holds a lot of opportunities.
Uruguay Company Registration Procedures
Uruguay company registration procedures are easy as follow:
1. Open a bank account and deposit an initial capital
Applicants need to open a bank account for depositing the initial capital. Bank fees vary according to the bank chosen. There is also no minimum amount of authorized capital for corporations and founders are free to set the amount of capital.
2. Then, verify the availability of the company name
Then, applicants can do this by checking the list of names offered by the One-Stop-Shop online portal (‘Empresa en el Día’) on their website.
3. Notarize the company’s bylaws and signatures
The fee to notarize the company’s articles of association and its signatures usually calculated as 0.5% of the capital plus notary taxes of 15.5%, with a minimum fee of 40 adjustable units. Also, the UR (Unidad Reajustable) is published on a monthly basis and applicants may check online.
4. Register the company
Uruguay company registration can do online at the Empresa en el Día (one-stop-shop). All paperwork should also send to the one-stop-shop and a registration fee will be charged. The applicant will then receive the tax identification number from the tax authority (DGI) and registration code from the Social Security Institute (BPS) by email within the next 24 hours after registration.
5. Pay fees and taxes in a local Payment Agency
Company registration in Uruguay is completed when the applicant pays the fees and taxes at any local payment agency. The fees as of May 2019 are as follows:
- Uruguay company registration fee – UYU 2,530
- Book registration fee – UYU 3,795
- Approval of the public deed – UYU 5,826
- Publication in the Official Gazette – UYU 10,440
- ICOSA tax – UYU 34,940 + Name registration – UYU 1,165.14
- Professional stamp on Form 0380 – UYU 170
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