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An offshore or off shore company allows you to optimize your tax duties.
Besides it allows you to protect the family's patrimony and the earnings
of your activities.
The usual situations when an Offshore company foundation is recommended
are:
A) Danger of loss of patrimony.
B) International trading operations.
C) High valued services meaning heavy tax
duties (Royalties, Patents, Copyright, etc) .
D) Heritage protection for the inheritors
E) Properties ownership and/or bank accounts
ownership secrecy and anonymity.
F) All the capital of the company can belong
to a single person.
Other additional advantages:
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Foundation proceeding short term, only 5 to 7 days with all registering formalities before the Uruguayan Authorities, legalization, etc.
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Only one annual tax payment equivalent to 0.3 % of the Patrimony.
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Very low company purchase and annual maintenance costs (including taxes and administration).
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The Directors can be either Uruguayan or foreigners. Foreign directors do not need to be domiciled in Uruguay.
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Individual Income Tax does not exist in Uruguay. Company Income tax do exist, except for the Offshore Companies that only have to pay the tax mentioned beforehand.
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The new associates or shareholders do not have obligation again to contribute with new subscriptions of capital.
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According to the law, the totality of the shares can be emitted in titles to the bearer and its subsequent delivery can be done by means of totally private business, what assures the anonymity of the owners.
A special category of Offshore companies are the so called "RESTRICTED"
Offshore companies which main characteristic is that the Administrator
or Board of Directors have restricted faculties. They need the Shareholders
Meeting previous approval attained by unanimity of votes representing
the 100% of the capital stock.
For instance, they need said previous approval:
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To sell, to promise as security, or to mortgage company´s properties.
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To empower.
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To sign promissory notes, checks, documents or other financial operations
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To distribute dividends.
Additional Services
We also offer the next services:
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Domicile in Uruguay· P.O. Box Service with mail resending
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Legalization of documents and powers
Procedure of Foundation:Minutes of constitution signed by at least
two founders according to procedures established by the Internal Audit
of the Nation, and then approved by the same one.Inscription in the
Public Registration General of commerce and subsequent publication in
two national Newspapers. One should be the Daily Official.Restrictions
in the trading and commerce: Offshore companies can not trade inside
the Uruguay, cannot sell, buy, export, import, cannot have assets in
the Uruguay.The company constituted has all the faculties and the rights
of a physical individual person.
The residence of the offshore company:It should be established and maintained
in Uruguay for its legal operation. All the minutes and Statutes of
the company, including the Directors Registration Books, member and
changes should be in the available to Uruguayan Office of Registrations.
To decide the proper company structure to choose according to your aims
and interests you have to rely on the best professionals. So you should
always be assisted in your country by a reliable Accountant or Lawyer
who specializes in taxes who will assist you in relation with your country
of origin law requirements. Offshore companies are useful mechanisms
when doing business and investing all over the world because of their
easy operation and because the Directors and/or Shareholders can be
foreigners. Besides Uruguay is not directly perceived as a "Tax
Heaven".
Please remember to seek the advice of your trusted Chartered Accountant
or Tax Lawyer: they are qualified to give you an opinion in your home's
tax jurisdiction in order to ensure that the intended structure is acceptable
under your local legislation and attentively read our: DISCLAIMER.
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sergiopolak@polakconsult.com |