A) General Advantages and Benefits.
Several advantages and benefits arise from the conditions that the Uruguayan legal system provides to all types of companies.
There is no restriction in relation with the number of Directors, the company can have one or more Directors.
Directors´ nationality is not a limitation. Directors can be domiciled either in Uruguay or abroad.
Both the bank secrecy and the professional secrecy are accepted and ruled by Uruguayan law.
The Income Tax does not attain individual incomes or earnings.
The Heritage Tax is not included in Uruguayan law.
The payment of dividends to their shareholders, as well as the financial payment of benefits to their creditors (already local as international) are not subject to retention in the source.
The Corporations´ foundation procedure is very short so they can operate almost immediately. The longest term can be a week.
Low purchase and maintenance annual cost including tax duties and the company administration.
B) Advantages and Benefits corresponding to each type of company.
Depending on the interest involved there are:
Free Zone Companies
Low incorporation and maintenance annual cost
The purchase cost will be different depending on the type of company (Offshore, Free Zone, Corporation) but they are all low when comparing with the international costs. The registration costs before Uruguayan Authority are included. The legalization costs before the foreign Consulates are not included.
Once the company has been assigned the next documents will be sent or rendered:
The Shares Book corresponding to the issued capital stock.
The Incorporation Papers and the Company Foundation Tax voucher.
The Merchant Licence (notarized document, Uruguayan Law Number 16125).
Registration form filed before the Uruguayan B.P.S.
Registration slip rendered by the Uruguayan D.G.I. (RUC).
The Inventory Book and the Letter Book.
The Minutes Book.
The Board of Directors Minutes Book.
The Shareholders Registration and Meetings Book.
The Company will be rendered in all situations with purchaser designed Board of Directors´ member or members duly registrated for which purpose their signatures and copies of their Identification Cards or Passports should be provided.