COMPANY FORMATION IN URUGUAY
The Republic of Uruguay is a country of Latin America, but it would be wrong to equate it to any of the Latin American countries, because nowadays Uruguay is characterized by enviable political stability and has extremely progressive social legislation. And, of course, the political stability is one of the decisive factors influencing the formation of reputation of the offshore jurisdiction.
Uruguay is the third most reliable country in Latin America. Therefore, more and more entrepreneurs are tending to buy or register company in Uruguay.
The geographical location of Uruguay is the Atlantic coast of South America. Uruguay shares its borders with such countries as Brazil (land border) and Argentina (the border passes through the Uruguay river). The country is poor in subsoil resources.
The population of the republic (and it is more than 3 million people) is mostly immigrants from the European countries, such as Spain and Italy. There are French people, British people, and natives of Brazil.
WHY REGISTER IN URUGUAY:
- Democratic policy of the government;
- liberal tax legislation;
- lack of currency control;
- existence of such free zones as Nueva Palmyra, Colonia and Carrasco, etc.; progressive conditions for doing offshore business in Uruguay; principle of preservation of bank secrecy, underlying the functioning of the financial sector.
- The Government of Uruguay encourages the investors in every possible way. There are important aspects for consideration of potential owner of the company in Uruguay:
- The law on the stimulation of industrial production stipulates that all the projects aimed at expanding or modernizing production in the republic are not subject to taxation. Such projects are considered as priority. The law provides for the possibility of obtaining benefits regarding tax on the import of productive capital, income tax, and inheritance tax.
REGISTRATION IN URUGUAY OF SA COMPANIES:
- The company’s capital is divided into shares.
- The shares of the company can be issued to the bearer or be nominal.
- One shareholder can own 100% of the shares.
- Bearer shares can be transferred by simple conveying.
- There is no minimum requirement for capital and there are no restrictions on its maximum amount.
- Liability of each participant is limited to prepaid capital.
- The company is represented by two bodies: the Meeting of Shareholders and the Board of Directors.
- The functions of the Meeting of Shareholders are the following:
– appointment of the Board of Directors;
– approval of financial (accounting) statements;
– distribution of dividends.
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