Uruguay, country located on the southeastern coast of South America. The second smallest country on the continent, Uruguay has long been overshadowed politically and economically by the adjacent republics of Brazil and Argentina, with both of which it has many cultural and historical similarities. “On the map, surrounded by its large neighbors, Uruguay seems tiny,” writes contemporary Uruguayan historian and novelist Eduardo Galeano. “But not really. We have five times more land than Holland and five times fewer inhabitants. We have more cultivable land than Japan, and a population forty times smaller.”
Uruguay developed throughout much of the 20th century as one of Latin America’s more progressive societies, notable for its political stability, advanced social legislation, and a relatively large middle class.
Almost half the people are concentrated in the metropolitan area of Montevideo, the capital; the second and third largest cities, Salto and Paysandú, are small by comparison. Facing a deep bay at the mouth of the Río de la Plata, Montevideo blends historic areas with tall office towers and well-appointed shopping centres. The old city, with its many museums, open-air markets, and restaurants, remains the heart of Montevideo and sees thousands of international visitors each year. Popular as tourist destinations, too, are beach resorts such as Piriápolis and Punta del Este, as well as the colonial masterpiece Colonia del Sacramento.
Uruguayans are of predominantly European origin, mostly descendants of 19th- and 20th-century immigrants from Spain and Italy and, to a much lesser degree, from France and Britain. Earlier settlers had migrated from Argentina and Paraguay. Few direct descendants of Uruguay’s indigenous peoples remain, and mestizos (of mixed European and Indian ancestry) account for less than one-tenth of the population. Blacks and persons of mixed Black and white ancestry make up an even smaller proportion of the total.
Spanish is spoken throughout Uruguay, although in Rivera and other borderland towns close to Brazil an admixture of Portuguese and Spanish can be heard, often in a slang called portuñol, from the words português and español.
A Uruguay Limited Liability Company (LLC) is the only totally tax exempt corporation entity in all of South America. Most foreigners creating new companies in Uruguay prefer the private limited liability company because they can be 100% foreign owned.
The Sociedad Anónima Uruguay (SAU) is a private limited liability company. Normally, a SAU is used to possess assets, engage in trading operations, and act as a holding company.
A Uruguay Limited Liability Company (LLC)
|Governing corporate legislation|
The Bussiness Company Act
A minimum of two shareholders are required to form a LLC. The shareholders can be natural persons or corporations. They can also be citizens and reside in any country.
Only one director needs to be appointed to manage the company. Directors can be citizens and reside in any country. They can also be either natural persons or corporations.
|Information published relating to company officers|
Uruguay does not have names of shareholders in its public records.
Shareholders’ liability is limited to their contribution to the company’s capital.
|Accounting requirement/ compliance|
The requirement for filing Annual Return
|Corporate income tax|
Profit from operations outside of Uruguay is not taxed.
Basic corporate tax rate is 0%
Uruguayan Peso (UYU)
|Shared capital/paid up|
The minimum share capital for a LLC is only $1 USD (or equivalent in any currency) in order to be registered. At least 25% of the company’s authorized share capital must be paid up before incorporation.
|Basis of the Legal System||Civil Law|
no bearer shares are allowed . Shares with value
LLC’s must have a registered office in Uruguay and appoint a local registered agent.
An Annual General Meeting of the shareholders is required. However, the meeting can be held anywhere.
|Time to form||1-2 months|
Anniversary date of the company / Each Year
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