Uruguay is a small country in South America bordered by Brazil, Argentina and Atlantic Ocean to its north, east and southeast respectively. Uruguay depends on several sectors for its economic growth including agriculture, tourism, telecommunications etc.
It is also the only country in South America that provides facilities for offshore company formation and is known as an offshore jurisdiction in the continent. Its economy, geography, political and law & order situation also makes it an ideal destination for foreign investment.
Following are the most important points that make Uruguay one of the best offshore jurisdictions in the Americas.
- The most obvious thing that makes Uruguay an offshore jurisdiction is exemption of taxes for companies that possess foreign assets and gain profits from outside the country. There are also no taxes on distribution of dividends
- Incorporation in Uruguay only needs a single director and two shareholders. These directors and shareholders can be citizens of any country and are allowed to live anywhere in the world
- Both U.S. Dollar and Euro are accepted in Uruguay
- The political and law and order situation in Uruguay is best in South America. The country has no border disputes with neighbors and has good relations on international level. It is also the 2nd most peaceful country in South America (just behind Chile)
- Uruguay is also known for its stable economy. It is economically stronger than many countries in the region
- Uruguay also has best literacy rate in Latin America and is known for strong democratic values
- There is no minimum capital value required for incorporation in Uruguay
- A Uruguayan corporation can be converted to offshore entity within two months after fulfilling requirements of this business structure
- Offshore companies can open corporate bank account in Uruguay with several benefits including no restriction on foreign currency held and others
- Uruguay has signed treaties to avoid double taxation with several countries in Latin America, Europe and Asia
- The incorporation and annual fee is also quite low
- Privacy of offshore company is given utmost importance. Information about company’s shareholders and beneficial owners is not available to public
- Annual general meeting are required. But they can be held anywhere in the world
- The incorporation time can take as long as few weeks. But it can be reduced by completing documents and other requirements quickly
- An important way to accelerate incorporation time is by making use of shelf companies that are available in Uruguay
All these important points highlight the advantages of setting up an offshore company in Uruguay. There is no doubt that Uruguay is the best country in South America for business, especially related to offshore company. For more details, you can contact DOCS via our landline # 971-4-558-6339.