Gimbrere Legal is pleased to offer assistance in the incorporation of companies in Uruguay.
Here we provide additional information on the types of commercial companies most commonly used in Uruguay and the incorporation process:
- Publicly Held Company (SAU): It is a type of company used mainly by large companies. There are no minimum or maximum capital requirements, but it must be expressed in local currency. Shareholders’ liability is limited to the amount of capital they have committed to contribute. Shares may be book-entry, registered or bearer shares. Profits are generally distributed in proportion to the capital contributed. You can choose to acquire an existing corporation or incorporate a new corporation, with different terms and costs for each option.
- Limited Liability Company (LLC): In this type of company, the capital is divided into shares of equal value, which cannot be represented in negotiable instruments. There may be from two to 50 members, with no nationality or domicile restrictions. The liability of the partners is limited to the amount of their quotas. The incorporation of an SRL involves signing a corporate agreement before a notary public, registering it in the National Registry of Commerce and publishing it in the Official Gazette and another newspaper. There are no ready-made companies available for immediate acquisition.
The process of incorporating a company in Uruguay involves the following general steps:
Choice of the type of company: Determine whether you want to establish a corporation or a limited liability company, according to your needs and preferences.
Drafting the bylaws: In the case of a corporation, you can either acquire an already incorporated company or draft the desired bylaws. In the case of a limited liability company, the articles of incorporation must be drafted.
Signing of the social contract: The social contract must be signed by the partners, at least two in the case of an LLC, before a notary public.
Registration and publication: The corporation must register with the National Registry of Commerce and publish the articles of incorporation in the Official Gazette and another newspaper.
Start of activities: Once the company is registered and published, you can legally start operating.
Incorporation time and costs may vary depending on the type of company and other specific factors. In the case of acquiring a ready-made corporation, the process may be faster than the incorporation of a new corporation.
Uruguay offers a great option to expand a European company to Latin America, with tax benefits, economic stability and investment opportunities.
The Gimbrere Legal team is available to provide you with further information and advice on the possibilities and specific requirements for establishing a company in Uruguay.
Do not hesitate to contact us to evaluate your case and obtain the necessary assistance in the incorporation of your company in Uruguay.
