The Procedural Framework for Company Registration in Uruguay Established by the Employment and Company Acts
Before legitimizing your company, you must understand the legal structure regarding company registration in Uruguay. The purpose of the business defines the legal entity one can set up. You must first identify whether you want a Limited Liability Company (SAU), Corporation (SA) or Investment Financial Corporations (SAFI).
Now, the process of registration begins with the search and approval of your business name with the relevant agency. In the event you’re not physically present in Uruguay, you can give a power of attorney to a local representative. It is for the local representative to act on your behalf and save you the hassle.
Company Registration in Uruguay with 3E Accounting
Again, you don’t need to worry about incorporating your company because 3E Accounting is there to help you. Having been in the industry for several decades now, 3E Accounting meets the threshold of assisting you in services ranging from:
- Trust & legal services
- Auditing & taxation services
- Accounting & business/enterprise setup
- Human resource & business advisory services.
Also, see to it that you’ve met all the legal requirements and visit 3E Accounting for more inquiry about company registration in Uruguay.
In addition, it is necessary to prepare your company’s by-laws explaining details relating to the activities of the company, each of the partner(s) details and the signatures of the founder(s) or the Board of Directors. You must register your incorporation deed with the National Registry of Commerce. The National Audit Office (AIN) must endorse your company constitution before the registration with the National Trade Register.
Once the registration is complete, the next mandatory step is registering as a taxpayer. The National Tax Administration Directorate (DGI) is the authority responsible for tax matters when it comes to company registration in Uruguay. The authority will grant you a unique taxpayer number (RUT). The number will assist you whenever you’re doing any tax obligations concerning your business. Now, once the National Registry endorses your constitution, you’ll then be issued with your local Tax ID.
Some of the basic requirements for a Limited Liability Company would mean having a minimum of two (2) shareholders and one director who can be of any nationality. The facts are that there is no minimum paid-up capital required and no maximum number of shareholders or directors.
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The facts are that company registration in Uruguay required that you open a bank account. The culmination of the registration process will not be complete without registering your company with the Ministry of Work and Social Security (MTSS). Besides that, the Employment Act required you to register with the Social Security Administration (BPS) and the State Insurance Bank (BSE). The process will take you six weeks upon submission of the relevant documents.
Having a registered address and office is part of the prerequisite of the Company’s Act as it gives you the ability to receive correspondences and notices from legal government agencies.