Business accounts: Uruguay

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A company account in Uruguay is opened at a local bank supervised by the Central Bank of Uruguay. The bank works with a company registered in the country: it needs a tax number from the General Tax Directorate, registration with the Social Security Bank, and a declaration of ultimate owners in the Central Bank register under Fiscal Transparency Law 19.484. Banks rarely open accounts for foreign companies without Uruguayan registration. Company accounts are usually opened in both pesos and dollars: most property deals and payments with foreign partners are in dollars. The bank meets the company representative and may request documents for every large inflow.

Which company to set up for the account

• Simplified joint-stock company, under Law 19.820 of 2019. It can have a single founder, including a foreign one, and registers faster than a classic joint-stock company.
• Joint-stock company, for larger projects and bringing in partners.
• Limited liability company, from two members.

Rental business: company or personal ownership

Many set up a Uruguayan company to own and let flats. The form of ownership drives the taxes:

• An individual pays 12% on rental income: a resident under personal income tax, a non-resident under non-resident income tax.
• A company pays 25% corporate income tax with expenses deductible, and another 7% is withheld when dividends are paid to the owner.
• On purchase and sale the buyer and the seller each pay 2% property transfer tax on the cadastral value.

A company pays off with several properties and high expenses; personal ownership with one or two flats. We calculate both before the purchase.

What the bank checks

• articles and registration documents, tax number, social security registration;
• the ultimate owners' declaration in the Central Bank register;
• the representative's powers and passports of directors and owners;
• origin of capital: where the money for property or the business comes from;
• business description, lease or client contracts, expected turnover.

Deposit protection

Deposits of both individuals and companies are insured by the Bank Savings Protection Corporation: per bank, up to 250,000 indexed units, about $41,500, for peso deposits and up to $10,000 for foreign currency deposits. Most Uruguayan accounts are in dollars, so large balances are only partly protected. Rate from the Central Bank of Uruguay for 5 October 2026, 40.09 pesos per dollar.

How opening works

1. Structure. We choose the company form and whether to hold property through it.
2. Company registration, tax number, social security, owners' declaration.
3. Bank file and origin of capital.
4. Bank meeting with the company representative.
5. Account opening in pesos and dollars, online banking setup.

Why banks refuse

• The ultimate owners' declaration is missing or out of date.
• The founders' source of money is not proven.
• The company has no activity in Uruguay.
• Owners from higher-risk countries without a clear explanation.

What we do

Murblz specialists choose the company form for your business, including rentals, register it with locally licensed partners, file the owners' declaration, prepare the bank file and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property · Country taxes · All country programs

FAQ