Services · Company formation

How to open a company or business in Uruguay

Updated 28 September 2026

No minimum capital, no residency and no local director required, and the registry reviews model SAS articles within 5 business days. The price is paid in tax: 25% on profit, 2.5 times the rate in neighbouring Paraguay. We cover forms, timelines, fees and the bank account.

Is it worth opening a company in Uruguay

Uruguay only taxes what is earned inside the country. Profit from business done in Uruguay pays IRAE (Impuesto a las Rentas de las Actividades Económicas - the corporate income tax) at 25%, while income from abroad is, as a rule, not taxed at all. This is a territorial system: only income from activities, property and rights in Uruguay is taxable.

Traders get a separate break. A company that buys and resells goods from Uruguay without bringing them into the country may treat 3% of its gross margin as taxable profit, an effective 0.75%, provided the margin passes transfer pricing rules.

Now the uncomfortable part. 25% on profit is 2.5 times the 10% charged in neighbouring Paraguay. The standard VAT rate is 22%. A stock corporation pays a separate tax, ICOSA (Impuesto de Control de las Sociedades Anónimas - the corporation control tax), simply for existing, even with zero revenue. And since 2023 foreign passive income is taxed if the company belongs to a multinational group and has no real staff and spending in Uruguay.

A good fit for people moving to Uruguay to run the business there, for traders in goods outside the country, and for anyone who values predictable rules and online public services. Not a fit for those seeking low tax on services provided from Uruguay, or a company and bank account without a single trip.

Which company to open in Uruguay: SAS, S.A. or S.R.L.

In practice the choice comes down to three forms. Uruguay XXI, the state investment promotion agency, names the stock corporation, the limited liability company and the simplified stock company as the most common. The last one only appeared in 2019, and for a single owner it is the simplest.

SAS and S.A. differ in oversight and tax. A stock corporation's articles need prior approval from the AIN (Auditoría Interna de la Nación - the National Internal Audit Office under the Ministry of Economy). SAS articles do not, and an SAS only falls under full AIN oversight if annual revenue exceeds 37.5 million UI (Unidad Indexada - an inflation-indexed unit; in 2026 1 UI is about 6.65 pesos, so the threshold is about 249 million pesos, roughly 6.2 million dollars).

Article 42 of Law 19.820 taxes an SAS the same way as partnerships and S.R.L.s, so ICOSA, which stock corporations pay, does not apply to it. An SAS cannot offer shares to the public, have the state as a shareholder, or be used where the law requires a different form.

Can a foreigner open a company in Uruguay without residency

Yes, and Uruguay is far more relaxed here than neighbouring Paraguay, where only a Paraguayan ID holder can be a company's legal representative. Uruguay XXI says members of any company form need neither citizenship nor residency, only a legal address in the country. Laws 16.060 and 19.820 do not require a resident director either.

Address. You need one twice over. A founder with no address in Uruguay must give one in the country, as the DGI (Dirección General Impositiva - the national tax office) requires. And the DGI defines the company's tax address (domicilio fiscal) as the place where it actually operates, with street, number and cross streets. A mailbox does not qualify.

Secretary. Uruguayan law has no mandatory company secretary of the kind required in Cyprus or Hong Kong. An SAS does not even need a board: under Law 19.820 one legal representative (representante legal) is enough.

Do you need to travel. For registration, usually not. The articles are signed with notarised signatures, and a representative with a power of attorney can act for a founder abroad. The power of attorney is signed before a notary at home, apostilled and translated into Spanish by a Uruguayan sworn translator (traductor público). Law 19.820 also allows a fully online SAS without certified signatures, using an advanced electronic signature (firma electrónica avanzada). In Uruguay that means a chip ID card or digital identities such as ID Abitab (from the Abitab payment network) and TuID (from state telecom Antel), the logins the AIN lists for its online procedures.

You will most likely travel for the bank: we assume it will want to meet the signatory in person and plan a trip to Montevideo from the start.

Administrator contributions. Article 43 of Law 19.820 requires the administrator or representative of an SAS to pay social security contributions to the BPS (Banco de Previsión Social - the social security agency). Murblz specialists work out the amount for your structure before registration.

How to register a company in Uruguay: steps and timelines

The fastest route is an SAS with model articles. Under Decree 399/019 the commercial registry reviews them within 5 business days, and the US State Department's 2025 Investment Climate Statement puts online registration at about 7 days without a notary. A stock corporation first needs AIN approval, and the statutory deadline for that review alone is up to 30 days.

Uruguay XXI names two more routes: the Empresa en el Día programme (company in a day), which sets up an S.A. or S.R.L. in one procedure at no extra state charge, and buying a ready-made company, which Murblz specialists can source.

A founder abroad loses most time on apostilles, translations and couriering originals. Late filings with the AIN and the tax office carry fines.

How much does it cost to open a company in Uruguay

In its first year a stock corporation hands the state about 94,500 pesos (roughly 2,350 dollars) for approval of its articles and ICOSA. An SAS pays neither. Amounts below are in Uruguayan pesos, with 1 dollar at about 40 pesos.

The UR (Unidad Reajustable) is an accounting unit recalculated monthly; in 2026 1 UR is about 1,920-1,940 pesos, per the BPS. ICOSA works as a minimum net worth tax: it can be credited against IP (Impuesto al Patrimonio - the net worth tax), but any excess is not refunded.

Worked example for a single owner. An SAS with model articles pays no AIN fee and no ICOSA, leaving the registry fee, notary, apostille and translation. An S.A. adds 20 UR and 55,732 pesos of ICOSA, about 94,500 pesos, then 27,866 pesos of ICOSA every year. Unless the project needs S.A. status, that is a strong case for an SAS.

What taxes does a company pay in Uruguay

Everything turns on the 25% corporate income tax. Add 7% on dividends and a non-resident owner gives up about 30% of Uruguayan profit. Rates below follow the law and the DGI tax agency.

From 1 January 2026, Budget Law 20.446 for 2025-2029 widened withholding on dividends to non-residents: 7% is now also withheld where the recipient pays tax on those dividends at home and can credit the Uruguayan tax. The corporate income tax rate stays at 25%.

Worked example. An SAS with one non-resident owner earns 100,000 dollars of profit in Uruguay. IRAE takes 25,000, and 7% of the remaining 75,000, or 5,250, is withheld on payout. The owner keeps 69,750 dollars, a total burden of about 30%. In Paraguay, with 10% corporate tax and 15% on dividends to non-residents, the same profit would cost 23,500 dollars. IP and taxes in the owner's home country come on top.

What reporting a company files and what the beneficial ownership register is

A Uruguayan company pays tax monthly despite a single annual return: IRAE and IP advances are based on last year's amount. You need local accounting from month one: Murblz specialists handle it together with a locally licensed partner.

• The financial year is chosen by the company, though some industries have a mandatory closing date. IRAE and IP returns are due by the end of the fourth month after year-end.
• VAT is paid monthly, with returns monthly or annually depending on the company's taxpayer category.
• ICOSA is paid by a stock corporation every year: 27,866 pesos in 2026.
• Financial statements are prepared under Uruguayan standards, and companies that fall under the obligation file them with the AIN's register of financial statements (Registro de Estados Contables).
• An SAS reports to the AIN once a year, within 180 days of year-end, on changes in paid-in capital and on compliance with the beneficial ownership law. If revenue exceeds 37.5 million UI, after 180 days the company automatically comes under AIN oversight on the same terms as a closed stock corporation.
• Audits. The tax office can review the last 5 years, or 10 years in cases of failure to register, failure to file returns or fraud.

Beneficial ownership register. Law 19.484 of 5 January 2017 defines a beneficial owner as an individual who, directly or through a chain of companies, holds at least 15% of the capital or votes, or controls the company by other means. The company files owner and beneficial owner data with the BCU register, must keep it current, and keeps supporting documents like its mandatory corporate books. The law sets fines for errors and omissions in these declarations, collected by the AIN.

A nominee shareholder without disclosure will not help: hiding the real owner can cost a fine under Article 35 of Law 19.484 of up to a thousand times the maximum tax penalty for an infringement.

Bank account and citizens of Russia and Belarus

Uruguayan law explicitly tells banks to help new companies open accounts: Article 45 of Law 19.820 requires them to provide mechanisms that make it easier for an SAS, without any obligation to lend. But the bank decides on each client, and anti-money laundering Law 19.574 of 20 December 2017 requires it to check owners and the source of funds.

The realistic order is: company, RUT tax number, beneficial ownership declaration to the BCU, then the bank. Be ready to show the articles, owners' documents, a business description and the source of the money. Per the State Department, even US citizens sometimes struggle to open a first account, mainly because of FATCA (Foreign Account Tax Compliance Act), the US foreign account disclosure law. More on this: business account in Uruguay and personal account in Uruguay.

Citizens of Russia and Belarus. Uruguayan law does not restrict founders by nationality. Russian citizens do not need a visa for trips of up to 90 days; Belarusian citizens do need one. Uruguay has no double tax treaty with Russia or Belarus, so the Uruguayan 7% on dividends cannot be credited under a treaty.

The bank is the main filter. Dollar payments go through correspondent banks in the United States, so a Uruguayan bank screens clients against sanctions lists and looks harder at the source of funds. If you are a Russian tax resident, a stake of more than 10% in a foreign company must be notified to the Federal Tax Service, and above 25% (or above 10% if Russian residents together hold more than 50%) the controlled foreign company rules apply; our CFC notifications and reporting service can help.

Company and residency. Registering a company neither requires nor grants residency: these are separate procedures. If you plan to live in Uruguay, see our guide to digital nomad status and taxes for new residents and all Uruguay programmes.

What we do

• we choose the form - SAS, S.A. or S.R.L. - and calculate taxes and mandatory payments up front, and tell you plainly if Uruguay does not pay off;
• we prepare the articles, the power of attorney for the representative, translations and apostilles;
• we file with the commercial registry, and with the AIN for an S.A., and see the registration through to the RUT tax number and BPS enrolment;
• we help find premises that meet the tax office's requirements for a tax address;
• we prepare the owners and beneficial owners declaration for the BCU;
• we bring in Murblz accounting and tax specialists for monthly advance payments, VAT and annual reporting;
• we assemble the compliance pack for the bank and support the account opening.

Legal representation - certification of signatures and documents by a notary, acting as the company's legal representative, representation before state bodies and in court - is handled by Murblz specialists together with locally licensed partners.

To compare Uruguay with its neighbour, see company registration in Paraguay. Other countries are in company registration and company registration abroad.

See also

Business account · Personal account · Investment property · Country taxes · All country programs

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