Uruguay has always been recognized for its strategic geographic position, but the country also offers multiple opportunities for investors with its macroeconomic stability, free trade zones and solid legal framework.
For investors looking to expand past domestic borders, Uruguay has many positive characteristics including:
- high level of democracy
- transparency in bureaucratic processes
- economic and financial freedom
- well-known commercial port for entry and exit
- recorded GDP of US$57.47 billion in 2014.
TMF Group´s Global Benchmark Complexity Index 2015 ranks Uruguay as the least complex Latin American jurisdiction to do business in from a regulatory and a compliance perspective. Local efforts to reduce bureaucracy have helped maintain Uruguay's leading position for the last three consecutive years.
Free trade zones
The Free trade zones law in Uruguay has been modified to extend the benefits and protection for companies, including:
- Full tax exoneration of all existing or upcoming taxes;
- State guarantees user tax exemptions and benefits during the term of the contract;
- Special regime for expatriates regarding income tax and contribution to social security;
- Telecommunications and other services with competitive costs at a global level;
- Permit to send goods outside the free zones;
- Certificate of origin for goods manufactured in the free zones;
- Freedom in the entry or exit of foreign currency;
- Legal guarantee for free repatriation of capital and profits.
Join our upcoming webinar to learn more
On 22 June at 2pm EST, experts from TMF Group and the Chamber of Free Trade Zones of Uruguay (CZFUY) will present the webinar "Doing business in Uruguay's free trade zones". Register here: https://www.tmf-group.com/zonasfrancasuruguay.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.