Business Formation

Select and reserve the company name from a list of names provided by the One-Stop Shop online portal

Agency: National Audit Office

The entrepreneur must select the company’s name from a list of names offered by the One-Stop Shop online portal (‘Empresa en el Día’) at

Time and cost: Less than 1 day (online procedure), included in procedure 5

Open a bank account and deposit the initial capital

Agency: Bank

The entrepreneurs need to open a bank account and deposit the initial capital. The bank fees vary by bank.

When Act No.18.083 (Tax reform law) became effective, the minimum amount of authorized capital for corporations was eliminated. Consequently, as of July 1, 2007 founders of corporations are free to set the amount of capital.

Time and cost: 1 day, USD 200 (Varies by bank)

Notarize company’s bylaws and signatures

Agency: Notary

The company’s bylaws and signatures must be notarized.

The Decree No. 166/017 introduces the obligation for corporations with bearer shares to inform about the beneficial owners and the capital distribution. The information to be provided is: (i) the identification and address of the shareholders and its relatives; (ii) fiscal identification (RUT); (iii) percentage of participation. This information should be provided in an affidavit issued by the Notary and it will be sent to the Central Bank of Uruguay.

The fee to notarize the company’s articles of association and its signatures depends on the company capital: the fee is usually calculated as 0.5% of the capital plus notary taxes of 15.5%, with a minimum fee of 40 adjustable units (Unidad Reajustable – UR). The UR is published on a monthly basis, and as of May 2019, its value is UYU 1165.14.

Time and cost: 1 day, 0.5% of capital, minimum 40 U.R. + 15.5% notary tax

Register the company at the One-Stop Shop (Empresa en el Día)

Agency: One-Stop Shop (Empresa en el Día)

Companies are registered at Empresa en el Día (one-stop shop). All documents have to be presented and all registration fees have to be paid at the one-stop shop.

Within the next 24 hours after registration, the company will receive by email the tax identification number from the tax authority (DGI) and the registration code from the social security institute (BPS).

Time and cost: 3 days, included in procedure 5

Pay fees and taxes in any local Payment Agency

Agency: Payment Agency

Time: 1 day

The company must pay the fees and taxes at a local payment agency. As of May 2019, the current fees are as follows:

UYU 2,530 (company registration fee) + UYU 3,795 (book registration fee) + UYU 5,826 (approval of the public deed) + UYU 10,440 (publication in the Official Gazette) + UYU 34,940 (ICOSA tax) + UYU 1,165.14 (name registration) + UYU 170 (professional stamp on Form 0380).