Uruguay - Company Incorporation
SAFI - Sociedad Anonima Financiera de Inversion
SAFI's have been in existence since 1948. This gives almost 60 years of usage of this type of entity consequently resulting in confidence in this Uruguayan offshore vehicle. A SAFI can also be called a Uruguayan holding company.
| Notarise company Articles of Association and signatures |
| Obtain approval of company bylaws from the Auditoría Interna de la Nación |
| Register with the National Registry of Commerce (Registro Nacional de Comercio) |
| Publish summary in the Official Gazette |
| Publish summary in one local newspaper |
| Notary Public picks up application forms at the Tax Administration (Direccion General Impositiva) and certify the form after it is signed by founders |
| Registration with the Tax Administration (Direccion General Impositiva) and the Social Security Bank (Banco de Previsión Social, BPS) |
| Purchase the Libros de Trabajo (Labour Book) |
| Purchase the working act (planilla de trabajo) and register payroll at the Ministry of Labor (MTSS) |
| File for workplace accident insurance of employees with the State Insurance Bank |
Taxation
SAFI's are only subject to an annual tax which is currently 0.3% on their capital and reserves. SAFI's are exempted from all other taxes regarding income.
Shareholders
SAFI's only need one shareholder whose details do not appear on the public file. Registered or bearer shares can be issued.
Directors
A minimum of one Director is required and Corporate Directors are permitted. Local Directors are not required. Changes of Directors must be registered and communicated to government offices but they do not appear on the public file.
Annual Reporting
Company books and accounting information must be kept at the registered address. Accounts do not need to be audited. Balances should be presented annually but you can present more than one balance together, paying certain penalties in respect of delayed payment.
Timescale
Incorporation of a new company takes 4 weeks but ready made companies are available for immediate use.