Uruguay's Offshore Corporate Vehicles

Advantages of Uruguay as a Jurisdiction

Reputable jurisdiction Foreign income and assets of a Uruguayan Corporate Vehicle are not taxed Flexibility Shares may be bearer-type or nominative Company does not require more than one director or shareholder Directors and shareholders may be non-Uruguayan Presence of directors and shareholders is not required in Uruguay Purpose may be all-encompassing of any business activity Solid banking system Free inflow and outflow of capital in any currency Uruguay's Corporate Vehicles: SAs

Type of vehicle called "Sociedad Anónima" (SA) Capital is divided into shares Shares may be bearer shares or nominative shares One shareholder may own 100% of the shares Bearer shares are transmitted by simple delivery No minimum capital required; no maximum capital limit Shareholder's liability is limited to the paid-in capital The SA's Two Bodies

Shareholders' Meeting It appoints the Board of Directors and approves the financial statements and the distribution of dividends Shareholders may be foreign citizens or entities* It must meet once a year, and it may do so by proxies Board of Directors (BOD) It may have one or more members (they may be foreign citizens, even entities, and are not required to be shareholders) The BOD is the executive body and may have unlimited or limited powers It must meet once a year, locally or abroad, and it may do so by Proxies Taxes

No taxes on foreign assets or income No taxes on distribution of dividends The only tax due is an annual flat tax ("ICOSA"): USD 520 Obligations of an SA

Few, simple obligations: Keep accounting books (which don't require recording) Prepare financial statements once a year Hold a shareholder's meeting once a year File tax forms and pay the annual flat tax Few, simple...