Opening a corporate bank account in Uruguay is one of the first steps after incorporating a company in Uruguay. This is necessary, in order to keep business and personal assets separate. It is also essential for all business-related transactions, and to comply with company responsibilities.
Uruguay is one of the top countries in Latin America to do business because over the past few years, the country has managed to establish itself as a significant center for trade and banking in Latin America, and in respect of this, international companies and individuals are taking advantage of the several advantages present in Uruguay’s banking system.
We explain the importance of Uruguay bank to your business and how to open one to support your business transactions.
Advantages of opening a corporate bank account in Uruguay
Opening a corporate bank account in Uruguay will enable your company to access the financial market, and also have access to a myriad of advantages available to offshore or foreign residents.
- Uruguay offers tax and legal security benefits that enable entrepreneurs to manage their assets with total flexibility and with substantial cost advantages compared to other regions in Latin America.
- There is a normal and almost unhindered procedure for the transaction of funds, which makes banking in Uruguay perfect for most people. Funds can enter the country with no withholding tax charged on them. Funds can also leave the country as easily too.
In addition to this, Uruguay and its banking laws are incredibly flexible for nationals, but even more flexible for foreigners.
Types of bank accounts for companies in Uruguay
- Checking account: this type of account is most used for everyday activities and transactions, they are also the most popular because they permit you to make unlimited operations. These accounts enable you to keep checkbooks, valid for making payments, and it also gives you a card to use regularly at stores or the ATM. Note that banks will charge you a small fee every time you use your checking account.
- Savings accounts: this type of account is intended to save the money you get, e.g., business profits. The balance of this account can be accessed at any time and can be operated using an ATM network. Savings bank accounts can also help you plan and prepare for future projects. Note that banks charge commissions and maintenance costs for their use.
There are also investment accounts for businesses (with nominative or bearer shares) in Uruguay: with this account, you may have the opportunity to receive certain returns, depending on the amount you invest.
What documents are needed to open a corporate account in Uruguay?
All the company documents, duly certified and apostilled, will be required to open a corporate account in Uruguay. This includes:
- The company’s articles of incorporation/association
- Proof of registration in the National Trade Registry
- Official journal publications at the Official Gazette
- Legal representative details
- Proof of registration of the company provided by the DGI (Dirección General Impositiva – General Tax Directorate) and BPS (Banco de Previsión Social – Social Security Bank)
Also, the bank of your choice can request extra information. This usually includes the associates, shareholders, or directors’ ID documentation or proof of address.
Can a foreigner open a corporate bank account in Uruguay?
Banks in Uruguay are not restricted to residents only.
Most of the banking entities in Uruguay are flexible and enable the user to be able to create their account remotely, without needing to attend in person.
This will depend on the bank you choose to open the account in. Some of them enable foreign shareholders or legal representatives to open a bank account, while others only accept residents or foreigners with valid residency in Uruguay.
The documents required for this usually vary but generally include a passport and a local address. To save yourself the hassle of going through this, let your Damalion expert help.
How to register a bank account for your company in Uruguay?
Opening a corporate bank account in Uruguay begins with establishing a company whose process includes choosing the right legal entity, appointing a legal representative, preparing the applicable document, and officially registering the company.
After the company registration, the applicant will choose a bank to open an account with and have an account registered under the company’s name.
This whole process is quite straightforward but Uruguay’s local business environments can be somewhat demanding, especially for foreigners. So it is important to have a legal provider to support you with your business expansion, including the appointment of legal representation, setting up your company, opening your corporate bank account in Uruguay, and assisting with other corporate legal services.
Contact your Damalion expert to open your business bank account now.
