1. Introduction On July 15, 2021, Uruguay enacted the Law on Benefit Corporations and Trusts of Collective Interest (the “Law”), whose central purpose is to regulate the incorporation and operation of benefit corporations and trusts (referred to, as applicable, as “BIC companies” or “BIC trusts”). This legislative innovation allows for…

I. Key Features to Consider The main factors that make Uruguay and Uruguayan corporations attractive when planning offshore, regional, or international business operations include: full freedom for the movement of funds and foreign exchange; a sound financial system with strong banking secrecy; and the existence of corporations with bearer shares,…

1. Introduction. Law No. 19,484 on International Tax Transparency, Prevention of Money Laundering and Terrorism Financing (enacted January 5, 2017; hereinafter the “ITT Law”) covers essentially four main areas of regulation: a) automatic reporting of financial account balances and income to the DGI (Uruguay’s tax authority); b) identification of ultimate…

1. Introduction This article analyzes the advantages of converting from a Sociedad de Responsabilidad Limitada (SRL, or Limited Liability Company) to a Sociedad Anónima (SA, or Corporation) or a Sociedad por Acciones Simplificada (SAS, or Simplified Stock Company) — a process known in legal terms as a “transformation.” Below, we…