Making Money in Uruguay - International Living Countries

Making money in Uruguay

Getting a work visa

Business people or investors with a Uruguayan company: You’ll need to present a notarized declaration giving certain data about the type of business you’re doing and the financial structure you’re using, as well as your income.

Independent entrepreneurs: A sworn, notarized declaration stating facts about your business, including its Uruguayan registration data, as well as your income.

Setting up your own business

Uruguay is strategically located between South America’s two largest economies, Brazil and Argentina. This, coupled with Uruguay’s stable economy and institutions, makes for a favorable climate for foreign investors who wish to do business in Uruguay.

Generally speaking, doing business is easier in Uruguay than in either Brazil or Argentina, according to an annual study performed by the World Bank. Uruguay was rated higher at honoring contracts, workers’ rights, and protections afforded investors by the government.

On the other hand, Uruguay has a more complex process for starting up a business than the regional average, and takes a longer time generally to acquire licenses and permits. But startup and licensing, of course, are a once-and-done expenditure of time.