Outsourcing your back office services in Uruguay can be a great way to streamline your operations and leave you to concentrate on other aspects of your business.
Back office services entail a wide range of critical functions, from dealing with the legal and accounting aspects of the business to overseeing recruitment and compliance.
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If you are interested in starting a business in Uruguay, or are already operating in the market, outsourcing your back office services will allow you to focus your efforts on more strategic and profit-oriented aspects of your business.
If you are interested in outsourcing a number of services, you may find that the best option is to seek out a provider of integrated back office solutions, rather than individual corporate legal and accounting firms, because that way you can cover all functions in a single services agreement, only having to deal with a single provider.
Below, insight is given into the Uruguayan market as an investment destination, before some key services that are ideal for contracting out are highlighted.
However, if outsourcing your back office services in Uruguay is something that you know you want to explore, contact us now to discuss how we can help you.
Uruguay a popular destination for investment
Uruguay is one of the most highly-developed and prosperous countries in Latin America, ranking third in the region on the UN’s Human Development Index, with an estimated 60% of the population considered middle class.
The South American country has an extended history of political and economic stability, and boasts some of the lowest levels of crime in Latin America and the Caribbean.
Thanks to its strong adherence to the rule of law and secretive banking system, it is also known as the “Switzerland of South America.”
The country is home to a growing services sector, which has contributed at least 63% of gross domestic product (GDP) every year since 2016. That includes a growing pool of professional talent capable of offering high-quality back office services in Uruguay.
GDP has risen exponentially in recent years, rising from $12.05 billion in 2003 to be registered at 61.2 billion in 2019, according to data from the World Bank.
Uruguay has a sizable meat production industry, and counts a range of other agricultural products that are key to the import/export economy, including wood, oil seeds, dairy products, and cereals.
Bordered by two major regional economies — Argentina and Brazil –the country is also a major trade hub and founding member of the Southern Common Market (Mercosur), a 30-year-old economic integration initiative that also includes its two neighbours and Paraguay.
4 back office services in Uruguay to outsource
1. Accounting and taxation:
One of the most popular back office services in Uruguay to outsource is accounting and taxation, given the heavy and specialist administrative burden it entails. When you contract a third party to provide you with accounting services, you hand over responsibility for keeping your books and records up to date in full compliance with local regulations. That provider will also be able to offer ongoing advice regarding new or upcoming legislation, as well as helping you to manage your taxes in the most efficient way possible.
2. Legal services:
Another key back office service that you may wish to outsource is legal services, with your provider offering specialized support to help you navigate the idiosyncrasies of the Uruguayan corporate legal system. Your corporate legal services provider will be able assist you in selecting the best type of structure to suit your needs, as well as representing you in front of local authorities. Again, a key aspect of outsourcing legal services will be the guarantee of compliance, to keep you in good standing with local authorities.
3. Recruitment and hiring:
Finding ideal staff can be challenging in a new market, but when you engage with a provider of back office services in Uruguay to oversee recruitment and hiring, you tap into an established recruitment network as well as knowledge of the best educational institutions. Many back office services providers the offer recruitment and hiring will also be able to offer professional employer organization (PEO) services — meaning that their local entity can hire staff on your behalf. That is particularly attractive to investors planning a limited-scale or short-term operation, or who simply wish to gain more familiarity with the market before expanding further via company formation.
4. Company formation:
Any investors entering the market who are not going to use a PEO is going to need to go through company formation, and hiring a provider of back office services in Uruguay to assist with the process guarantees that it will be completed in the shortest possible time and in full compliance with the law. Company formation in Uruguay is relatively straightforward, however it pays to have the assistance of a firm that is able to guide you through every step of the process and anticipate potential pitfalls along the way.
Biz Latin Hub can provide back office services in Uruguay
At Biz Latin Hub, our locally based team of bilingual corporate support specialists is available to provide you with back office services in Uruguay. Whether you are seeking accounting & taxation, legal services, hiring & PEO, company formation, or an integrated package of services tailored to your particular needs, we have the expertise and experience to assist you.
We also offer services in 17 other markets around Latin America and the Caribbean, meaning that we can also assist you with multi-jurisdiction market entry.
Contact us today for a quote or free consultation.
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