To open a corporate bank account in Uruguay, a country whose financial market is in a moment of high growth, liquidity, and profitability, should be one of the first steps when incorporating a company or expanding your business.
The main financial entities operating in Uruguay have investment grade at a national and international level, which reflects the strength of the Uruguayan financial system, constantly supervised by the Central Bank of Uruguay. Furthermore, governmental and non-governmental institutions are constantly promoting foreign investment in the country, now considered as one of the best places to do business in Latin America.
In this article, we explain how to open a corporate bank account in Uruguay to support your business transactions.
Requirements to open a corporate bank account in Uruguay
The Uruguayan financial system is made up of 2 public banks, 9 private banks, and a wide variety of non-banking institutions that have consolidated in the country. Each entity will request the documentation it deems relevant for opening a corporate bank account. However, the required documentation is usually the same.
When opening a corporate bank account in Uruguay, most banks will request the following documents:
- Articles of Incorporation or association of the company
- Proof of registration in the Commercial Registry
- Official Journal publications
- Final beneficiaries communication for the Central Bank of Uruguay
- Proof of registration of the company before the tax and social security authorities (Directorate-General for Taxation and the Social Security Bank).
Depending on the activities of the company, banks in Uruguay may require additional documents before opening a corporate bank account.
Types of bank accounts in Uruguay
As there are different types of business bank accounts, you should consider which option is best for your business.
Checking account: checking accounts are the most popular because they allow you to make unlimited operations. Keep in mind that banks will charge you a small fee every time you use your checking account. Likewise, these accounts allow you to keep checkbooks, valid for making payments.
Savings accounts: savings accounts are intended as a safe, month-to-month savings option. The balance of this account can be accessed at any time and can be operated through an ATM network. However, banks charge commissions and maintenance costs for their use.
Advantages of opening a corporate bank account
Opening a corporate bank account in Uruguay will allow your company to access the financial market. Expanding to the country offers the advantage of operating in a stable, growing economy. They offer the possibility of performing several operations while having a monetary register. Monetary registers are essential to access credits, loans, and other financial services or products.
Keep in mind that services offered by financial entities in Uruguay may vary and, depending on the needs of your company, you may prefer to rely on a public or private bank. However, most of the times you will be asked to make an initial deposit. Once the corporate account has been approved by the chosen financial entity, you will be provided with your online login details, so you can access to a wide range of services.
Open your corporate bank account in Uruguay with the help of trusted experts
Doing business in Uruguay and Latin America offers many opportunities for investors. However, local business environments can be somewhat challenging, especially for foreigners. It is important to therefore find a trusted legal provider to support you with your business expansion, including communicating with local authorities to open you corporate bank account.
At Biz Latin Hub, we offer company incorporation services and administrative services for the maintenance of your business, in order to help companies overcome the common problems they face during the initial stages of entering a new market such as opening a corporate bank account.
If you have any questions regarding doing business in Uruguay, please contact us. Contact our team to learn how we can support you and your business in Latin America.
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