For anyone planning to launch on the Uruguayan market, or already active there, securing good corporate legal services in Uruguay is essential. Because your legal firm in Uruguay will have considerable influence over your operations, being critical to your compliance with local regulations, while offering essential ongoing advice.
If you are planning on hiring staff through a professional employer organization (PEO) — which will hire staff on your behalf — you will be able to count on your PEO in Uruguay providing legal support and guaranteeing your compliance with regulations and norms.
Located in the southeast of South America and bordered by Brazil and Argentina — Latin America’s largest and third-largest economies by gross domestic product (GDP) — Uruguay is sometimes referred to as “the Switzerland of Latin America” due to its strong rule of law and extremely private banking system.
Political and social stability have played a part in Uruguay experiencing years of almost continuous growth, with GDP hitting an all time high of $64.52 billion in 2018. While it saw a slight decline in 2019, which worsened in 2020 due to the global COVID-19 pandemic, the World Bank has predicted that GDP growth will hit 3.4% by the end of 2021, almost recovering the decline from the previous year.
Those factors contribute to Uruguay being one of the most developed and prosperous countries in Latin America, with a gross national income (GNI) of $15,830 per capita (all figures in USD), placing it as a high-income nation by international standards.
Uruguay is known as a hub for commerce and promoter of free trade, and is a founding member of the Southern Common Market — a 30-year-old economic association that also includes Argentina, Brazil, and Paraguay, and to which Bolivia is currently awaiting formal acceptance.
If you are planning on doing business in this prosperous market, read on to understand more about what sort of assistance your legal firm in Uruguay will be able to offer, as well as some of the areas of law that it will cover.
Or go ahead and contact us now to discuss how we can support your business with legal services in Uruguay, or a range of other back-office services.
What will your provider of legal services in Uruguay be able to offer?
Your provider of legal services in Uruguay should be able to provide the following:
Guaranteed compliance: Your legal firm in Uruguay will be responsible for reviewing and monitoring your compliance and providing ongoing input on how to guarantee that your operations adhere to all local regulations, thereby maintaining your good standing in the eyes of local authorities.
Bilingual assistance: If you are not proficient in Spanish — the official language in Uruguay — you will need to receive legal services in Uruguay from a provider that is proficient in a language you do know, be that English or any other.
Legal representation: Your legal firm in Uruguay will provide you with ongoing legal representation in front of authorities, as well as signing important documents on your behalf.
Local connections: Being established in the Uruguayan market, your legal services provider will have strong connections in the local business and legal communities, which could be highly beneficial to your company in the future.
Areas of law your corporate legal firm in Uruguay may cover
Your legal firm in Uruguay should be able to assist you in the following areas of law:
Corporate law: Your legal services provider in Uruguay will first and foremost be able to support you in all aspects of local corporate law, assisting with company formation, contracts and legal documents, and the protection of your intellectual property.
Labor law: Your corporate legal firm in Uruguay will also assist with proper adherence to labor law, including enforcement of proper working conditions, timely payment of salaries, and management of statutory deductions and contributions.
Commercial law: For companies that deal with the sale, import or export of goods, your provider of legal services in Uruguay will be able to offer up-to-date assistance with commercial law.
Tax law: Your legal firm in Uruguay will be able to help you manage your tax burden and develop an efficient tax planning strategy will remain in full compliance with Uruguayan tax law.
Mining law: If you are going to be involved in the extractive industry, you will need to contract a legal services provider in Uruguay that has expertise providing support with mining law.
Cannabis law: Should you be planning to enter the cannabis industry — which has developed significantly since Uruguay became the first country in the world to legalize the substance for recreational use — you will need to hire a legal firm with a strong understanding of the relevant legislation.
Biz Latin Hub can support you in Uruguay
At Biz Latin Hub, our multilingual team of corporate law experts is available to provide you with the legal services in Uruguay that you need.
We offer a comprehensive portfolio of professional support, including company formation, accounting & taxation, hiring & PEO, and visa processing, and we offer bespoke packages of integrated back-office services to suit every need.
We also have teams in place in 15 other markets around Latin America and the Caribbean, and trusted partners that take our coverage to almost every corner of the region, and we specialize in multi-jurisdiction market entry.
Contact us today to find out more about how we can support you doing business in Uruguay.
Or read about our team and expert authors.