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Uruguayan Financial Services Company
Uruguayan Sociedad Financiera de Inversion
(SAFI)

 

The Uruguayan SAFI is a type of Uruguayan offshore company which is exempt from all forms of taxation on profit. SAFIs do pay an annual licence fee to the government. This is calculated with reference to the assets and liabilities and referred to below. SAFIs cannot trade or own real estate within Uruguay but otherwise are subject to few restrictions on their activities and little in the way of bureaucracy. Because of their ease of use and the fact that Uruguay is not immediately perceived as a tax haven jurisdiction, SAFIs can be extremely useful vehicles through which to conduct trading and investment activities around the world.

Activity:
These companies can:

  • Make direct or indirect investments, on their own or for third parties. These investments can be on titles, bonuses, shares, warrants, debentures, real property or movable goods.
  • Use Uruguayan corporate vehicles to conduct brokerage, trading and money management for non-Uruguayan citizens worldwide.
  • Hold assets and investments, under anonymity.
  • Hold bank accounts for foreign citizens.
  • Make trade structures to avoid excessive taxation in the countries where goods are imported to.
  • SAFIs are commonly used to trade instruments, including currencies, etc. for itself or for third parties, as allowed by law, and operating through a website.

    Main Advantages:
    Complete anonymity with respect to the identity of the shareholders of the corporation. Make direct or indirect investments, on their own or for third parties. It is the tax haven OECD forgot.

    Main Disadvantages:
    Incorporation takes between 3 and 4 months but ready made companies are available for immediate purchase. The main prohibitions are the public offering or stock exchange offering of shares, their assets may not include shares, debentures and other commercial papers issued by local companies which are not SAFI´s.

    Taxation:
    As stated, the SAFI is not subject to tax on corporate profits but does pay an annual tax or licence fee equal to 0.3% of the net asset value. This somewhat complicated calculation normally results in only a nominal figure becoming payable. The taxable base is calculated by taking the amount of shareholder equity and adding to it a figure equal to all liabilities minus twice the shareholder equity. This somewhat complicated calculation normally results in only a nominal figure or zero becoming payable.

    Requirements:
    Companies need have only one shareholder and shares can be issued in bearer or registered form. There is no requirement to file the details of shareholders on any public record. A minimum of one director is required and corporate directors are permitted. There is no requirement to file the details of directors on any public record, but their details do have to be lodged with the tax office. Full accounts, in the prescribed format, must be prepared, audited and presented to the tax authorities within 4 months of the financial year end selected by the company. There are few restrictions on name and activity. All company names must end with the words "Sociedad Anonima" or its abbreviation "SA". The company name cannot contain any words indicating that the company is undertaking banking or insurance business without obtaining the requisite licence. names which are considered undesirable or offensive or implying government patronage would also be disallowed. However, words which in other jurisdictions would not be allowed without further procedure such as trust, and investment services are not restricted nor is the company restricted from undertaking the indicated activities.

    Formation cost:
    Total cost for company including all government and legal fees USD5,300.00 plus cost for nominee services if you need them.

    Contact us for details.

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