How to Open a Corporate Bank Account in Uruguay

Starting a company in Uruguay is an amazing opportunity for its privileged location in South America, great variety of natural resources, and interesting new developing, unique industries. Having a corporate bank account in Uruguay becomes necessary and important for the business, as well as for the clients and collaborators.

Uruguay is also one of the founding members of MERCOSUR, an alliance in the south of Latin America that promotes free trade, and fluid movement. Argentina, Brazil, and Paraguay are also members, and Peru, Chile, Colombia, Ecuador, Bolivia, Guyana, and Suriname are associate members.

What are the types of bank accounts available for companies? What are the requirements to open a corporate bank account in Peru? Can a foreigner open a corporate bank account?

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Why do I need a bank account for my company in Uruguay?

Opening a bank account for your company in Uruguay is one of the final steps in the incorporation process. It is necessary for all business-related transactions, but also to comply and pay all taxes, deductions, payroll, and company responsibilities.

It is also important to have a bank account in the name of your company because it gives a better image and reputation. Suppliers and clients generally trust more and are willing to conduct business activities with companies that look more formal and established.

Types of Bank Accounts for Companies

Savings

If you wish to have a certain amount of money deposited in a bank then this is the right type. Savings bank accounts can help you plan and prepare for future projects, problems, or even emergencies. This type of bank account pays interest on the money deposited, either at an annual or interest-based rate. Some banks require a deposit of a minimum amount in order to open a Savings Account, but other banks don’t. Some may also have maintenance fees and other costs.
Checkings

This is the most used for everyday activities and transactions. This is the type of bank account used to pay for day-to-day expenses, withdrawals, and transactions. The bank most of the time gives you a card to use regularly at stores or the ATM. Some banks charge maintenance fees or require you to have a minimum balance available.
Almost all banks also offer online platforms or apps to make transactions easier and faster at no extra cost.

What documents are needed?

These are some of the documents banks usually ask for. Remember that there is a general list and the bank of your choice can request additional information from your company or you.

Articles of Incorporation
Proof of registration in the National Trade Registry
Copy of the publication at the Official Gazette
Legal representative information
Proof of registration of the company provided by the DGI and BPS

Can a foreigner open a corporate bank account in Uruguay?

This depends on the bank you choose to open the bank account in. Some of them allow foreign shareholders or legal representatives to open the bank account, while others only accept nationals or foreigners with valid residency. The documents required are usually a passport, and a local address, and sometimes some entities ask for a reference letter from a local that is also a client of the bank.

How to register a company in Uruguay?

Choose the right type of company and legal structure for your business in Uruguay
Appoint a legal representative
Prepare the Articles of Incorporation and the bylaws of the company
Submit the bylaws and Articles of Incorporation to the National Audit Office (AIN) for approval
Register the company with the National Trade Registry (RNC)
Publish an extract of the bylaws on the Official Gazette
Register your company at the Single Window to obtain a taxpayer ID number (RUT) and registration at the Social Security Administration (BPS)
Register the company with the State Insurance Bank (BSE)
Open a corporate bank account

At Easyco, we can help you!

Uruguay is in constant growth and always looking to simplify its processes. To make sure you register your company in the right way, you can get in touch with us, and our team of experts is going to make sure the registration of your company in Uruguay is done successfully and in the least amount of time possible.

At Easyco, we make company formation in Uruguay easy; our team of corporate experts has vast experience helping companies and individuals register their business in Uruguay, with a proven track record of success across all of our services. Easyco aims to tackle the complex company formation processes across LATAM and makes business registration easy by providing a hassle-free online company registration experience. Start your company in Uruguay today!