The Presidency of Uruguay regulates the creation of the Simplified Stock Company (SAS)
The Executive Branch has regulated the creation of a new type of corporation aimed at start-ups and entrepreneurs with numerous advantages in terms of simplification of processes, speed of opening and access to the financial system.
It's main features are:
- Pre-approved formats of company by-laws for SAS have been published on the National Trade Registry website. A company incorporated with them, must be qualified in a term not exceeding 5 business days, after that period, the company will get a tax and labor identification number in the corresponding bodies on the day, which will lift the last RNC observations and the company will be constituted and functional for all purposes.
Other features of SAS:
- Corporate meetings will be convened via email, may be held by digital means of communication and the consent may be communicated electronically.
- Formally, SAS are not required to have an Administrator and will have the same tax treatment as personal companies.
The decree also contemplates the regulations to which the new corporate type will be subject, which are similar to the Public Limited Companies and Limited Liability Companies regarding UBOs information, capital increases and Compliance procedures.
This initial regulation presents elements of the spirit of the law, but it is expected that future modifications will reduce the deadlines for approval of the company, create electronic tools for the corresponding procedures and generate mechanisms for SAS to access banks services with greater speed.