The Uruguayan Senate has approved the creation of a new type of corporation aimed at start-ups and entrepreneurs with numerous advantages in terms of process simplification, speed and access to the financial system.
It's main features are:
- It may be created by a single natural entity by digital means and with electronic signature so that the complete process can be carried out online, the Commercial Registry can approve its constitution within 24 hours of the creation and the public offices will grant the corresponding registrations and fiscal and labour registrations within 24 hours of the approval of the Commercial Registry.
- 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.
- Banks must provide mechanisms that facilitate the opening of a bank account.
The regulation of the law that contains the creation of the SAS is expected to be complete in the first half of 2020.