Uruguay Economic Overview & Business Opportunities
For investors who are drawn towards new opportunities, experiences, quality and the promise of a reliable, stable business environment in Latin America, they turn their attention to Uruguay as a potential business investment destination. Home to some of the most multilingual, highly competitive and qualified workforce in the region, investors will find no shortage on the availability of talent in Uruguay.
According to the 2017 Mercer Index and the Legatum Prosperity Index, Uruguay is the best country in Latin America to live when it comes to quality of life. With a population of 3.4 million people, Uruguay is a safe country which offers excellent living conditions for all types of families, ranging from executives, professionals and more.
But why else would have investor consider establishing a base of business in this region? Let’s look at the economic overview and business opportunities available in Uruguay.
Uruguay’s Economic Overview
Uruguay has experienced economic growth over the past decade, mostly thanks to the significant increases in its investment. Foreign Direct Investment (FDI)’s especially, combined with its low corruption levels, renewable energy and prosperity index have all contributed to why Uruguay is such a promising business hub in South America.
Almost everything about Uruguay’s economic setup has primed the country to become a successful investment destination. Political and democratic stability, social stability and macroeconomic soundness are all contributing factors to what makes the economy in the country so stable and predictable. As an investor, stable and predictable are two things you want to have when investing your business in a foreign country. The World Bank has also rated Uruguay number one on the democracy and political stability index in its 2016 report.
Uruguay’s Business Opportunities
There are plenty of business opportunities available in Uruguay because of its strategic location and access to the Latin American markets. Through Uruguay alone, investors are able to access a market consisting of 400 million people. This number accounts for 68% of the Latin American GDP growth.
Uruguay is home to some top-level logistics infrastructure and the best energy supply in Latin American when it comes to renewable resources. If you were thinking of investing in these sectors, Uruguay is the place to be in this region. Additionally, the country also has state of the art telecommunications technology available, which is another promising sector for investors who are keen on getting a foothold here.
In Uruguay, both foreign investors and local investors are treated equally, and opportunities for foreign capital incentives and investment promotions are available to both parties. Foreigners also have no limits imposed on foreign capital endowment in their companies. Transparency, low levels of corruption and a strong democracy are all very strong reasons why investors are keen on leveraging the business opportunities available in the country.
Moreover, its neutral tax system when it comes to foreign investment makes it easy for investors to consider doing business here. Especially when they do not have to register or request prior authorization if they would like to make an investment (except environmental authorization). There are also no limits to income, capital transfer or repatriation, and there are also no previous permits required. With the free exchange market, no restrictions on the sale or purchase of foreign exchange and investments made in any currency, investors have every reason to want to establish a business in Uruguay.
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