To conduct business outside Uruguay, Sociedad Anonima Financiera de Inversion (hereinafter SAFI) (financial investments corporation or “holding company”. Joint-stock company for investment management) is registered in accordance with Law No. 11.073 of June 24, 1948.
S.A.F.I. cannot engage in business and own real estate in Uruguay, cannot engage in banking business, fund management, investment consulting and business associated with banking business. S.A.F.I. created by the founders (the minimum number of founders is two). They can be legal entities and individuals, both residents and non-residents. The company's charter must be approved by the department of the Ministry of Economy and Finance and registered in the Public Commercial Register.
The registration period for a company with its own name takes about 3 months, therefore it is recommended to purchase previously registered companies. The registered office must be in Uruguay; there should be kept the statutory documents, the register of directors, minutes. The authorized capital of the company is from USD 50,000.
The company can issue both registered shares and bearer shares.
Shareholders' liability is limited to the size of their investment in the company. Each year, shareholders are required to hold an annual meeting, review accounting records, distribute dividends, and appoint members of the board of directors. Shareholders meetings must be held in Uruguay. If the shareholders are not residents of Uruguay, they can authorize the attorneys to hold such a meeting.
Board of Directors of S.A.F.I. may consist of one or more members, legal or natural persons, residents or non-residents. The directors are appointed by the shareholders. The number of directors can be specified in Estatute. If the directors of the company are non-residents, they must appoint an authorized resident (attorney) to represent them before the financial and tax authorities of Uruguay.
SAFI exempt from local taxes.
Provided that the company operates only outside Uruguay, it will be subject to an annual tax. This tax is calculated based on the financial condition of the company at the end of the financial year (tax rate - 0.3% of net profit).