Is one of Uruguay’s leading law firms, assisting hundreds of companies and individuals doing business and investing in Uruguay. With a multi-disciplinary team of lawyers, conveyance attorneys, MBAs, and tax accountants, Fischer & Schickendantz prizes its focus on providing a one-stop solution to corporate leaders, both local and from overseas. A full-service law firm, our practice is divided into six core units: Corporate, Real Estate, Litigation, Tax & Incorporation, Immigration Law and Agribusiness, providing the highest level of service and expertise.
Investment and Export Promotions Agency (Uruguay XXI) has announced that foreign companies in Uruguay are satisfied with business climate.
A relevant eighty four percent of foreign companies in Uruguay expressed satisfaction with the process of establishing operations in the country. The survey was answered by managers at 160 foreign companies, where sixteen percent of whom said they were “very satisfied” with the process, while sixty-eight percent said they were “satisfied.” Among the reasons why they chose the country, foreign companies mainly highlighted the legal framework, macroeconomic stability, profitability, tax incentives and Uruguay’s strategic location and access to markets.
Tax exemptions for the construction of parking slots
Pursuant to Decree 110/2016 issued by the Government, an ambitious urban-traffic plan for developing underground parking in downtown areas has been issued. Private investors shall be exempted of tax payments on corporate profits up to an amount equivalent to 20% of the total investment for a maximum period of 10 years. If the construction of the parking slots take place in an abandoned field (declared as such by the Municipality of Montevideo) and/or the parking has above 75 spots, the tax incentives are even more attractive for investors.
Installation of a third pulp mill announced by Uruguayan authorities
The installation of a third pulp mill was announced by Uruguayan authorities, when the price of cellulose has revealed an upward trend and is currently close to USD 480 per ton. Up to date production exceeds 10 M square meters of wood destined for cellulose where 8 M square meters are being used by the current two pulp mills. Forestry exports are expected to grow 10% as compared to 2015 according to official data from the Ministry of Agriculture, Cattle and Fishing. The expected export value exceeds USD 1.700 M where cellulose will take up the most relevant part of it.