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.
Tender for Uruguay's Circuit Three road PPP got under way last week
The project, which is also known as Route 14 WestCentre, has a capex of US$93 million. It is the latest project to be tendered under Uruguay's 260km DBFOM road programme. The RFP deadline is 15 September. Two additional projects are currently in procurement: Circuit One (Routes 12, 54, 55 and 57 - US$62 million) and Circuit Two (Routes 9 and 15 - US$55 million). The bid deadline for the Circuit One project was 13 June, with two groups submitting offers: Ramón C. Alvarez and Grupo Oriental One (CIEMSA and Traxpalco). The bidding deadline for the Circuit Two project is scheduled for 12 July. Financing for the road projects is expected to include institutional investors, including via the Latin America Development Bank's (CAF) US$500 million (£352.9m €445m) infrastructure debt fund. The IFC and the Multilateral Investment Guarantee Agency (MIGA) are also involved in the pipeline. Local commercial banks and local pension funds, are also likely to join in.
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.