While Uruguay has bearer share corporations allowing for anonymous ownership they require taxes to be paid through the filing of an audited tax return which goes into a public registry for all the world to see.

Authority – Uruguay Corporations and their formation is covered in the following Uruguay statues:

Law 11073, June 24, 1948 and modifications of law na 16375 of May 21st, 1993.

To read Uruguay laws go here:

Uruguay laws

Corporations - The basic corporate structure in Uruguay that is of interest for offshore asset protection is the SAFI, which stands for Sociedad Anonima Financiera de Inversiones. We frequently refer to this as a bearer share corporation since the ownership is secret or not recorded in any public registry. O this count Uruguay is good but over time they have managed to ruin their corporations, with or without intent we do not know. The following details destroy the value of these corporations.

The SAFI must prepare and file annual audited financial statements of the company and this is now in a government run public registry. Additionally they must hold an annual shareholders' meeting to approve the financial statements. Think implication in fraud if the return is audited and found to be fraudulent. The tax a SAFI must pay is a yearly tax of 0.3% of its net worth which of course means the audited financial statements.

Conclusion - So we can forget about Uruguay Corporations since Panama corporations are more anonymous, and there is no tax for offshore derived income, no capital gains tax, and basically this means you do not have to file any tax returns and no need to file audited financial statements with Panama.
Uruguay Banking

History - Uruguay used to have strict bank secrecy laws, liberal currency exchange and capital mobility regulations, and overall economic stability made it an offshore financial centre in times past.. In 2002, Uruguay banking scandals, along with massive withdrawals of Argentine deposits that occurred when the Argentine currency collapsed, led to a near collapse of the Uruguayan banking system, significantly weakening Uruguay’s offshore role. In early August 2002, the IMF gave Uruguay a loan of $1,500,000,000 to overcome its problems, but the country still faced economic issues. The IMF has since approved more loans to Uruguay. The IMF is not a big fan of anonymous corporations and bank secrecy.

Uruguay had four private banks which were shut in the year 2002. Three of them were merged into one new bank called Nuevo Banco Comercial, which opened its doors in March of 2003. Despite this economic distress, Uruguay kept political and social stability in tact. It was the Argentine crisis that did Uruguay in. The Argentina people could take a three hour hydrofoil ferry ride from Buenos Aires to Montevideo, Uruguay and bank in secrecy avoiding taxation policies of Argentina. They had so much money in Uruguay that when they and their currency went down they drug Uruguay down with it.

Bank Secrecy - In December 2003, the Uruguayan Chamber of Deputies approved not passed a bill designed to limit Uruguay bank secrecy and confidentiality. As of the end of 2004, however, the bill was still pending but this is still an uncomfortable step they tried to take.

In 2003 GAFISUD made several suggestions to tighten the Uruguayan money laundering laws as they relate to gambling, real estate, and legal and financial professionals. The physical importation of cash and securities is also addressed, guess they learned a thing or two from the Argentina crisis. In September 2004, their Congress approved Law 17,835, to strengthen the money-laundering laws. They also impose administrative steps to assist them in going where they want to be regarding money laundering. This 2004 law expands who is subject to the filing of suspicious activities reports. So it is plain to see that Uruguay in need to financial aid internationally caved in and is trying to reinvent itself as anything but an offshore asset protection center. We see more evidence of this in the areas of Tax treaties and Mutual Legal Assistance Treaties.

Mutual Legal Assistance Treaties - Uruguay has entered into Mutual legal Assistance Treaties with: USA, Canada, France, Mexico, Spain and the UK.

Tax Treaties – Uruguay has entered into tax treaties with: Chile, Germany, Hungary and Paraguay.

Suggestions – Uruguay had its day as an offshore center and is no longer valid as one. Banks are not solid, currency used is a Uruguay Peso which is far from stable and will incur conversion expenses, Bank Secrecy has eroded, Corporations are flawed with tax filings and audited returns which go into the public registry for the entire world to see the assets of your Uruguay anonymous corporation.