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Uruguay vs Argentina: how easy is it to do business

Argentina. For full detail on Argentina, go to The Argentine Thread.

Last verified: 2026-10-27 · Status: Changing

Uruguay guarantees by law the free transfer of capital and profits with no investment registration, while Argentina still routes corporate dividends and repatriation through Central Bank FX rules, now open for profits of fiscal years from 2025 onward. Headline taxes are close: 25 percent flat IRAE in Uruguay against a 25 to 35 percent scale in Argentina, 7 percent on dividends in both, and VAT of 22 percent against 21 percent. The bigger gaps are inflation (4.68 percent against 33.4 percent over 12 months), credit ratings (investment grade against B level), a legal SAS minimum capital in Argentina but not in Uruguay, and live uncertainty over Argentina's rural land rules.

USD figures use UYU 40.214 per US dollar (Banco Central del Uruguay, DLS. USA BILLETE, 26 October 2026) and ARS 1,541.00 per US dollar (BCRA exchange rate statistics service, 26 October 2026), both retrieved on the verification date. Conversions are for orientation only.

Key facts

Prior authorization or registration for foreign investment	None Ley 16.906 art. 3, as of 1998-01-07 · in force
National treatment for foreign investors	Yes Ley 16.906 art. 2, as of 1998-01-07 · in force
FX access for dividends abroad	Free transfer guaranteed by law, no prior authorization Ley 16.906 art. 5, as of 1998-01-07 · in force
Corporate income tax (IRAE) rate	25 %T.O. 2023 Title 4 art. 23, as of 2024-04-04 · in force
Dividend withholding to non residents (IRNR)	7 %T.O. 2023 Title 8 art. 18, as of 2024-04-04 · in force
VAT (IVA) basic rate	22 %T.O. 2023 Title 10 art. 34, as of 2024-04-04 · in force
VAT (IVA) minimum rate	10 %T.O. 2023 Title 10 art. 34, as of 2024-04-04 · in force
SAS minimum capital	None Ley 19.820 art. 15, as of 2019-09-18 · in force
SAS registration deadline after signing	30 daysLey 19.820 art. 11, as of 2019-09-18 · in force
SAS online registration fee (individual members only)	2530 UYUgub.uy procedure sheet, as of 2026-10-27 · in force
Free zone minimum share of Uruguayan staff	75 %Ley 15.921 art. 18, as of 1987-12-17 · in force
Free zone minimum share of Uruguayan staff, services users	50 %Ley 15.921 art. 18, as of 1987-12-17 · in force
National minimum wage, monthly, from 1 July 2026	25383 UYUDecreto 319/025 art. 2, as of 2026-07-01 · in force
Dismissal indemnity per year or fraction	1 months of total remunerationLey 10.489 art. 4, as of 1944-06-06 · in force
Dismissal indemnity cap	6 monthsLey 10.489 art. 4, as of 1944-06-06 · in force
Employer pension contribution (BPS)	7.5 %Ley 18.083 art. 87, as of 2006-12-27 · in force
Employer health contribution (FONASA)	5 %Ley 18.211 art. 61, as of 2007-12-05 · in force
Individual tax residence day count	more than 183 daysT.O. 2023 Title 7 art. 2, as of 2024-04-04 · in force
Foreign ownership restriction on property	None; foreign investors treated as nationals Ley 16.906 art. 2, as of 1998-01-07 · in force
Non residents can open a bank account	Yes, with enhanced due diligence BCU Circular 2483, RNRCSF art. 299; Ley 19.574 art. 19, as of 2025-07-15 · in force
BROU minimum fixed term deposit for new non resident foreign clients	5000 USDBROU non resident foreign clients page, as of 2026-10-27 · in force
New York Convention in force	1983-06-28 dateDecreto Ley 15.229, as of 1983-06-28 · in force
ICSID Convention in force	2000-09-08 dateLey 17.209, as of 2000-09-08 · in force
CPI inflation, 12 months to September 2026	4.68 %INE, IPC Setiembre 2026, as of 2026-10-05 · in force
S&P long term foreign currency rating (last action November 2025)	BBB+ (stable) ratingMEF Debt Management Unit ratings table, as of 2026-10-27 · in force
Moody's long term foreign currency rating (last action January 2026)	Baa1 (stable) ratingMEF Debt Management Unit ratings table, as of 2026-10-27 · in force
Fitch long term foreign currency rating (last action September 2026)	BBB (stable) ratingMEF Debt Management Unit ratings table, as of 2026-10-27 · in force
UYU per US dollar (BCU, DLS. USA BILLETE)	40.214 UYU per USDBCU quotation, as of 2026-10-26 · in force

The rule

1. Uruguay: foreign investors get the same admission and treatment regime as national investors, investments are admitted without prior authorization or registration, and the State guarantees the free transfer abroad of capital and profits in a freely convertible currency. Argentina: the Foreign Investment Law gives foreign investors the same rights and obligations as national investors and allows them to transfer realised net profits abroad and repatriate their investment, but access to the official FX market for those transfers is governed separately by Central Bank (BCRA) exchange rules (see the next rule).
Cost to do it: No admission filing or fee in Uruguay: UYU 0 (US$0).Uruguay: Ley Nº 16.906. Argentina: Ley Nº 21.382, consolidated text approved by Decreto Nº 1853/1993, Ley 16.906 art. 2, 3 and 5; Ley 21.382 (t.o. 1993) art. 1, 5 and 6, 1998-01-07 official text · verified 2026-10-27

2. Argentina's corporate FX access for dividends to non resident shareholders requires closed and audited financial statements, a total not above the peso amount the shareholders' meeting assigned to them (with a sworn statement), the latest due filing of the external assets and liabilities survey, and one of the listed routes. The general route covers distributable profits from realised gains in regular audited annual statements of fiscal years starting on or after 1 January 2025; other routes cover BOPREAL proceeds, RIGI vehicles, up to 30 percent of new direct investment contributions settled from 17 January 2020 and some energy or export certificates. Anything else needs prior BCRA approval. Repatriation of non resident direct investment also needs prior BCRA approval except listed cases, for example capital contributions settled through the FX market from 21 April 2025 once at least 180 calendar days have passed. In Uruguay there is no equivalent permit system: the transfer right is statutory.
Example: A Uruguayan subsidiary can wire UYU 2,804,926 of net dividend to its parent without any FX permit. An Argentine subsidiary paying ARS 106,527,510 of net dividend out of fiscal year 2025 audited profits can access the official market under point 3.4.4.1; the same amount out of fiscal year 2023 profits needs prior BCRA approval. / About US$69,750 from Uruguay at UYU 40.214 and about US$69,129 from Argentina at ARS 1,541.00.BCRA, Exterior y Cambios consolidated text, updated by Comunicación "A" 8481 (Argentina); Ley Nº 16.906 (Uruguay), Exterior y Cambios points 3.4 to 3.4.4 and 3.13.1.7; Ley 16.906 art. 5, 2026-09-14 official text · verified 2026-10-27

3. Corporate income tax: Uruguay's IRAE is a flat 25 percent of net taxable income. Argentina's corporate income tax for capital companies, including SAS, uses a progressive scale under art. 73; for fiscal years starting on or after 1 January 2026 ARCA publishes 25 percent up to ARS 133,514,185.74 of accumulated net taxable income, 30 percent on the excess up to ARS 1,335,141,857.38 (plus ARS 33,378,546.43) and 35 percent above that (plus ARS 393,866,847.93).
Example: On a pre tax profit of UYU 4,021,400, IRAE is UYU 1,005,350. On ARS 154,100,000, Argentine tax is ARS 33,378,546.43 plus 30 percent of ARS 20,585,814.26, total ARS 39,554,290.71 (effective 25.7 percent). / Both are US$100,000 of profit: tax of US$25,000 in Uruguay and about US$25,668 in Argentina.Uruguay: Texto Ordenado 2023, Title 4 (source Ley Nº 18.083 art. 3). Argentina: Income Tax Law t.o. 2019 (Decreto Nº 824/2019) as amended by Ley Nº 27.630; ARCA 2026 scale, T.O. 2023 Title 4 art. 23; Argentine Income Tax Law art. 73, 2024-04-04 official text · verified 2026-10-27

4. Dividends to non residents: Uruguay applies 7 percent IRNR to dividends paid by IRAE taxpayers. Argentina applies 7 percent to dividends and similar profits; when paid to foreign beneficiaries the payer withholds it as a single and final payment. Argentine permanent establishments pay an additional 7 percent when remitting profits to the head office.
Example: Uruguay: UYU 3,016,050 after tax profit, 7 percent IRNR UYU 211,124, net UYU 2,804,926. Argentina: ARS 114,545,709.29 after tax profit, 7 percent ARS 8,018,199.65, net ARS 106,527,509.64. / Net to the parent per US$100,000 of pre tax profit: US$69,750 from Uruguay and about US$69,129 from Argentina, before any home country credit.Uruguay: Texto Ordenado 2023, Title 8. Argentina: Income Tax Law t.o. 2019, as amended by Ley Nº 27.630, T.O. 2023 Title 8 art. 18 literal B; Argentine Income Tax Law art. 97 and art. 73 inciso b), 2021-06-16 official text · verified 2026-10-27

5. VAT: Uruguay's basic IVA rate is 22 percent and the minimum rate 10 percent. Argentina's general VAT rate is 21 percent, raised to 27 percent for certain sales of gas, electricity and metered water and related services supplied outside homes.Uruguay: Texto Ordenado 2023, Title 10 (source Ley Nº 18.083 art. 25). Argentina: VAT Law, t.o. Decreto Nº 280/1997, T.O. 2023 Title 10 art. 34; Argentine VAT Law art. 28, 2024-04-04 official text · verified 2026-10-27

6. Incorporation: a Uruguayan SAS can be formed by one natural person, one legal entity other than an S.A., or several persons, must be registered within 30 days of signing (for the digital formation route the registry must review the filing within 24 hours from the next business day), needs no minimum capital in the law, and must subscribe all capital at formation with at least 10 percent paid if in cash (100 percent if in kind) and the rest within 24 months. The fully online route costs UYU 2,530 but is limited to companies whose partners, managers and representatives are all natural persons. An Argentine SAS needs capital of at least two times the minimum living and mobile wage (SMVM) at formation; the public registry must register it within 24 hours from the business day after filing if the registry's model articles are used, and it is entitled to a CUIT within 24 hours, with non resident partners able to get a CDI within 24 hours.
Cost to do it: Uruguay online SAS registration fee UYU 2,530 (about US$63), notary and accounting fees not included. Argentina SAS minimum capital ARS 782,400 (2 x SMVM of ARS 391,200 from 1 October 2026), about US$508; registry fees not covered here.
Example: Uruguay: no legal minimum, so a SAS with UYU 100,000 capital pays in UYU 10,000 in cash at signing. Argentina: minimum ARS 782,400 of subscribed capital. / Uruguay: about US$2,487 capital with US$249 paid at signing. Argentina: about US$508 minimum capital.Uruguay: Ley Nº 19.820, regulated by Decreto Nº 399/019. Argentina: Ley Nº 27.349, Ley 19.820 art. 11 and 15; Ley 27.349 art. 38, 40 and 60, 2019-09-18 official text · verified 2026-10-27

7. Free trade zones: Uruguayan free zone users are exempt from every national tax, created or to be created, for activities carried out in the zone under their authorization, and must employ at least 75 percent Uruguayan citizens (50 percent for services users), percentages the Executive can lower temporarily. In Argentina the Executive may create one free zone per province plus up to four more in critical or border regions; goods entering a zone are exempt from import taxes, no economic restrictions apply to zone operations, but tax, customs and financial rules of the general customs territory apply to zones except as the law provides.Uruguay: Ley Nº 15.921 (art. 19 as worded by Ley Nº 19.566). Argentina: Ley Nº 24.331, Ley 15.921 art. 18 and 19; Ley 24.331 art. 2, 8, 23, 24 and 26, 1987-12-17 official text · verified 2026-10-27

8. Minimum wage and dismissal: Uruguay's national minimum wage is UYU 25,383 a month from 1 July 2026; a dismissed employee is owed one month of total remuneration per year or fraction worked, capped at six months (three months if the worker is entitled to retire). Argentina's SMVM is ARS 391,200 a month for full time monthly paid workers from 1 October 2026, rising to ARS 398,800 in November and ARS 406,400 in December 2026. Dismissal without cause after the trial period costs one month of the best normal and habitual monthly pay per year of service or fraction above three months, with a base capped at three times the average wage of the applicable collective agreement (never below 67 percent of the worker's own pay), and a minimum of one month; the employer must also give notice of one month (up to five years of service) or two months (more), or pay in lieu. Since Ley 27.802 this indemnity is the only remedy for dismissal without cause and agreements may replace it with an employer funded severance fund.
Example: Five years of service at a monthly pay of UYU 80,428 in Uruguay: severance UYU 402,140. Same case in Argentina at ARS 3,082,000 a month (assuming under the agreement cap): indemnity ARS 15,410,000 plus ARS 3,082,000 in lieu of one month's notice if notice is not given. / Both cases are US$2,000 a month: US$10,000 in Uruguay; US$10,000 plus US$2,000 in lieu of notice in Argentina.Uruguay: Decreto Nº 319/025; Ley Nº 10.489. Argentina: Resolución Nº 4/2026 of the Consejo Nacional del Empleo, la Productividad y el Salario Mínimo, Vital y Móvil; Ley Nº 20.744 (LCT) as amended by Ley Nº 27.802, Decreto 319/025 art. 2; Ley 10.489 art. 4; Res. 4/2026 art. 1; LCT art. 231 and 245, 2026-03-06 official text · verified 2026-10-27 · changed: Argentina: Ley 27.802 (Boletín Oficial 6 March 2026) replaced LCT art. 245, adding that the indemnity is the only remedy for dismissal without cause and allowing severance funds, and art. 231 inciso b), removing notice during the trial period.

9. Employer social security in Uruguay: the generic employer pension contribution to the BPS is 7.5 percent of taxable remuneration and the employer health contribution to the Fondo Nacional de Salud (FONASA) is 5 percent of remuneration.
Example: On a UYU 80,428 monthly salary the employer pays UYU 6,032 to the pension system and UYU 4,021 to FONASA. / About US$150 and US$100 on a US$2,000 salary.Ley Nº 18.083; Ley Nº 18.211, Ley 18.083 art. 87; Ley 18.211 art. 61, 2006-12-27 official text · verified 2026-10-27

10. Tax residence for individuals: Uruguay treats a person as resident if present more than 183 days in the calendar year or if the main nucleus or base of their activities or economic or vital interests is in Uruguay. Argentina treats foreign nationals as resident once they obtain permanent residence, or after staying 12 months under temporary migration authorizations; residence is lost on acquiring permanent residence abroad or after 12 months of continuous absence.Uruguay: Texto Ordenado 2023, Title 7. Argentina: Income Tax Law t.o. 2019, T.O. 2023 Title 7 art. 2; Argentine Income Tax Law art. 116 and 117, 2019-12-06 official text · verified 2026-10-27

11. Migration: Uruguay grants permanent residence to nationals of Mercosur States Parties and Associated States on proof of nationality, with a decision due within 90 business days. Argentina grants Mercosur nationals two year temporary residence, renewable, and has investor (inversionista) and income (rentista) temporary categories of up to three years, renewable.Uruguay: Ley Nº 18.250 (art. 33 as worded by Ley Nº 20.075). Argentina: Ley Nº 25.871, Ley 18.250 art. 33; Ley 25.871 art. 23 incisos b), d) and l), 2022-10-20 official text · verified 2026-10-27

12. Property purchase by foreigners: Uruguay has no foreign ownership restriction (equal treatment), but companies owning rural land or farm operations must have all capital in nominative shares or quotas held by individuals. In Argentina, Ley 26.737 capped foreign ownership of rural land; art. 154 of DNU 70/2023 repealed it, and the validity of that repeal has been litigated, so the current status must be checked case by case. Separately, Argentine law requires prior approval to transfer or grant possession of property in border security zones.Uruguay: Ley Nº 16.906; Ley Nº 18.092. Argentina: Ley Nº 26.737; Decreto de Necesidad y Urgencia Nº 70/2023; Decreto Ley Nº 15.385/44 as replaced by Ley Nº 23.554 art. 42 to 44, Ley 16.906 art. 2; Ley 18.092 art. 1; DNU 70/2023 art. 154; Ministry of Defence Resolución 1751/1995 Annex I art. 1, 2023-12-20 official text · verified 2026-10-27 · changed: Argentina: DNU 70/2023 art. 154 repealed the rural land law (Ley 26.737). Press reports describe Supreme Court decisions of 29 September 2026 and an interim suspension of art. 154 on 9 October 2026; the official text of those decisions could not be retrieved in this session, so confirm the status with Argentine counsel.

13. Courts and arbitration: both countries are Contracting States of the ICSID Convention and parties to the New York Convention. Uruguay acceded to the New York Convention on 30 March 1983 (in force 28 June 1983) without reservations and its international arbitration law limits refusal of recognition of a foreign award to the listed grounds. Argentina ratified on 14 March 1989 (in force 12 June 1989) with reciprocity and commercial reservations. ICSID entered into force for Argentina on 18 November 1994 and for Uruguay on 8 September 2000.Uruguay: Decreto Ley Nº 15.229; Ley Nº 19.636; Ley Nº 17.209. UNCITRAL and ICSID status lists for both, Ley 19.636 art. 41; New York Convention art. I(3); ICSID/3 list of 17 July 2026, 2018-07-13 official text · verified 2026-10-27

14. Bank accounts: in Uruguay non residents can open accounts, but Uruguayan AML law makes non resident clients an enhanced due diligence category and the BCU rules treat relations with non residents from countries that do not meet international AML standards as higher risk, requiring senior approval, a documented activity profile backed by financial or tax documents, and copies of the client's tax returns or equivalent. The state bank BROU charges non resident foreign clients UI 300 to register, UI 150 to open a savings account and UI 150 a month that cannot be waived, and requires new non resident clients to place a fixed term deposit of at least US$5,000 for at least 181 days. In Argentina any natural person with legal capacity can hold a savings account; the bank must identify the holder with the BCRA list of valid identity documents and obtain electronically from ARCA the holder's CUIT or CDI (or the CUIL), so a non resident first needs an Argentine tax identification key.
Cost to do it: BROU: UI 300 (about UYU 2,003) to register plus UI 150 (about UYU 1,002) to open a savings account and UI 150 a month, at UI 6.6780 on 26 October 2026; plus a US$5,000 minimum fixed term deposit for new non resident clients.
Example: First month at BROU: UI 600, about UYU 4,007. / About US$100, before the US$5,000 deposit that stays the client's money.Uruguay: Ley Nº 19.574; BCU Recopilación de Normas de Regulación y Control del Sistema Financiero art. 299 (Circular Nº 2483). Argentina: BCRA Depósitos de ahorro, cuenta sueldo y especiales (t.o. at 11 September 2026), Ley 19.574 art. 16 and 19; RNRCSF art. 299; BCRA t.o. points 1.2, 1.3, 4.1 and 4.2, 2025-07-15 official text · verified 2026-10-27

Topic	Uruguay	Argentina	Uruguay source	Argentina source
Time and cost to incorporate (SAS)	File within 30 days of signing; digital filings reviewed within 24 hours from the next business day; no legal minimum capital, 10% of cash capital paid at signing; online route UYU 2,530 (about US$63) for all individual members	Registry registers within 24 hours from the next business day if model articles are used; CUIT in 24 hours; minimum capital 2 x SMVM = ARS 782,400 (about US$508)	https://www.impo.com.uy/bases/leyes/19820-2019/11	https://servicios.infoleg.gob.ar/infolegInternet/anexos/270000-274999/273567/texact.htm
Foreign ownership of companies	Equal treatment, no prior authorization or registration	Same rights and obligations as national investors, subject to special regimes	https://www.impo.com.uy/bases/leyes/16906-1998/2	https://www.argentina.gob.ar/normativa/nacional/norma-16477/texto
Dividends and capital out	Free transfer guaranteed by law in convertible currency	Official FX access for dividends from audited profits of fiscal years starting from 1 Jan 2025 and other listed routes; otherwise prior BCRA approval; FDI repatriation 180 days after settlement for contributions from 21 Apr 2025	https://www.impo.com.uy/bases/leyes/16906-1998/5	https://www.bcra.gob.ar/Pdfs/comytexord/A8481.pdf
Corporate income tax	25% flat (IRAE)	25%, 30% and 35% brackets; 30% from ARS 133.5 million and 35% from ARS 1,335.1 million of taxable income (fiscal years from 2026)	https://www.impo.com.uy/bases/todgi2023/101-2024/23_T4	https://arca.gob.ar/gananciasYBienes/ganancias/personas-juridicas/determinacion/documentos/Ganancias-Escala-PJ-2026.pdf
Dividend withholding to non residents	7% IRNR	7%, single and final	https://www.impo.com.uy/bases/todgi2023/101-2024/18_T8	https://www.argentina.gob.ar/normativa/nacional/decreto-824-2019-332890/actualizacion
VAT standard rate	22% (10% minimum rate)	21% (27% on certain utilities supplied outside homes)	https://www.impo.com.uy/bases/todgi2023/101-2024/34_T10	https://servicios.infoleg.gob.ar/infolegInternet/anexos/40000-44999/42701/texact.htm
Free trade zones	Users exempt from all national taxes on zone activities; 75% Uruguayan staff (50% services)	One zone per province plus up to four more; goods entering exempt from import taxes; general tax rules otherwise apply	https://www.impo.com.uy/bases/leyes/15921-1987/19	https://www.argentina.gob.ar/normativa/nacional/ley-24331-725/texto
Monthly minimum wage	UYU 25,383 from 1 Jul 2026 (about US$631)	ARS 391,200 from 1 Oct 2026 (about US$254)	https://www.impo.com.uy/bases/decretos/319-2025	https://servicios.infoleg.gob.ar/infolegInternet/anexos/425000-429999/429565/norma.htm
Dismissal without cause	1 month of total pay per year or fraction, cap 6 months (3 if entitled to retire)	1 month of best monthly pay per year or fraction above 3 months, base capped at 3x agreement average (floor 67%); notice 1 or 2 months	https://www.impo.com.uy/bases/leyes/10489-1944/4	https://servicios.infoleg.gob.ar/infolegInternet/anexos/25000-29999/25552/texact.htm
Individual tax residence	More than 183 days in the calendar year, or centre of activities or vital interests	Permanent residence, or 12 months under temporary authorizations	https://www.impo.com.uy/bases/todgi2023/101-2024/2_T7	https://www.argentina.gob.ar/normativa/nacional/decreto-824-2019-332890/actualizacion
Residence for Mercosur nationals	Permanent residence on proof of nationality, decision within 90 business days	Two year temporary residence, renewable	https://www.impo.com.uy/bases/leyes/18250-2008/33	https://www.argentina.gob.ar/normativa/nacional/ley-25871-92016/actualizacion
Property by foreigners	No restriction; rural land companies need nominative capital held by individuals	Rural land caps of Ley 26.737 repealed by DNU 70/2023 art. 154, repeal litigated; border zones need prior approval	https://www.impo.com.uy/bases/leyes/18092-2007/1	https://servicios.infoleg.gob.ar/infolegInternet/anexos/395000-399999/395521/norma.htm
New York Convention	Accession 30 Mar 1983, in force 28 Jun 1983, no reservations	Ratified 14 Mar 1989, in force 12 Jun 1989, reciprocity and commercial reservations	https://uncitral.un.org/en/texts/arbitration/conventions/foreign_arbitral_awards/status2	https://uncitral.un.org/en/texts/arbitration/conventions/foreign_arbitral_awards/status2
ICSID Convention	In force 8 Sep 2000	In force 18 Nov 1994	https://icsid.worldbank.org/sites/default/files/2026-07/2026_July17_ICSID3_ENG.pdf	https://icsid.worldbank.org/sites/default/files/2026-07/2026_July17_ICSID3_ENG.pdf
CPI inflation, 12 months to Sep 2026	4.68%	33.4%	https://www.gub.uy/instituto-nacional-estadistica/comunicacion/publicaciones/indice-precios-del-consumo-ipc-setiembre-2026	https://www.indec.gob.ar/uploads/informesdeprensa/ipc_10_268C45A9444C.pdf
Sovereign rating (S&P, Moody's, Fitch)	BBB+, Baa1, BBB; all stable	B minus stable, B3 positive, B minus stable	https://deuda.mef.gub.uy/432/12/areas/credit-ratings.html	https://www.argentina.gob.ar/economia/finanzas/relacion-con-inversores/calificaciones-crediticias
Bank account for a non resident	Allowed, with enhanced due diligence; BROU: UI 300 registration, UI 150 opening and monthly, US$5,000 fixed term for 181 days	Any natural person can hold a savings account; bank must obtain ARCA CUIT or CDI (or CUIL)	https://www.bcu.gub.uy/Circulares/seggci2483.pdf	https://www.bcra.gob.ar/archivos/Pdfs/texord/t-depaho.pdf
USD rate used on this page	UYU 40.214 (BCU, 26 Oct 2026)	ARS 1,541.00 (BCRA, 26 Oct 2026)	https://www.bcu.gub.uy/Estadisticas-e-Indicadores/Paginas/Cotizaciones.aspx	https://api.bcra.gob.ar/estadisticascambiarias/v1.0/Cotizaciones/USD?fechadesde=2026-10-19&fechahasta=2026-10-27

Uruguay and Argentina side by side for a foreign investor or founder, verified 27 October 2026. Each row cites the official source for each country.

Worked example

US$100,000 of profit to a foreign parent. Uruguay: UYU 4,021,400 of pre tax profit, IRAE 25 percent UYU 1,005,350, dividend UYU 3,016,050, IRNR 7 percent UYU 211,124, net UYU 2,804,926 (US$69,750), wired without an FX permit. Argentina: ARS 154,100,000 of pre tax profit, tax ARS 39,554,290.71 under the 2026 scale, dividend ARS 114,545,709.29, 7 percent withholding ARS 8,018,199.65, net ARS 106,527,509.64 (about US$69,129). The Argentine payment can go through the official FX market if it comes from audited profits of a fiscal year that started on or after 1 January 2025; older retained earnings need BCRA approval or a BOPREAL route.
Dismissing an employee with five years of service and US$2,000 monthly pay: Uruguay UYU 402,140 (US$10,000); Argentina ARS 15,410,000 (US$10,000) if the pay is under the collective agreement cap, plus ARS 3,082,000 (US$2,000) in lieu of notice if one month's notice is not given.

Step by step

1. Decide where the operating company sits and where profits must end up: if profits must be paid out regularly, map Argentina's point 3.4 conditions (audited statements, shareholders' meeting, external assets and liabilities survey) before the first fiscal year closes.
2. Uruguay: sign SAS articles and register them within 30 days (online with advanced electronic signature if all members, managers and representatives are individuals), obtain the RUT, then report beneficial owners to the BCU within 45 days of the RUT.
3. Argentina: use the registry's model SAS articles for 24 hour registration, subscribe at least ARS 782,400 of capital, obtain the CUIT, and have non resident partners obtain a CDI.
4. Banking: in Uruguay prepare passport, proof of tax residence, tax returns and source of funds documents for enhanced due diligence, and budget the BROU non resident fees and US$5,000 deposit; in Argentina obtain the CDI or CUIT first, because the bank must pull it from ARCA.
5. Before buying rural land or property near a border in Argentina, have counsel confirm the status of DNU 70/2023 art. 154 and whether border zone prior approval applies; in Uruguay check that any company holding rural land has nominative shares held by individuals.
6. Recheck Argentine FX communications and the SMVM monthly steps before each payment; Uruguay's rules change mainly through annual budget laws.

Common traps

Argentine dividend FX access depends on the fiscal year that generated the profit: profits of years that started before 1 January 2025 are not covered by the general route and need prior BCRA approval or a BOPREAL mechanism.
Argentina's 30 percent and 35 percent brackets are indexed by ARCA each year; using last year's thresholds misstates tax on profits above about ARS 133.5 million.
Uruguay's online SAS route at UYU 2,530 is only for companies whose members, managers and representatives are all individuals; a foreign parent company as shareholder must use the notarial route.
Uruguayan banks treat non residents as enhanced due diligence clients: without tax returns or equivalent documents the account may not be opened at all, since the law bars business relations when due diligence cannot be applied.
The Argentine minimum wage rises every month from September 2026 to April 2027 under Resolución 4/2026, and the SAS minimum capital moves with it.
Argentina's rural land regime has been changed by decree and contested in court in 2026; a purchase that looked unrestricted can become subject to Ley 26.737 caps again.

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