Uruguay – Ultimate Beneficial Owners - Mandatory Identification

Date: Aug 2017

Recently enacted regulations have established a comprehensive obligation of reporting to the Central Bank of Uruguay the ultimate beneficial owners of the wide spectrum of entities acting in Uruguay (“the Obligation”).

As a general rule, the Obligation applies to: 

(i) all Uruguayan entities;  

(ii) foreign entities which maintain in Uruguay a permanent establishment or assets in Uruguay in excess of approximately USD 320,000.

Publicly traded companies and other regulated companies, are excluded from the Obligation.

Ultimate beneficial owners are deemed to be those individuals who, directly or indirectly:

(i) hold at least 15% of the voting rights; and/or (ii) by any other means exercise the final control over the entity they own.

Relevant reporting dates:

  • New entities: 30 days as from incorporation date;
  • Pre-existing entities whose capital is expressed in bearer shares: 29 September 2017;
  • Other pre-existing entities: 29 June 2018.

Should you have any further questions, please feel free to contact Guillermo Duarte gduarte@bergsteinlaw.com

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Source

Bergstein Abogados

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