Experiences with Latin America setups

[Mr Magoo]

Hello,

Just joined the forum and have done some reading on it. Great info.
I would like to know if anyone here had experiences with setting up a company and bank account in latin america, like Uruguay or Guatemala. Are companies from these countries better treated by banks than Belize and Seychelles companies? What would be the cost of setting up in these countries? Cannot figure out what would be the tax for an Uruguay company when I do business completely outside the country with a bank in the country.

 

[negon]

There are a lot of banks in Uruguay it is the USA's answer to Switzerland or it has used to be. So whn you ask if they are treated better compared to Belize ans Seychelles it will depend on where you want to apply for a bank account for your company.

A Uruguay company for instant has to do accounting and fiscal reporting according to this link Accounting and accounting rules in Uruguay - Business Environment - Nordea Trade Portal however, I believe it is as vague as in many other similar countries so I don't know what for instant a Cyprus bank will say!

 

[Mr Magoo]

Thanks. Uruguay has tightened the rules and is trying to move away from offshore in recent years if I read the news papers there online. But still there is the option to set up a company as a non resident and tax needs to be paid on the assets held locally. That is why I wondered if it would be easy to open an account for a UY company somewhere else like Chile which is quite stable.

Guatemala is a different story and seems like more geared towards offshore (no CRS) but not sure about the banks.