The ISO code of Uruguay is UY according to the ISO 3166 standard. The local name of the country is Republica Oriental del Uruguay. Uruguay capital city is Montevideo. People in Uruguay speak the Spanish language. In the year 1815, Uruguay emerged as a sovereign political entity. The largest city in Uruguay is Montevideo.
Uruguay is located in the UTC -03:00 time zone, which is also called Uruguay Time or UYT. The internet country code top-level domain (ccTLD) for Uruguay is .uy. Other domains assigned to Uruguay are .lat. The International dialing code for Uruguay is 598. People in Uruguay drive on the right side of the road. Total land area of Uruguay is 176,215 km² (approx. 68,037 mi²). Uruguay is not a landlocked country. It means that is is bordered by at least one major body of water.
Uruguay is located in South America. Uruguay is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Uruguay faces various issues, including water pollution from meat packing/tannery industry, inadequate solid/hazardous waste disposal.
Doing business in Uruguay
We offer various corporate services in Uruguay jurisdiction. These services can serve both, people coming from Uruguay and foreigners. If you plan on doing business in Uruguay you might be interested in contacting us.
To find out about starting your business in Uruguay click on company formation in Uruguay.
To find out how to open a bank account in Uruguay and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Uruguay.
Choose preferred service below or continue reading to find out more about Uruguay.
Demographics of Uruguay
The total population of Uruguay is 3,469,551 people. In Uruguay, the population density is 18.6 people per square kilometer (48 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Uruguay is 0.2504. Uruguay has approximately 74000 foreign immigrants. The median age is approximately 34.3 years. In Uruguay, 55.11 in every 100 people use internet. Uruguay has a Human Development Index (HDI) of 0.79.
The majority religion of Uruguay is Christianity, Uruguay is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Uruguay.
Culture of Uruguay
People in Uruguay speak the Spanish language. According to data on inbound tourists in Uruguay, 2,683,000 tourists arrive in the country each year. The first McDonalds in Uruguay was opened on 18 November 1991, and it was located in Montevideo. One of the most popular national dishes of Uruguay is asado. To read more click on culture of Uruguay.
Geography of Uruguay
Uruguay is considered to be a large nation because of its total area. Its total land area is 176,215 km² (approx. 68,037 mi²). Uruguay is located in South America. Its capital city is Montevideo. Uruguay has 2 neighbouring countries. Its neighbours include Argentina, and Brazil. Total length of land borders of Uruguay is 1591 kilometers (~614 miles).
The highest point of Uruguay is Cerro Catedral, with its official height being 514 m (1,686 ft). Including land mass and EEZ, the total area of Uruguay is approximately 318,381 km² (~122,927 mi²). The most notable natural resources found in Uruguay are arable land, hydropower, minor minerals, fish.To read more click on geography of Uruguay.
Economy of Uruguay
The currency of the country is Uruguayan peso. The symbol used for this currency is $, and it is abbreviated as UYU. 8.1% of population in the country are unemployed. The total number of unemployed people in Uruguay is 281,034. Each year, Uruguay exports around $10.5 billion and imports roughly $12.5 billion. The Gini Index of the country is 45.3. Uruguay has a Human Development Index (HDI) of 0.79.The Global Peace Index (GPI) for Uruguay is 1.721. Uruguay has a government debt of 57.2% of the country's Gross Domestic Product (GDP), as assessed in 2012. Uruguay is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Uruguay is $71,675 billion. Each year, consumers spend around $10,875 million. The ratio of consumer spending to GDP in Uruguay is 0%, and the ratio of consumer spending to the world consumer market is 0.0314. The corporate tax in Uruguay is set at 25%. Personal income tax ranges from 0% to 30%, depending on your specific situation and income level. VAT in Uruguay is 22%. In 2013, Uruguay received 19.3 million USD in foreign aid.In 2014, the foreign aid amounted to 19.4 USD.To read more click on economy of Uruguay.
Infrastructure of Uruguay
Infrastructure quality in Uruguay is rated to be at 2.51. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
In Uruguay, 99.5% of the population has access to electricity. There are 1,036,000 internet hosts in Uruguay. Uruguay has 133 airports nationwide.
The logistics performance index of Uruguay is 2.68. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.89. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Uruguay is 220. To read more click on infrastructure of Uruguay.
Politics of Uruguay
Uruguay, is a unitary presidential constitutional republic. With regard to political and civil freedoms, Uruguay is 1. Citizens in Uruguay experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Tabaré Vázquez.
According to the World Bank Group, the government effectiveness index of Uruguay is 0.48. This indicates that the government of Uruguay is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Uruguay before considering any business maneuvers.In Uruguay, the legislative power is vested in a General Assembly. The Global Peace Index (GPI) for Uruguay is 1.721. The strength of legal rights index for Uruguay is 4. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. In 2013, Uruguay received 19.3 million USD in foreign aid. In 2014, the foreign aid amounted to 19.4 USD. Uruguay is a member of the United Nations (UN). On 18 December 1945, it joined the UN at it inception date as a full member state. Uruguay is one of the original UN member states who founded the organization. Uruguay is a member of the World Bank. To read more click on politics of Uruguay.
Environment of Uruguay
Uruguay emits 2.3 metric tons per capita of CO2. 7000 km² of Uruguay's territory is covered in forests. and forest land comprises 4% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Uruguay is 220. To read more click on environment of Uruguay.
Company formation in Uruguay
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Uruguay.
When establishing a company in Uruguay, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Uruguay that will affect the establishment and growth of one's business. Contact us or click on company formation in Uruguay to read additional information when setting up a business.
Bank account opening in Uruguay
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Uruguay. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Uruguay, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Uruguay or contact us.