General Information

Since 2003 Uruguay has profited from dynamism and foreign demand, particularly for agrifood products. In the trade domain, Uruguay was one of the first countries in Latin America to orientate itself towards globalisation, and remains one of the main financial centres in the region due to its liberal policy in terms of capital exchange. A new tax system was put in place in 2007. Withholding tax has been introduced on the income of non-residents generated in the country, at a maximum rate of 12%.

In terms of sustainable initiatives, Uruguay ranks 2nd in the world for the generation of green energy, with 97% of its matrix coming from renewable sources (44% hydro, 32% wind, 18% biomass, 3% thermal, 3% photovoltaic).

Uruguay is largely populated with the direct descendants of Europeans and has a strong European tradition (particularly influenced by Spanish and Italian culture). Whether in everyday or professional life, Uruguay remains strongly influenced by its neighbouring countries (Argentinean and Brazilian regions). Spanish is the official language there but English is also frequently spoken, or even “Portunhol” (a mix of Spanish and Portuguese).

A certain number of Uruguayans also understand Italian and French due to the numerous waves of immigration coming from these countries. Operating in this country, even on a modest scale, cannot be improvised. Although they are very open, Uruguayans often act with prudence, and so personal and direct relationships are always appreciated before any negotiations.

Furthermore, the Uruguayan businessman is becoming more international, more experienced, and more prepared for dialogue every day. As for the consumers, they seek security, novelty, good results and discretion. Within the context of a regional strategy, the country can be used as a distribution centre (former Montevideo Free Trade Zone) due to its strategic location between Argentina and Brazil.