The TMF Group report noted, however, that the country remains one of the best to invest in South America.
Uruguay fell from 26th to 35th place in the Global Business Complexity Index, which is produced in the United Kingdom by the company TMF Group and that evaluates the countries’ capacity to attract investments.
The index covers 93% of the Gross Domestic Product (GDP) worldwide with a total of 79 countries. To do this, it analyzes a total of 292 annual indicators from all jurisdictions and takes those aspects that are key when investing in countries such as regulations, taxes, payroll management and its benefits, among others.
From the company TMF, which is dedicated to providing administrative and regulatory compliance services, ensure that the decrease in Uruguay in the table is due to various factors. “Foreign companies face considerable operational challenges when establishing themselves in the country,” they explain.
One of them has to do with bureaucracy. “Opening a bank account can take months,” they say, adding: “The new requirement to present information about the Final Beneficiary and/or the Main Controller to a central registry adds a layer of administrative complexity.”
The second in Latin America
Despite highlighting some factors that do not help, the index highlighted some keys to the Uruguay that contribute to making it the second most attractive country in Latin America to invest after Ecuador.
“Uruguay offers relatively low business complexity. The country’s political and economic stability, clear fiscal rules and agile procedures help make business development simple,” he explained. Eduardo Torres, Country Leader for Uruguay at TMF Group.
On the other hand, they highlighted the technological development and the country’s commitment to sustainability. “There is constant growth in areas such as software development and the certification of sustainability. “We are also seeing greater flexibility in increasing or reducing payroll, which helps employers adapt quickly to market conditions,” he added.
Source: Ambito
