Outsourcing your back office services in Uruguay can be a great way to streamline your operations and leave you to concentrate on other aspects of your business.
Back office services entail a wide range of critical functions, from dealing with the legal and accounting aspects of the business to overseeing recruitment and compliance.
If you are interested in starting a business in Uruguay, or are already operating in the market, outsourcing your back office services will allow you to focus your efforts on more strategic and profit-oriented aspects of your business.
If you are looking to outsource multiple services, it may be a better option to find a provider of integrated backoffice solutions. This will allow you to cover all functions under one agreement and only deal with one provider.
Below is an overview of Uruguay as an investment destination. Then, we will highlight key services that can be contracted out.
However, if outsourcing your back office services in Uruguay is something that you know you want to explore, contact us now to discuss how we can help you.
Uruguay a popular destination for investment
Uruguay is one of the most highly-developed and prosperous countries in Latin America, ranking third in the region on the UN’s Human Development Index, with an estimated 60% of the population considered middle class.
The country in South America has a long history of political stability and economic stability. It also boasts the lowest crime rates in Latin America and the Caribbean.
Thanks to its strong adherence to the rule of law and secretive banking system, it is also known as the “Switzerland of South America.”
The country is home to a growing services sector, which has contributed at least 63% of gross domestic product (GDP) every year since 2016. It also has a growing pool professionals who can provide high-quality backoffice services in Uruguay.
GDP has risen exponentially in recent years, rising from $12.05 billion in 2003 to be registered at 61.2 billion in 2019, according to data from the World Bank.
Uruguay has a significant meat production industry and a variety of other agricultural products that are crucial to the import/export market, such as wood, oil seeds and cereals.
Bordered by two major regional economies — Argentina and Brazil –the country is also a major trade hub and founding member of the Southern Common Market (Mercosur), a 30-year-old economic integration initiative that also includes its two neighbours and Paraguay.
4 back office services in Uruguay to outsource
1. Accounting and taxation:
One of the most popular back office services in Uruguay to outsource is accounting and taxation, given the heavy and specialist administrative burden it entails. By allowing a third party to provide accounting services to you, you are assuming all responsibility for keeping your books and records current in compliance with local regulations. This provider will be able to provide ongoing advice on new or upcoming legislation and help you manage taxes in the most efficient manner possible.
2. Legal services:
Another key back office service that you may wish to outsource is legal services, with your provider offering specialized support to help you navigate the idiosyncrasies of the Uruguayan corporate legal system. Your corporate legal services provider can help you choose the right structure for your needs and represent you before local authorities. Another important aspect of outsourcing legal services is the guarantee of compliance to maintain your good standing with local authorities.
3. Recruitment and hiring:
Finding ideal staff can be challenging in a new market, but when you engage with a provider of back office services in Uruguay to oversee recruitment and hiring, you tap into an established recruitment network as well as knowledge of the best educational institutions. Many back office services providers the offer recruitment and hiring will also be able to offer professional employer organization (PEO) services — meaning that their local entity can hire staff on your behalf. This is especially attractive for investors who are looking to start a small or short-term business or simply want to get more familiar with the market before forming a company.
4. Company formation:
Any investors entering the market who are not going to use a PEO is going to need to go through company formation, and hiring a provider of back office services in Uruguay to assist with the process guarantees that it will be completed in the shortest possible time and in full compliance with the law. Although it is easy to set up a company in Uruguay, it is important to have the guidance of a professional to help you through the process.
Biz Latin Hub can provide back office services in Uruguay
At Biz Latin Hub, our locally based team of bilingual corporate support specialists is available to provide you with back office services in Uruguay. Whether you are seeking accounting & taxation, legal services, hiring & PEO, company formation, or an integrated package of services tailored to your particular needs, we have the expertise and experience to assist you.
We also offer services on 17 other Latin American and Caribbean markets, so we can help you with multijurisdictional market entry.
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