We are a team of professionals providing Audit, Tax and Advisory services. The aim of ECOVIS Chile is to provide valuable business advice to help clients manage their business risks as well as to grow and succeed in Chile.
Free trade zones are particularly well-known and popular because of their tax advantages. In Uruguay, a company that operates in a free trade zone is exempt from paying all current or future national taxes. The Ecovis experts know what other advantages there are for multinational companies that want to settle in a free zone.
There are different types of free trade zones depending on the type of activity that can be carried out, which can be industrial, commercial, or services. In Uruguay, the government declared the free trade zone regime to be of national interest, which reflects the interest and support for the activities carried out there. As a result, Uruguay has 14 free trade zones in different parts of the territory, with a wide variety of sectors and companies.
Uruguay’s Law 15,921 declares “the promotion and development of free zones is of national interest, with the objectives of
Being a regime of national interest guarantees the support of the government and the reliability of the regime in a country that also stands out in the region for its political, economic, and social stability, which makes it an attractive and safe destination to invest.
We will open an office in a free trade zone by the end of 2024. This will enable us to offer our services such as auditing, tax and management consulting or process outsourcing, to those companies that are in Uruguayan free zones or in other countries.Cristina Caiafa, Advisory services, ECOVIS Uruguay, Montevideo, Uruguay
In addition, it is important to highlight that the regime allows the possibility of hiring up to 25% foreign personnel, which allows qualified people to be brought in from abroad to train local employees. Also, although the regime establishes that the operations of free trade zone users must necessarily be carried out within the territory of the free trade zone, the rule was made more flexible as a result of the COVID pandemic to incorporate the option of home office. This recognises the new reality of working life, but is limited to 90% of staff completing 60% of their working time in person within the free trade zone.
Free trade zones in Uruguay are very attractive for companies, and many multinationals have already chosen Uruguay as the location for their regional hubs or shared services centres.
Cristina Caiafa, Advisory services, ECOVIS Uruguay, Montevideo, Uruguay
Email: cristina.caiafa@ecovis.uy
In the current business environment, companies face numerous challenges from regulatory obligations or simply from following the basic rules of corporate governance. This is what happened to an Ecovis client from Asia who wanted to start business activities in a sensitive sector in Poland and resorted to company secretarial services (CoSec) – a case study.
In many jurisdictions, even basic actions such as filing the minutes of an annual shareholders’ meeting, changing the data in the commercial register or the registration of ultimate beneficiary owners requires not only having the right IT tools or access to government platforms etc., but also the specialist knowledge involved. All this red tape is especially troublesome for investors operating many special-purpose vehicles (SPV) with limited day-to day business operations, as well as for investors from non-European jurisdictions who are unaware of the regulatory environment in Europe, and in Poland in particular.
The client was planning to be active in the field of consumers loans, a sector which is deemed highly sensitive from a regulatory perspective, mainly in terms of anti-money laundering (AML). The combination of a non-EU ultimate beneficiary owner and sensitive activity caused huge challenges in preparing operations, especially the cooperation with banks.
We offer standard company secretarial services as well as a range of bespoke services – including director services.Piotr Pruś, Partner, ECOVIS LEGAL POLAND Law & Tax, Warsaw, Poland
In addition to providing director services during the critical initial time period, Ecovis was able to provide support in the area of compliance, especially AML. We were also able to facilitate the licensing process and start the cooperation with banks, for example with the opening of a bank account.
ECOVIS LEGAL POLAND Law & Tax has more than 20 years of experience in supporting foreign companies in Poland. As a provider of company secretarial services in Poland, Ecovis also takes care of the minutes of board meetings and shareholders’ meetings, the necessary filings and business correspondence, as well as other corporate housekeeping matters. With this know-how, it was possible to implement the requirements of the Asian client quickly.
Piotr Pruś, Partner, ECOVIS LEGAL POLAND Law & Tax, Warsaw, Poland
Email: piotr.prus@ecovis.pl
The recently published legislative decree no. 1634 introduces a special instalment programme for tax debts in Peru. It is managed by the Peruvian financial authority SUNAT and covers debts payable up to 31 December 2023. The Ecovis experts explain the details.
Are you affected by tax debts? We will support you in repaying them in accordance with the rules.Octavio Salazar Mesias, Partner, ECOVIS Peru, Lima, Peru
