Uruguay: A strategic business platform in Latin America.
Stability. Quality. Competitiveness. Those three words define the essence of a small country which in full awareness of its size limitations, has decided to attract investors by offering multinational companies tailor-made solutions to serve Latin America, the Americas or the World, securing transparency and a context of macroeconomic and political stability.
Corporate Services Centers such as Regional Headquarters, Shared Services, Procurement and Trading Centers; Regional Distribution Centers; Manufacturing and R&D Centers, are the main business platforms that Uruguay offers to multinational companies seeking to enhance efficiency and profitability.
The country’s strategy has been successful and along the last decade, Uruguay has emerged as an innovative global services and distribution hub in Latin America, catching the attention of important decision-takers across the globe. The country proved to be an excellent option in the Americas, highly valued by multinational companies that find in this reliable country clear rules for investors, a strategic location, high-skilled workforce, convenient tax incentives and competitive costs.
Stability and Economic Freedom: a scarce treasure in the region
Uruguay stands in Latin America as one of the most resilient and stable countries, backed by its consistent economic growth, credibility and investment grade status. Its attractiveness is even greater when you consider its economic freedom, which allows companies to operate under an unrestricted foreign exchange market, and provides them the possibility of repatriating their profits in any currency, without prior authorization.
The continuous respect of the country for the rule of law and the transparency, led Uruguay to currently rank #1 in Latin America in different respected international Indexes regarding democracy, anti-corruption, prosperity, etc.
Quality as a key component of the Uruguayan DNA
Uruguay may have several virtues, but the one multinational companies cherish the most is the quality of the country’s workforce. In every meeting or interview with foreign executives in which the question “Why Uruguay?” comes up, the top-notch quality of the Uruguayan’s service delivery, their multilingual skills and their ability to think outside-the-box, are always present in their responses. For this very same reason, Uruguay is considered to be an ideal shore for Centers with focus on value-added tasks and processes, with strategic value for the companies.
Quality is not only found in the workforce, but also in the infrastructure. According to KPMG’s Change Readiness Index 2017, Uruguay ranks #4 in the World in terms of IT Infrastructure, due to many factors, including its internet download speed.
Companies also find for their Regional Distribution Centers, high-quality logistics operators with cutting-edge infrastructure, which include modern cold chain systems that have allowed an explosive growth of the pharma sector in the past years.
Last but not least, foreign companies are able to offer their expats a great and safe country to live in: Montevideo, the capital city of the country, has been ranked by Mercer as the city with the best quality of life in Latin America. Montevideo’s coast over the Río de la Plata, the great meats and wines, are simply a plus in the equation.
Competitiveness triggered by incentives
Uruguay offers a great deal of incentives, mainly through its free-trade zones and free-port/airport regimes, which have been in force for decades and along the presidential terms of all the main political parties in the country.
These regimes include exemptions from local taxes and custom duties -without the country being a tax heaven nor being considered as such by the international community.
Although free-zones continue having a dominant role for global services and logistics centers, the free-port/airport regime is being increasingly used to set up Regional Distribution Centers, for cross-docking operations but also for customization centers, which import products in bulk or white label products for their primary and secondary accommodation and later distribution to the region, saving time and costs.
Prepare to be surprised
Uruguay is not usually a top-of-mind option when analyzing the location for a business platform, but once the option is put on the table, it is hard to look other way. We invite you to know one of the best kept secrets in Latin America. In this small country, you may find your next big opportunity.
If you want to learn more about Uruguay or its business platforms, please feel free to contact us.
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