Uruguay: Regional 2024 Doing Business In Update

Published on May 13, 2024

2024 Uruguay Regional Update

Firm Name: Guyer & Regules
Author: José María Nicola

1. How is the political environment impacting business in or with your country?

The political environment in Uruguay is positively impacting business. One of Uruguay's main assets is its political stability and respect for the rule of law, regardless of which political pa ty is governing. Uruguay does not change the rules of the game, which gives investors the certainty they need

2. Which countries have you previously collaborated with and do you see potential for future collaboration with on cross-border matters within the region?

We have previously collaborated with clients and counsels from Brazil, Argentina, Chile, Peru, Colombia, Paraguay, the United States, Spain, the United Kingdom, France, Finland, and China. There is huge potential for cross-border matters in Uruguay and a full range of possibilities for foreign direct investments, especially in infrastructure and energy projects

3. What legislation has recently changed or is changing that a potential international client should be aware of?

In 2020, Uruguay's Congress approved an Urgent Consideration Act with several pro-market reforms. In 2022, this Act was subject to a referendum pursuant to which the people of Uruguay had to determine whether they wanted to derogate the Act. The "No" prevailed, and the Act has been in force since 2022. This Urgent Consideration Act contains several reforms promoting infrastructure and energy projects, transparency in the price of oil, a fiscal deficit rule restricting the incurrence of debt by the government, and control over satellite companies owned by the state.