South America country comparisons in 2022

Summary at a Glance Brazil Chile Argentina Uruguay
Total company set up costs US$42,180 US$18,385 US$20,790 US$22,105
Subsequent annual costs (excl accounting and tax fee) US$16,800 US$1,210 US$7,800 US$5,150
How long to set the company up? 20 weeks 9 weeks 12 weeks 9 weeks
How long to open company bank account? 8 weeks 4 weeks 8 weeks 4 weeks
Issued share capital required US$1 US$1 US$1 US$1
Corporate bank account SCB Brazil Banco Edwards Citi ABN Amro Argentina SCB Uruguay
Tenancy agreement required before incorporation? No No Yes No
Do you visit the country for company incorporation? No No No No
Resident director required? No Yes Yes No
Resident agent required Yes No No Yes
Legal considerations
Resident shareholder required? No No No No
Minimum number of directors 1 1 1 1
Minimum number of shareholders 2 2 2 2
Resident company secretary No No Yes Yes
Individual shareholders allowed Yes Yes Yes Yes
Corporate shareholders allowed Yes Yes Yes Yes
Corporate director(s) allowed Yes Yes Yes Yes
Public register of shareholders and directors Yes Yes Yes No
All business permitted for foreigners No Yes, except hyrdocarbon Yes Yes
Tax and accounting considerations
Corporate tax payable 15 – 34% 20% 35% 25%
Statutory audit required No No Yes No
Annual tax return to be submitted Yes Yes Yes Yes
Access to how many double tax treaties 29 28 15 10
Free zones available 4 2 10 9
Withholding tax payable 8% – 28% 35% 35% 7%
How long to get work permit approved 4 weeks 4 weeks 4 weeks 4 weeks
Can the entity hire expatriate staff in the country? Yes Yes Yes Yes
Logistic considerations
Allowed to invoice/sign sales contracts with local clients Yes Yes Yes Yes
Can rent office premises in the country Yes Yes Yes Yes
Allowed to import raw materials? Yes Yes Yes Yes
Allowed to export goods? Yes Yes Yes Yes
Employment visa fees (US$) US$3,950 US$3,950 US$3,950 US$3,950
Average monthly salary skilled labour (US$) US$1,600 US$2,700 US$5,100 US$2,500
Average monthly salary unskilled labour (US$) US$567 US$1,000 US$600 US$800
What % of population speak English 5% 10% 6% 6%
Literacy rate (%) 90% 96% 98% 98%
Computer literacy rate (%) 46% 40% 66% 57%
Office rental square meter per month (US$) US$55 US$30 US$33 US$20
Country credit rating A- AA+ CCC+ BBB-
Internet connectivity rating 89% 45% 78% 58%
Global business efficiency index score (higher better) 50% 72% 38% 31%
Ease of doing business global ranking (lower better) 130 37 124 89
GDP per capita (US$) US$11,340 US$15,363 US$11,558 US$14,449
Population (in million) 195 million 17 million 41 million 3 million
Unemployment rate 6% 6% 7% 6%
Inflation rate (2013) 6.1% 2.2% 9.8% 8.1%
GDP 2012 US$2.3 trillion US$268 billion US$474 billion US$49 billion
Real GDP Growth rate (2012) 3% 5% 2.6% 3.5%
Estimate of engagement costs
Healy Consultants engagement fees US$11,400 US$7,200 US$13,550 US$10,660
Company secretary and legal registered office fees US$2,300 US$1,100 US$0 US$1,100
Estimate of Government registration fees US$480 US$1,685 US$940 US$1,545
Corporate bank account opening US$4,950 US$4,950 US$2,950 US$4,950
Project management fees US$7,600 US$3,450 US$0 US$3,850
Estimate of total outgoings in Year 1 US$42,180 US$18,385 US$20,790 US$22,105
Draft sales invoice attached View invoice PDF View invoice PDF View invoice PDF View invoice PDF

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For additional information on our America company incorporation services, please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal