Unlike many of its neighbors, the small South American nation of Uruguay has enjoyed relative political and economic stability, strong institutions, and comparatively low levels of perceived corruption. Some 60 percent of the population is middle-class – by far the largest in the region. With such positive indicators, it’s little wonder that the country is a sought-after jurisdiction by foreign companies and investors – particularly in the tech sector. Those who are hiring in Uruguay have a large talent pool to choose from.
Known to many as the “Silicon Valley of South America,” the country has for years invested heavily in education, and has had success attracting large tech firms to its shores. Software giants like IBM, Microsoft, Oracle, Netflix, Cognizant, NetSuite, and VeriFone all have a presence in Uruguay.
Hiring in Uruguay: What do employers need to know?
Uruguay is the region’s 5th country with best economic freedom. Something to keep in mind when hiring in Uruguay.
- Before you start hiring employees, you will first need to get a sense of the legal, financial and cultural lay of the land. Things such as:
- How to sort out the red tape associated with incorporation
- Be aware of all the perks employees are legally entitled to
- Familiarize yourself with Uruguay’s payroll regime
- Know where to find the type of talent you’re looking for
- Learn how much an average salary is vs. a competitive one
- Consider hiring freelance/remote talent
The above is by no means an exhaustive list, but it’s a good foundation of which to embark on your market entry into this small but dynamic country. As with any new and unfamiliar jurisdiction, it’s best to seek the services of a PEO in Uruguay early on in the incorporation and hiring process.
Top 6 tips & advice for foreign companies looking to hire in Uruguay
- Bureaucracy is alive and well in Uruguay
- Employee benefits and entitlements in Uruguay
- Payroll for companies in Uruguay
- Where to find the skilled employees you need
- Seek out remote/freelance talent when needed
SEE ALSO: 4 good reasons to invest in Uruguay | When hiring in Uruguay, you have to know its employment law | Hiring in Uruguay: What are the largest industries in the country?
At Biz Latin Hub, we provide integrated market entry and back-office services throughout Latin America and the Caribbean, with offices in Bogota and Cartagena, as well as over a dozen other major cities in the region. We also have trusted partners in many other markets. Our unrivalled reach means we are ideally placed to support multi-jurisdiction market entries and cross border operations. As well as knowledge about hiring in Uruguay, our portfolio of services includes hiring & PEO accounting & taxation, company formation, bank account opening, and corporate legal services. Contact us today to find out more about how we can assist you in finding top talent, or otherwise doing business in Latin America and the Caribbean.
