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| URUGUAY - Services Uruguay, located in the southeastern part of South America, borders the Atlantic Ocean, Brazil, and Argentina. The capital and the commercial center of Uruguay is Montevideo. Uruguay’s strategic location, political and economical stability, first-rate infrastructure, and legal framework make it very attractive and profitable for foreign investors. Uruguay has become the first exporter of Software in Latin America. Uruguay grants equal treatment to national and foreign investors and, aside from very few sectors, there is neither de jure nor de facto discrimination toward investment by source or by origin. In Uruguay a SAFI (Sociedad Anonima Financiera de Inversion) can be established and managed. Internationally, the SAFI is considered a very reliable and respected corporate vehicle. Complete confidentiality is established by law. Furthermore, confidentiality is reinforced by the possibility of total anonymity of the shareholders, since share certificates can be issued in bearer form. Some requirements for a SAFI are:
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