Setting up

March
2012

COSTS FOR SETTING UP AND OPERATING A BUSINESS IN
URUGUAY

Document updated as of February 2012. Prices in US$ (US$1 = $19.625) corresponding to the month
average of January.

Table of Contents

ACTUAL BUSINESS COSTS ............................................................................................................................... 3
1. STARTING A BUSINESS ENTITY ......................................................................................................... 3
1.1 STOCK COMPANIES.................................................................................... 3
1.2 LIMITED LIABILITY COMPANY ................................................................................ 6
2. COSTS OF SETTING-UP A BUSINESS.................................................................................................... 8
2.1 RENTAL OF PREMISES (M ).................................................................................. 8
2

2.2 PURCHASE OF PREMISES (M ) ............................................................................... 8
2

2.3 PURCHASE OF URBAN LAND (M ) ........................................................................... 8
2

2.4 HOUSING CONSTRUCTION COSTS ............................................................................ 8
2.5 LAND COST ................................................................................................ 9
3. ENERGY AND OTHER PUBLIC UTILITIES COSTS ....................................................................................... 9
3.1 WATER SUPPLY ............................................................................................ 9
3.4 ELECTRICITY ............................................................................................. 11
4. TELECOMMUNICATION COSTS ........................................................................................................ 12
4.1 FIXED TELEPHONY ........................................................................................ 12
4.2 LOCAL CALLS ............................................................................................ 12
4.3 INTERNATIONAL LONG DISTANCE CALLS .................................................................... 12
4.4 COMMUNICATIONS FROM FIXED TELEPHONES TO MOBILE TELEPHONES ...................................... 13
4.5 MOBIL TELEPHONY (ANTEL) ............................................................................. 13
4.6 INTERNET ACCESS ........................................................................................ 14
5. COST OF LABOR FORCE ................................................................................................................ 15
5.1 AVERAGE NOMINAL WAGES (IN US$) ..................................................................... 15
5.2 MANAGERS NOMINAL SALARIES (IN US$) ................................................................. 15
5.3 SOCIAL SECURITY CONTRIBUTIONS ......................................................................... 15
6.1 GENERAL CARGO TRANSPORTATION ....................................................................... 17
6.2 CEREALS TRANSPORTATION ............................................................................... 17
6.3 RICE TRANSPORTATION ................................................................................... 18
6.4 CONTAINERS TRANSPORTATION ........................................................................... 18
6.5 WOOD TRANSPORTATION ................................................................................ 19
6.6 LIVESTOCK TRANSPORTATION ............................................................................. 19
6.7 CONSTRUCTION TRANSPORTATION ........................................................................ 19
7. CAR RENTAL ............................................................................................................................ 20
COSTS RELATED TO PERSONNEL ..................................................................................................................... 21
1. PERSONALIZED HEALTH CARE......................................................................................................... 21
2. HOUSING RENTAL ...................................................................................................................... 21
2.1 RENTAL OF HOUSING IN MONTEVIDEO..................................................................... 21
2.2 SALE OF HOUSING IN MONTEVIDEO ....................................................................... 21
3. HOTELS IN MONTEVIDEO.............................................................................................................. 22
4. CABLE TELEVISION ..................................................................................................................... 22
5. WATER SUPPLY......................................................................................................................... 23
7. ELECTRICITY ............................................................................................................................. 24
8. FIRST-RATE PRIVATE EDUCATION .................................................................................................... 25
8.1 ELEMENTARY SCHOOL .................................................................................... 25
8.2 HIGH SCHOOL ........................................................................................... 25

2

Actual Business Costs
1. Starting a Business Entity 1

This section contains all the important information in regard to starting a business in Uruguay,
including all the steps required for an entrepreneur to formally register a Stock Company
(“Sociedad Anónima”) or a Limited Liability Company (LLC).

Below you will find all the required official procedures to legally start operating a business
according to the type of company you wish to incorporate or register.

1.1 Stock Companies

Shareholders Meeting

Cost: Notary fees, 5% of the capital (the minimum fee for any professional
intervention may in no case be less than US$ 1,107)
Time to Complete: 1 working day.
Requirements: The meeting must establish the contracting parties; the name; the
domicile; object or activity that will be carried out; capital, contributions, how
profits and losses are to be assigned; administration regime, meetings and
internal verification, where appropriate, appointment of the first Board of
Directors or Administrator, as well as the trustee or the fiscal commission and
establish their designation and the stipulated term of the company; stock nature
or classes, amount, conditions and emission and other characteristics; the term
may exceed the stipulated 30 years.

Stock Companies By-Laws Approval

By-Laws are subject to the approval of the National Internal Audit Office (AIN). This body
is an executing unit of the Ministry of Economics and Finance (MEF), its main role is the
enforcement of stock companies legal By-laws and the subscriptions and minimum paying
in of capital.

The administrative procedure must be carried out in person. You may choose between
the standard By-Law developed by the National Internal Audit Office (which can be
acquired in the aforementioned body), or a self-developed By-Law.

Cost: Standard procedure US$ 560
Execution term: 30 calendar days immediately following its incorporation
Time to Complete: 30 calendar days since it was received
Requirements:

i. Original By-Law or a notarized copy with signatures certification and their
corresponding seals.

ii. Certificate of subscription and paying in of capital with its corresponding
stamps, according to the models available at the web site: www.ain.gub.uy.

1 Source: Online Portal (www.portaldelaempresa.gub.uy)

3

iii. Approval application note with its corresponding copy including the following
information of the petitioner: Domicile, telephone and fax. The note must be
addressed to the National Internal Auditor and must be signed by an
authorized person.

One-Stop Shop: Registration of newly incorporated Stock Companies

One-Stop Shop is a procedure between the Social Security Bank (BPS) and the Tax
Administration Department (DGI). The DGI is an executing unit of the Ministry of
Economics and Finance (MEF) and a supervising and collecting agency. The BPS is an
independent entity of the Uruguayan State and a competent body in regard to the
provision and coverage of social security.

Cost: Professional Stamp
Execution Term: 30 calendar days starting from the articles of incorporation date
Requirements:
i. Forms: Access to in DGI and BPS
ii. Documentation to be Submitted
- Two photocopies of the shareholders’ ID card
- Notarial certificate and two photocopies including: Signature of all the
founders, information of the founders, tax domicile, articles of
incorporation date.

National Insurance Bank (BSE)

The National Insurance Bank (BSE) is an independent entity of the Uruguayan State.
Employers that have dependent personnel must start proceedings before the
aforementioned entity in order to obtain the Accidents at Work and Occupational
Diseases Insurance.

Cost: Without cost
Execution Term: At the time of personnel hiring
Time to Complete: 1 working day
Requirements:
i. Form No. 1990, Application for Accidents at Work and Occupational Diseases
Insurance. This form can be obtained at the BPS premises or through their web
site.
ii. For companies with Forestry Activity –logging and harvesting of forests, they
have to submit proof as registered rural companies before the BPS, registered
under the Rural Sector Employers Contribution according to Law No. 15.852
(Aporte Unificado).

Registration of Company with Personnel:

Businesses that start operating must perform the corresponding procedure before the
General Inspection of Labor and Social Security at the Comptroller Documents Division
(IGTSS). The IGTSS is a dependency of the Ministry of Labor and Social Security (MTSS)
which its core competence is the legal protection of workers.

Cost: Without cost

4

Execution Term: 10 working days starting from the following day that the business
started operating
Time to Complete: 15 working days
Requirements:
i. Original Registration Record in the BPS and DGI
ii. Labor Registry Book
iii. BPS Sheet (original or photocopy)

Registration at the National Registry of Commerce

Once the By-Laws are approved by the AIN the procedures for the registration of the
company must take place before the Register of Legal Persons -National Registry of
Commerce Department (RNC), for the purpose of complying with part of the necessary
requirements for the acquisition of the legal entity. The RNC is a dependency of the
General Directorate of Registries (DGR), executing unit of the Ministry of Education and
Culture.

Cost: One Registration Fee (US$ 41)
Requirements:
i. First notarized copy of the articles of incorporation issued as a private
document with Notarial Certification of signatures or first copy of the public
deed.
ii. Notarized copy of the approved By-Law by the AIN
iii. Register Draft of Business Entities (Form approved by the DRG)
iv. Notarial certification or record of the company’s registration number in the
Fiscal Code Number for Taxpayers (R.U.T.)
v. Payment slips from ICOSA (Tax on the Incorporation of Uruguayan
Corporations).

Publication of the Stock Company By-Law:

With the publication in the Official Gazette or any other journal of choice, the company
finally starts operating officially as a Stock Company.

1. Official Gazette
Cost: US$ 23.3 (Price per centimeter of column 6.2 cm)
Requirements:
i. Certificate of registration in the National Registry of Commerce (RNC)

2. Other Journal:
Cost: US$ 41 to US$ 205
Requirements:
i. Certificate of registration in the National Registry of Commerce (RNC)

5

1.2 Limited Liability Company

Partners Meeting

Cost: Notary fees, 5% of the capital (the minimum fee for any professional
intervention may in no case be less than US$ 1,107)
Time to Complete: 1 working day.
Requirements: The meeting must establish the contracting parties; the name; the
domicile; object or activity that will be carried out; the capital stock; the number
and amount of shares for each partner and the allocated value to in-kind
contributions; how profits and losses are to be assigned; administration regime,
representation and internal audit system of the company; and the stipulated
term of the company (no longer than 30 years)

One-Stop Shop: Registration of Partnerships with Contract

One-Stop Shop is the unified procedure between the Social Security Bank (BPS) and the
Tax Administration Department (DGI) for formally registering a company. The DGI is an
executing unit of the Ministry of Economics and Finance (MEF) and a supervising and
collecting agency. The BPS is an independent entity of the Uruguayan State and a
competent body in regards to the provision and coverage of social security.

Cost: Professional Stamp
Execution Term: Within the 24 hours following the signature of the contract
Requirements:
i. Remote Connection and Remote Connection Contract Application Forms.
Access to in DGI and BPS.
ii. Documentation to be Submitted
- Two photocopies of all the partners ID cards
- Original or certified copy of the corporate contract
- Simple photocopy of the corporate contract
- Notarial certification (original and two simple photocopies), including:
Information of all the partners that enter the company, names of the
administrators and representatives, legal status and complete
representation (including date of the contract), tax domicile.

National Insurance Bank (BSE)

The National Insurance Bank (BSE) is an independent entity of the Uruguayan State.
Employers that have dependent personnel must start proceedings before the
aforementioned entity in order to obtain the Accidents at Work and Occupational
Diseases Insurance.

Cost: Without cost
Execution Term: At the time of the personnel hiring
Time to Complete: 1 working day
Requirements:
i. Form No. 1990, Application for Accidents at Work and Occupational Diseases
Insurance. This form can be obtained at BPS premises or through their web
site.

6

ii. For companies with Forestry Activity –logging and harvesting of forests, they
have to submit proof as registered rural companies before the BPS, registered
under the Rural Sector Employers Contribution according to Law No. 15.852
(Aporte Unificado).

Registration of a Company with Personnel:

Businesses that start operating must perform the corresponding procedure before the
General Inspection of Labor and Social Security at the Comptroller Documents Division
(IGTSS). The IGTSS is a dependency of the Ministry of Labor and Social Security (MTSS)
which its core competence is the legal protection of workers.

Cost: Without cost
Execution Term: 10 working days starting from the following day that the business
started operating
Requirements:
i. Original Registration Record in the BPS and DGI
ii. Labor Registry Book
iii. BPS Sheet (original or photocopy)

Registration at the National Registry of Commerce

Once the articles of incorporation of the Limited Liability Company is granted, the
registration of the company must take place before the Register of Legal Persons -
National Registry of Commerce Department (RNC), for the purpose of complying with part
of the necessary requirements for the acquisition of the legal entity. The RNC is a
dependency of the General Directorate of Registries (DGR), executing unit of the Ministry
of Education and Culture.

Cost: One Registration Fee (US$ 41)
Time to Complete: 30 days from the incorporation of the corporate contract
Requirements:
i. First notarized copy of the articles of incorporation issued as a private
document with Notarial Certification of signatures or first copy of the public
deed.
ii. Register Draft of Business Entities (Form approved by the DRG)
iii. Payment slips from ICOSA (Tax on the Incorporation of Uruguayan
Corporations).

Publication of the Incorporation of the Limited Liability Company (LLC):

With the publication in the Official Gazette or any other journal of choice, the company
finally starts operating officially as a Limited Liability Company.

3. Official Gazette
Cost: US$ 23.3 (Price per centimeter of column 6.2 cm)
Requirements:

7

i. Certificate of registration in the National registry of Commerce (RNC)

4. Other Journal:
Cost: US$ 41 to US$ 205
Requirements:
ii. Certificate of registration in the National Registry of Commerce (RNC)

2. Costs of Setting-up a Business 2
2.1 Rental of Premises (m 2 )
Minimum Average Maximum
(US$) (US$) (US$)
Offices 9 14 38
Commercial Premises 7 13 45
Industrial Premises 2.5 4 6

2.2 Purchase of Premises (m 2 )
(US$) (US$) (US$)
Offices 1,600 2,300 3,900
Commercial Premises 1,200 1,750 4,500
Industrial Premises 230 450 590

2.3 Purchase of Urban Land (m 2 )
Use
(US$) (US$) (US$)
Residential 450 1,050 9,000
Logistic 7 29 50
Industrial 4 18 35

2.4 Housing Construction Costs 3
Price
Housing
Description (US$ /
Type
m2)
1 Economic at ground floor level 874
2 Economic duplex 885
3 Average (duplex or not) 1,424
4 Sumptuary with heating system (duplex or not) 1,796
5 Economic collective housing at ground floor level without infrastructure 764
5a Same as item 5 but including its own infrastructure 1,072
6 Economic or average collective GF with elevator, without infrastructure 729

2 Source: Villamide Real Estate Advisory Services – Valid as of March, 2012. Approximate values in current dollars
for Montevideo, excellent locations for each use.
2
3 Note: - The above information is for the second half of 2010. – Price per m includes: Building materials,
remunerations, depreciation of equipments, operating expenses and profits of the construction company, Value
Added Tax (VAT) and Social Laws (contributions to B.P.S.). Costs do not include land value, professional fees, costs
of construction permits, real estate commissions. Source: National Statistics Institute

8

6a Same as item 6 but including its own infrastructure 821
7 Economic or average collective duplex without infrastructure 885
7a Same as item 7 but including its own infrastructure 1,030
8 Economic Tower with elevator 734
9 Average Tower with elevator 760
10 Sumptuary Tower with elevator and heating system 1,182

2.5 Land Cost 4
Area Leased Value
Total Total
Productive Destination Average
Average (ha) ( Thousands
(hectares) (US$/ha/year)
of US$)
Total 1,104,593 353 141,539 128
Rain-fed Agriculture 296,874 387 76,835 259
Rice 47,057 334 6,125 130
Agriculture/Cattle Raising 179,308 286 25,501 142
Rice/Cattle Raising 3,234 359 353 109
Agriculture/Dairy 7,379 164 879 119
Cattle Raising 529,318 411 27,324 52
Dairy 15,090 104 1963 130
Dairy/Cattle Raising 1,688 77 187 110
Forestry 23,402 397 2196 94
Other sectors (swine, citrus, etc) 1,243 121 177 303

3. Energy and Other Public Utilities Costs 5
3.1 Water Supply

3.1.2 Non-domestic private consumption, except industrial consumption
Montevideo or other
Montevideo or other
Volumes 3 Departments
Departments up to 1000 m 3
Over 1000 m
3
US$ / m 3.1 2.5

3.1.3 Industrial Consumption

3.1.3.1 Montevideo or other Departments
Up to 1000 From 1000 to From 2000 From 2500 From 3000 Over 3500
Volumes 3 3 3 3 3 3
m 2000 m to 2500 m to 3000 m to 3500 m m
3
US$ / m 3,.1 2.4 2.2 2.1 2 1.8

3.1.3.2 Maldonado Seaside Resort
Up to 1000 From 1000 From 2000 From 2500 From 3000 Over 3500
Volumes 3 3 3 3 3 3
m to 2000 m to 2500 m to 3000 m to 3500 m m
3
US$ / m 4.37 3.42 3.22 2.02 2.84 2.67

4 Source: Agricultural Statistics Office, Ministry of Livestock, Agriculture and Fishery – Year 2011
5 Source: Obras Sanitarias del Estado (O.S.E.) – March, 2012.

9

3.1.4 Fixed Monthly Charges
Connections
Location
13 mm 19 mm 25 mm Over 25 mm
Montevideo or other Departments (not along the coast) 4.93 7.27 11.71 49.6
Seaside resorts in Canelones, Maldonado and Rocha 9.58 14.27 22.92 99.21

3.1.4.1 Sewage Costs6
Cold Stores,
Slaughterhouses Retail stores,
and Textiles Oils, Soaps and
Activity Bakeries, Other Industries
Non-Alcoholic
Sector Paper Mills, Dairy Confectioneries and Business
Beverages
Products, Food and and Pasta
Tanneries
Fixed Charge
103.62 51.81 77.58 5.33
(monthly)

3.2 Fuel7
Price per Liter
PREMIUM GASOLINE 97 (unleaded) 1.89
SUPER GASOLINE 95 (unleaded) 1.81
SPECIAL GASOLINE 87 (unleaded) 1.80
GAS OIL 1.75
DIESEL OIL 1.28
HEAVY FUEL OIL 0.73
MEDIUM FUEL OIL 0.89
Price per Kg.
SUPERGAS 1.40

3.3 Gas8
MARKET RATE Fixed Charge Charge per m3
Annual Consumption Range
MONTEVIDEO (US$) consumed (US$)
Plus Natural From 601 to 4000 m3 51.87 1.03
Top Natural From 4001 to 12000 m3 65.68 1.03
GENERAL SERVICE
1.03(1)
(Regulated service 3
Over 12,000 m 83.91
for the business
0.94 (2)
sector)
3
(2) Applies to monthly consumption of up to 1000 m
3
(3) Applies to monthly consumption of Over 1000 m

6 Note: Monthly fixed charges.
7 Source: Administración Nacional de Combustibles, Alcohol y Portland (A.N.C.A.P.) – data updated as of January 13,
2012. Note: Current prices include taxes. One Gallon is equivalent to 3.785 Liters.
8 Note: Fees include VAT. Source: Montevideo Gas y Conecta – February, 2012

10

3.4 Electricity 9

Below are the current electricity fees for average and large consumers. Both have different
electricity prices for three different time periods: Peak Hour, Normal Hour, Off-Peak Hour, and
price per maximum power demanded throughout the entire month, in addition to a fixed charge.

When the electricity supply is delivered, power and electricity prices differ because of different
voltage levels; in such a way that while voltage levels increase, prices decrease.

Distribution of electricity fees for time periods is as follows:
During the period subject to the usual official time:
- Peak Hours: From 6:00 p.m. to 10:00 p.m.
- Normal Hours: From 7:00 a.m. to 6:00 p.m. and from 10:00 p.m. to 12:00
(midnight)
- Off-Peak Hours: From 0:00 to 7:00 a.m.
During the period subject to the official times forward:
- Peak Hours: From 7:00 p.m. to 11:00 p.m.
- Normal hours: From 0:00 to 01:00 a.m., from 8:00 a.m. to 7:00 p.m. and
from 11:00 p.m. to 12:00 (midnight)
- Off-Peak Hours: From 1:00 a.m. to 8:00 a.m.

3.4.1 Average Consumers
On an optional basis for services that present a contracted power rating higher than or equal to
10kw or under or equal to 40Kw at any hour (between the peak-normal time period), and by
services regulations with a contracted power rating higher than 40kw at any hour.

Maximum Fixed
Level of Electricity Price US$ / kWh
FEE Power US$ Monthly
Voltage kV
Off-Peak Normal Peak / kW Charge US$
MC1 0.23 – 0.40 0.057 0.136 0.315 10.721
MC2 6.4 - 15 - 22 0.056 0.124 0.246 6.915 19.89
MC3 31.5 0.055 0.121 0.203 4.046

3.4.2 Large Consumers
For services that present an average consumption equal to or higher than 90.000 kWh per month
and a contracted power rating equal to or higher than 200 kWh, according to regulations and on
an “optional” basis.

Maximum Fixed
Level of Electricity Price US$ / kWh
FEE Power US$ Monthly
Voltage kV
Off-Peak Normal Peak / kW Charge US$
GC1 0.230 – 0.400 0.056 0.108 0.333 14.125 414.436
GC2 6.4 - 15 - 22 0.054 0.103 0.268 9.289 0.000
GC3 31.5 0.054 0.101 0.226 5.656 0.000
GC4 63 0.054 0.101 0.208 2.227 0.000
GC5 110 - 150 0.054 0.099 0.172 1.559 0.000

9 Source: Administración Nacional de Usinas y Transmisiones Eléctricas (U.T.E.). Valid Fees as of January 1, 2012.

11

4. Telecommunication Costs 10
4.1 Fixed Telephony
Fixed telephony costs are the same for urban and rural areas. In this report the data is in US$
without VAT included (22%).

Family Home 47.1 55.6
New Service
Other Clients 47.1 55.6
Connection Fee
Family Home 34.7 41.0
Transfer(1)
Other Clients 34.7 41.0
Refundable Family Home 47.9 46.3
New Service
Deposit Other Clients 89.8 86.9
Family Home(2) 8.7 8.4
New Service
Monthly Fee Other Clients 16.4 15.9

4.2 Local Calls 11
This fee applies to all calls between telephony services located at any point within the national
territory, and it is from fixed telephony to fixed telephony. Tally value: US$ 0.057.

HOURS
From 0:00 to 9:00 am and
From 9:00 am to 10:00 am
from 9:00 pm to 12:00 From 10:00 am to 6:00 pm
and from 6:00 pm to 9:00 pm
(midnight)
1 Tally / 5 minutes 1 Tally / 3 minutes 1 Tally / 1 minute

4.3 International Long Distan ce Calls 12
Normal Fee US$
Countries or Regions
per minute
Buenos Aires, Curitiba, Porto Alegre, Sao Paulo, Santiago de Chile and
0.23
Asunción
Rest of Argentina, Rest of Brazil, Rest of Chile, United States, Spain,
0.26
Canada, Italy and Israel
Australia, France, U.K., Bolivia, Ecuador, Rest of Paraguay, Mexico, Peru,
0.42
Germany and Switzerland
Colombia, Costa Rica, El Salvador, Guatemala, Haiti, Honduras, Nicaragua,
Panama, Puerto Rico, Dominican Republic, Democratic Republic of Congo 0.47
and Venezuela
Rest of the world 0.83
Insular (Asunción, Cuba, North Korea, Kiribati, Falklands, Nauru, Niue, Is.
1.59
Norfolk, Santa Lucia, St. Vincent and the Grenadines and Vanuatu)

10 Source: Administración Nacional de Telecomunicaciones (A.N.T.E.L.) – February, 2012. Notes (1): Companies or
Institutions that have over ten telephone services and require their simultaneous transfer will benefit from
reductions over the transfer fee. (2): The client “Family Home” has up to 50 free of charge tallies available per
monthly billing period.

11 Note: The current fee for the hourly period of 0:00 to 9:00 a.m. and from 9:00 p.m. to 12:00 (midnight) is also
valid for Saturdays, Sundays and non-working holidays for 24hs. Source: Administración Nacional de
Telecomunicaciones (A.N.T.E.L.) – February, 2012
12 Note: Fees do not include VAT Source: Administración Nacional de Telecomunicaciones (A.N.T.E.L.) – February,
2012.

12

Border Traffic: Colonia - Buenos Aires 0.23
Border Traffic: Bella Unión and Tomás Gomensoro with Monte Caseros;
Paysandú with Colón and Concepción del Uruguay; Fray Bentos with 0.13
Gualeguaychú; Salto with Concordia

4.4 Communications from Fixed Telephones to Mobile T elephones
Normal Fee
US$ / Minute
Minute from ANCEL cell phone 0.19
Minute from MOVISTAR cell phone 0.19
Minute from CTI cell phone 0.19

4.5 Mobil Telephony (ANTEL)

ANTEL offers users a large variety of plans according to their use and convenience:

Prepaid Plan: Consists on the top-up account by purchasing a card which its cost varies
according to the following chart:

Card Cost (US$) 0.5 1.3 2.5 5.1 10.2 15.3 25.5
Price per Minute
0.3
(US$)

Contracts with or without Limited Credit:

Minimum Price per Minute
Consumption Normal Fee Reduced Fee
(US$) (US$) (US$)
16.97 0.22 0.11
Contract without Limited Credit 36.33 0.19 0.09
67.82 0.17 0.09
16.76 0.23 0.12
Contract with Limited Credit
16.97 0.30 0.12

Normal Fee:
Mondays to Fridays from 9 a.m. to 9 p.m.

Reduced Fee:
Mondays to Fridays from 9 p.m. to 9 a.m.
Saturdays, Sundays and non-working Holidays (1/1, 5/1, 7/18, 8/25 and 12/25)

Blackberry Plan:

Monthly Fee (US$) Includes
Flat fee for e-mail and terminal navigation
27.97
(Does not include Voice)

13

4.6 Internet Access
Antel provides family and personal access to the Internet, offering the possibility to permanent
access the Internet without the consumption of telephone tallies, allowing the simultaneous
use of telephone and Internet. Antel offers three possibilities according to the clients needs:
ADSL Flat Fee, ADSL by Traffic or ADSL Mobile.

ADSL Flat Fee:

Plan Name Speed Monthly Fee (US$)
Up to 10,240 kbps for downloads
Flat Fee 5 Mega 96.31
Up to 512 Kbps for uploads
Flat Fee 1.5 Mega 29.81
Flat Fee 384 19.87

ADSL by Traffic:

Plan Name Speed Monthly Fee
Up to 3.072 kbps for downloads
ADSL 2 Giga 10.09
ADSL 5 Giga 14.68
ADSL 20 Giga 19.72
ADSL 40 Giga 30.06
ADSL 80 Giga 45.35

ADSL Mobile:

Plan Name Speed Monthly Fee
ADSL 5 Giga 19.77
ADSL 20 Giga 24.71
ADSL 30 Giga 29.81
ADSL 50 Giga 40.15
ADSL 100 Giga 60.54

14

5. Cost of Labor Force 13
5.1 Average Nominal Wages (in US$)
Annual Annual sales Annual
Sales for between 6 Sales for
Positions less than 6 and 19 Over 19
millions of millions of millions of
dollars dollars dollars
Superior Levels 6,217 6,165 6,273
Intermediate Levels 3,052 3,080 3,427
Dependency Levels:
1,263 1,383 1,450
Administration, Finance and Personnel sectors
Dependency Levels:
1,501 1,903 1,620
Commercial sector
Dependency Levels:
1,062 1,457 1,571
Production sector

5.2 Managers Nominal Salaries (in US$)
Domestic International
Market General
Positions Companies Companies
Average
Average Average
General Manager 12,371 10,981 13,326
Financial and Business Manager 7,365 6,796 7,669
Systems Manager 5,637 5,091 6,183
Commercial Manager 8,104 7,941 8,236
Production Manager 7,527 6,944 7,794
Human Resource Manager 5,659 5,355 5,883

5.3 Social Security Contributions 14
The following chart contains the tax percentages to social security, including contributions
made by the employee (which are deducted from their wage while the company acts as a
withholding agency) and those made by the company. Taxes are expressed in percentages of
each employee’s nominal wage. These are fixed percentages, except for the Personal Income
Tax on Residents (IRPF) which is calculated differently.

Taxes Employee Contribution15 Company Contribution
Social Security (BPS) 15% 7.5%
Health Insurance (1) (2)
Personal Income Tax on Residents (IRPF) According to categories (3) 0%
Tax on Retributions 0.125% 0.125%

(1) Nominal wage up to 2.5 BPC (Benefits and Contributions Threshold)16 : 3% contribution
Nominal wage higher than 2.5 BPC: 4.5% contribution with no children and 6% with
children.

13 Source: Remunerations Survey 2010-2011 – Price Waterhouse Coopers – The above information is for the
second half of 2011. Note: Figures can be subject to changes according to variations on the exchange rate.
14 Source: www.empresasbps.com.uy – February, 2012 and DGI
15 Included in the nominal wage
16 BPC value valid as of 2012 : US$ 123.16

15

(2) Holders of Sole Proprietorships with up to one employee with health coverage (as
dependent workers): Contribute 8% BPC by concept of sickness pay.
- Sole proprietorships with up to one employee are entitled to health coverage (for
the holder and for their minors or disabled dependents) and sickness pay. In order to
be entitled to these benefits they must contribute:
No children in charge: 9.5% over a taxable amount of 6.5 BPC
11% over a taxable amount of 6.5 BPC
- Business holders: Contribute 5% over the total sum of nominal wages of employees
in payroll.
- Business holders contribute to the Complementary Mutual Fund calculated as
follows:
CCM=(mutual fund*quantity of employees) – 8% (sum of total taxable
amount of employees in payroll)

(3) In order to determine the monthly retention of IRPF all income derived from a
dependent relationship (nominal remunerations) must be added and all irrecoverable
credits must be deducted. Thus, the obtained amount will be levied according to the
following income scale:

FROM (US$) UP TO (US$) RATE (%)
0 862 exempted
862 1,232 10
1,232 1,847 15
1,847 6,158 20
6,158 12,316 22
12,316 25

The main feature of this tax is that it is determined by progressive rates linked to an income
scale. This means that the corresponding monthly income is entered into the scale
and then the corresponding rate of each section is applied to the income portion
comprehended in each section of the scale.

The following contributions may be withheld from tax payment:

Health Care Insurance, Benefit Funds or Conventional Insurance, contributions to the
Tax on Retributions (Fondo de Reconversión Laboral), and to the Notarial Health Care
Fund.
Retirement Contributions to the Social Security Bank, Banking Retirement and Pension
Fund, Retirement and Pension Fund for University Professionals, Retirement and
Pension Funds of the Armed Forces, General Directorate of Police Social Assistance,
Notarial Social Security Fund and the Administration Companies for Social Security
Complementary Funds.
Endowment fund (Fondo de Solidaridad) with its additional.
Medical assistance for under age children in charge of the taxpayer (US$610 annually).
In the case of minors or children who have reached the age of majority and have been
legally declared disabled this deduction will be duplicated. This deduction may be
carried out in all cases, whether the expense has been made or not. The deduction will
be made through the father or mother`s payment; or from both, each one of them
paying 50% of the corresponding value.

16

In the same way as in the determination of the tax above, the sum of all the deductions will be
entered into an income scale as shown in the chart below:
FROM (US$) UP TO (US$) RATE (%)
0 369 10
369 985 15
985 5,296 20
5,296 11,454 22
11,454 25

The tax to pay will be the result of the subtraction of the tax calculated above minus the
deductions entered into the income scale. Sectors other than the construction and rural
sectors must hire an accidents at work insurance, since this insurance is already included in the
contribution to the Social Security Bank (BPS) for the abovementioned sectors.

6. Transportation Cost17
These are the sector benchmark prices developed by the National Transport Directorate,
dependency of the Ministry of Transport and Public Works. (They are not mandatory)

6.1 General Cargo Transport ation
Price per km (US$) Price per km (US$) Price per km (US$)
Distance in Km
Equipment 28t Equipment 15t Equipment 10t
From 41-70 5.3 4.5 4.3
From 71 to 100 5.0 3.8 3.6
From 101 to 180 4.3 3.3 3.2
From 181 to 280 3.6 2.8 2.6
From 280 to 450 3.0 2.3 2.2
Over 450 2.9 2.2 2.1
Minimum Travel (US$) 195.0 169.4 159.7
Average Value of
14.5 12.7 12.0
Waiting Time (US$)

6.2 Cereals Transportation
Price per Ton/km (US$) Price per Ton/km (US$)
Distance in Km Price per km (US$)
Equipment 28t Equipment 21t
Up to 40 7.5 0.3 0.4
From 41-50 5.9 0.2 0.3
From 51 to 60 5.6 0.2 0.3
From 61 to 80 5.0 0.2 0.2
From 81 to 100 4.8 0.2 0.2
From 101 to 150 4.7 0.2 0.2
From 151 to 200 4.0 0.1 0.2
From 201 to 300 3.7 0.1 0.2
From 301 to 400 3.2 0.1 0.2
Over 400 3.0 0.1 0.1
Minimum Travel(US$) 190.7
Average Value of
13.3
Waiting Time(US$)

17 Source: National Transport Directorate– November, 2010. Note: In every case, prices per kilometers refer to
distances covered by the loaded vehicle. All costs have been considered, no VAT included, or tolls if applicable.

17

6.3 Rice Transport ation
Price per Ton/km (US$)
Distance in Km Price per km (US$)
Equipment 28t
From Farm to Mill
Up to 40 7.85 0.28
From 41 to 60 6.11 0.22
From 61 to 80 5.25 0.19
From 81 to 100 5.15 0.18
From 101 to 130 4.99 0.18
Over 130 4.54 0.16
From Warehouse to Warehouse
From 160 to 300 3.87 0.14
From 301 to 450 3.16 0.11
Over 450 2.90 0.11
Minimum Travel(US$) 214.93
Average Value of
15.39
Waiting Time(US$)

6.4 Containers Transportation 18
Price of the Journey (US$) Price of the Journey (US$)
Location
Equipment 15 t Equipment 28 t
Montevideo 177.4 195.6
Libertad 228.8 259.7
San Jacinto 228.8 259.7
Villa Rodríguez 297.7 330.3
Florida 370.5 450.4
Nueva Helvecia 427.3 517.1
Maldonado 549.5 667.0
Colonia 549.5 667.0
Trinidad 571.4 694.3
Nueva Palmira 734.4 889.8
Fray Bentos 814.8 990.1
Melo 1,003.8 1,215.9
Paysandú 1,003.8 1,215.9
Tacuarembó 1,003.8 1,215.9
Salto 1,233.4 1,497.4
Rivera 1,182.5 1,497.4
Average Value of
12.2 13.2
Waiting Time(US$)

18 Note: Montevideo is considered the Origen/Final Destination. The indicated loads include the containers weight.
The same prices were used for locations with similar distances. In cases where the aforementioned can´t be applied,
the most proximate location price is considered, adjusting the difference of kilometers covered to the
corresponding unit price.

18

6.5 Wood Transportation 19
Tied Logs
Stockpile Distance in km Price per Journey (US$)
Up to 3 19.2
Up to 10 27.0
Up to 30 97.0

Loose Logs
Distance in km Price per Ton (US$)
Up to 50 7.1
From 51-100 13.1
From 101-150 16.6
From 151-250 24.4
From 251-350 31.1
From 351-450 37.9
Over 450 46.2

6.6 Livestock Transportation
Price per km (US$)
Distance (km)
Equipment 18t Equipment 15t Equipment 12t Truck 9t
From 51 to 100 3.9 3.5 3.4 2.9
From 101 to 140 3.1 2.9 2.6 2.2
From 141 to 250 2.7 2.5 2.3 2.0
From 251 to 350 2.7 2.5 2.3 1.9
From 351 to 450 2.6 2.4 2.2 1.9
Over 450 2.6 2.4 2.2 1.9
Minimum
223.6 196.5 192.9 162.2
Travel(US$)

6.7 Construction Transport ation
Price per m3 – kilometer (US$)
Equipment 9t Equipment 14t Equipment 28t
Cartage Road
0.5 0.3 0.2
Work
Cartage Urban
0.6 0.4 0.3
Work
Cartage per Hour
(Three hours 25.8 28.0 30.9
minimum)

19 Prices for wood transportation refer to the complete journey. Drivers do not intervene in the loading or
unloading operations and journeys for devolution and classification of wood were not taken into consideration.

19

7. Car Rental 20
Car rental fees in Montevideo:

MODEL Daily Fee (US$)
FIAT STRADA PICK UP 46
CHEVROLET SPARK o similar 58
CHEVROLET AGILE 1.4 o similar 68
CHEVROLET AVEO 1.6 o similar 79
HYINDAI ACCENT 1.6 o similar 88
TOYOTA COROLLA 2.0 o similar 115
CHEVROLET ZAFIRA 2.0 o similar 140

20 Note: Fees include VAT, collision and vehicle theft waiver (Charge for waiver obligations US$ 500.OOO),
Unlimited Mileage. Source: Europcar March, 2012

20

Costs Related to Personnel

1. Personalized Health Care

Costs for some of the Personalized Health Care Institutions:
Institution Plans
Summum Plan (Primary Care)
Under the age of 18: US$ 90
Adults: US$ 120
Summum Classic Plan
Summum Under the age of 18: US$ 135
Adults: US$ 150
Summum Classic Plus Plan
Under the age of 18: US$ 180
Adults: US$ 225

0 to 18 year olds: US$ 101 (Discounts for quantity of children)
18 to 29 year olds: US$ 120
Hospital Británico

2. Housing Rental 21
2.1 Rental of Housing in Montevideo
Housing Rental (Coastline) (Approx. 150 m2)
Minimum (US$) Average (US$) Maximum (US$)
Apartment 1,200 1,750 3,500
Home 1,300 1,900 3,900

2.2 Sale of Housing in Montevideo
Sale of Housing (Coastline) (Approx. 150 m2)
Minimum (US$) Average (US$) Maximum (US$)
Apartment 159,000 220,000 495,000
Home 175,500 245,000 535,000

21 Source: Villamide Real Estate Advisory Services – Valid as of March, 2012.
Values in current dollars.

21

3. Hotels in Montevideo 22
Fees for hotels in Montevideo:

HOTELS IN MONTEVIDEO LOCATION CATEGORY FEE FROM (US$)
Belmont House Carrasco ***** 194
Sheraton Montevideo Hotel Punta Carretas ***** 186
Four Points by Sheraton Montevideo Downtown ***** 177
Radisson Montevideo Victoria Plaza Hotel Downtown ***** 157
Cala di Volpe Boutique Hotel Punta Carretas **** 140
NH Columbia Hotel Old Downtown **** 130
Best Western Pedro Figari Hotel Carrasco **** 127
Palladium Hotel Puerto del Buceo **** 120
Cottage Hotel Carrasco *** 119
Marti Apart Hotel Pocitos **** 115
Punta Trouville Apart Hotel Pocitos **** 110
Plaza Fuerte Hotel Historical center **** 104
Hosteria del Lago Airport *** 100
Pocitos Plaza Hotel Pocitos **** 93
Armon Suites Pocitos **** 92
Crystal Palace Hotel Downtown **** 92
Lafayette Hotel Downtown **** 91
Days Inn Montevideo Tres Cruces *** 88
Holiday Inn Montevideo Downtown **** 88
Oxford Hotel Downtown **** 87
Balmoral Plaza Hotel Downtown **** 82
Hispano Hotel Downtown *** 70
Lancaster Hotel Downtown *** 67
Europa Hotel Downtown *** 66
California Hotel Downtown *** 60
Tres Cruces Hotel Tres Cruces *** 40

4. Cable Television 23

TCC Nuevo Siglo Cablevisión Montecable
Monthly Cost (US$) 43 42 41 42

22 Note: All fees are charged per room and per night and taxes are not included
Source: Reservas.net – February, 2012
23 Source: Montecable, TCC, Nuevo Siglo, Cablevisión. – March, 2011

22

5. Water Supply 24

Fees for domestic consumption are as following:

Price per
Consumption per Month Location
m3
Montevideo or other Departments 3.66
Up to 5 m3
Seaside Resort of Maldonado 4.7
Over 5 to 10 m3
Over 10 to 15 m3
Surpluses of 15 up to 20 m3
Surpluses of 50 m3

6. Gas 25
Fixed Charge
Natural Gas – Montevideo Residential Charge per m3 (US$)
(US$)
From 0 to 3000 m3 of annual consumption 11.1 1.1
Over 3000 m3 of annual consumption 18.1 0.9

Charge for
Charge per
Natural Gas – South Area Fixed Charge (US$) Connection
m3 (US$)
(US$)
Residential 6.4 0.5 121.7

Charge for
Fixed Charge Charge per
Natural Gas – Paysandú Connection
(US$) m3 (US$)
(US$)
Residential 6.4 0.5 121.7

24 Source: O.S.E – March, 2012
25 Note: Fees with VAT included. Source: Montevideo Gas y Conecta – March, 2012

23

7. Electricity 26

The standard residential fee is for services with residential consumption modality whose
contracted power is less or equal to 40 kW:

Electricity Consumption Charge: US$/kWh
1 kWh to 100 kWh (monthly) 0.16
101 kWh to 600 kWh (monthly) 0.22
601 kWh and up 0.25
Contracted Power Charge: 2.10
Fixed Monthly Charge (US$): 6.33

The double hour residential fee (Optional) is for services with residential consumption
modality whose contracted power is higher or equal to 3.3 kW and less or equal to 40 kW and
for clients that mainly consume in the off-peak time period.

Electricity Consumption Charges: US$/kw h
Peak 0.29
Off-Peak 0.11
Contracted Power Charge 1.98
Fixed Monthly Charge (US$): 12.63

Energy charges are distributed in two time periods, during each day that make up the monthly
invoice, according to the following detail.

During the period subject to the usual official time:

• Peak Hour: From 5:00 p.m. to 11:00 p.m.

• Off-Peak Hours: From 0:00 to 5:00 p.m. and from 11:00 p.m. to 12:00 (midnight)

During the period subject to the official times forward:

• Peak Hour: From 6:00 p.m. to 12:00 (midnight).

• Off-Peak Hour: From 0:00 to 6:00 p.m.

st
26 Source: Administración Nacional de Usinas y Transmisiones Eléctricas (U.T.E.). Fee valid as of 1 of January, 2012.

24

8. First-Rate Private Education 27
8.1 Elementary School

Monthly Fee (US$) Tuition (US$) (*)
2 years 219 219
3 years 260 260
Pre-School
4 years 377 377
5 years 471 469
Elementary From 1st grade to 3rd grade 510 507
School From 4th grade to 6th grade 555 550

8.2 High School

Monthly Fee (US$) Tuition (US$) (*)
st th
1 to 4 grade 573 568
th th
5 to 6 grade 520 515

Family Discounts
nd
2 Child 20% Discount
3rd Child 50% Discount
4th and up 100% Discount

27 Note(*):This fee is charged once a year.
Source: La Mennais School, www.lamennais.edu.uy – March, 2012

25

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