SAS: the simple, limited-liability company for entrepreneurs

If your unipersonal has grown and you worry about answering with your personal assets, the SAS is Uruguay's answer for entrepreneurs. It's a modern, nimble, limited-liability company. Here's what it is and when it's worth it.

What a SAS is

The SAS was created by Law 19.820 to foster entrepreneurship. In the BPS's words:

Per the BPS:

«Las sociedades por acciones simplificadas (SAS) pueden ser constituidas por personas físicas o jurídicas, en forma individual o colectiva, para el desarrollo de actividades rurales, industriales o comerciales.»

In English: Simplified stock companies (SAS) may be formed by individuals or legal entities, individually or collectively, to carry out rural, industrial or commercial activities.

The big advantage: limited liability

This is the key difference from a unipersonal. In a unipersonal you answer with all your assets; in a SAS, you don't. Law 19.820 (art. 8) says it clearly:

On liability:

«El o los accionistas no serán responsables por las obligaciones laborales, tributarias o de cualquier otra naturaleza en que incurra la sociedad excepto en caso de declararse inoponible la personalidad jurídica»

In English: The shareholder(s) shall not be liable for the labour, tax or any other obligations incurred by the company, except where the legal personality is declared inoponible.

Set up 100% online

Another advantage: forming and registering a SAS is entirely online, from the gub.uy portal, and registration is done within 30 calendar days of incorporation. No paper procedures or long waits.

Unipersonal or SAS?

The unipersonal is simpler and cheaper to start, but your liability is unlimited. The SAS adds limited liability, allows partners and investment via shares, and gives a more formal image, in exchange for a bit more structure and cost. If you'll grow, take partners or limit risk, the SAS wins — we also cover this in our unipersonal-to-company post.

Unipersonal vs SAS

In short: the SAS is the modern way to do business in Uruguay — limited liability, possible partners, and 100% online registration. If your project grows, consider switching. Confirm the steps and costs with your accountant or notary.