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Forex license in Uruguay: BCU authorisation as an agente de valores.
A forex license in Uruguay is authorisation from the Banco Central del Uruguay (BCU) as an agente de valores, an off-exchange securities intermediary; Uruguay has no CFD licence of its own. Dealing on own account takes minimum equity of UI 1,500,000 (unidades indexadas, an indexed unit of account) and a UI 2,000,000 guarantee lodged first, and the decision has no statutory deadline. We run the file from Montevideo.
Updated · Reviewed by the Prifinance team
Forex license in Uruguay: a CFD book inside a general securities licence.
Uruguay has no licence written for forex or CFDs. Ley 18.627 of 2009, the Securities Market Law, puts every participant in the securities market under the rules of the BCU's Superintendencia de Servicios Financieros (SSF) (art. 1), and a firm that intermediates professionally between buyers and sellers of valores needs SSF authorisation, as a corredor de bolsa (an exchange member) or as an agente de valores outside exchanges (arts. 94 and 96). Art. 13 defines "valores" broadly, from shares, futures and options to "todo derecho de crédito o inversión", without naming CFDs. The BCU's rulebook, the Recopilación de Normas del Mercado de Valores (RNMV), lets an intermediary trade for clients over the counter (art. 62 a) and deal on its own account (art. 62 b). A CFD book has to fit inside that licence. Whether a given product does, and on what terms, is confirmed with the BCU before filing.
The SSF approves at its discretion, weighing "legalidad, oportunidad y conveniencia" (legality, appropriateness and expediency), and Ley 18.627 gives it no deadline (art. 96). The applicant is a Uruguayan commercial company with "agente de valores" in its name, whose partners are natural persons or whose ownership chain is traced to the controller (art. 97), and it may carry on no other business (art. 98). Minimum equity is UI 1,500,000 for a firm dealing on its own account and for clients, UI 1,000,000 for client business only, or the risk-based figure if higher (RNMV art. 148). Before authorisation the firm also lodges a guarantee of at least UI 2,000,000 with the BCU, kept until a year after it loses its status (art. 149). One rule shapes every margin product: intermediaries may "en ningún caso" (in no case) lend money (art. 62).
Uruguay has no forex or CFD licence: the business has to fit inside an agente de valores licence from the BCU's SSF, which covers OTC and own-account dealing.
Minimum equity is UI 1,500,000 for own-account dealing (UI 1,000,000 for clients only), plus a UI 2,000,000 guarantee lodged before authorisation. The SSF decides at its discretion, with no deadline, and intermediaries may not lend money.
One agente de valores licence, with or without own-account dealing.
Ley 18.627 lets the SSF set different requirements for firms that act only for clients and firms that also deal for their own account (art. 96). The difference shows in the equity figure and in what the firm may offer.
One agente de valores licence: own account, or clients only.
The agente de valores dealing on own account
An agente de valores authorised to deal for its own account (RNMV art. 62 b) holds minimum equity of UI 1,500,000, or the risk-based figure if higher, and a UI 2,000,000 guarantee at the BCU. Its own positions may be funded only from its equity or from the lenders art. 62.1 lists, such as banks or, with SSF approval, regulated financial entities up to 20% of their equity. It may lend no money at all (art. 62).
An agente de valores authorised to deal for its own account (RNMV art. 62 b) holds minimum equity of UI 1,500,000, or the risk-based figure if higher, and a UI 2,000,000 guarantee at the BCU. Its own positions may be funded only from its equity or from the lenders art. 62.1 lists, such as banks or, with SSF approval, regulated financial entities up to 20% of their equity. It may lend no money at all (art. 62).
- ✓Own-account dealing - RNMV art. 62 b
- ✓UI 1,500,000 minimum equity
- ✓UI 2,000,000 guarantee at the BCU
- ✓Funding only from art. 62.1 sources
- ✓No money lending - art. 62
- ✓Trading desk at the declared domicile
Client business only, at UI 1,000,000
A firm that buys and sells for clients, on regulated markets or over the counter (art. 62 a), and never for its own book needs UI 1,000,000 of minimum equity, or the risk-based figure if higher. The UI 2,000,000 guarantee does not change. It may route client orders to other intermediaries, OTC included, and hold client funds in its own name in separate accounts (art. 147 c).
Client business only, regulated markets or OTC; UI 1,000,000 equity and the same UI 2,000,000 guarantee.
- ✓Client orders, regulated markets or OTC
- ✓UI 1,000,000 minimum equity
- ✓The same UI 2,000,000 guarantee
- ✓Orders routed to other intermediaries
- ✓Client accounts kept apart - art. 147 c
- ✓Investor profile per client - art. 213
Costs and timelines are confirmed for your case before any work begins. The deposit the BCU takes under RNMV art. 150 and any SSF filing fee go into the quote, and the BCU's supervisory fee is 2 per thousand of the commissions collected.
Uruguay's agente de valores licence covers OTC and own-account dealing.
The licence is broad and the supervisory fee small, against discretionary approval and a guarantee that stays pledged for a year after exit.
RNMV art. 62 a lets an intermediary buy, sell or exchange valores for clients on formal markets and "fuera de la órbita de dichos mercados", over the counter. Dealing for its own account is a permitted activity in its own right (art. 62 b).Art. 62 covers off-exchange and own-account dealing.
Minimum equity is UI 1,500,000 for a firm that also deals for its own account and UI 1,000,000 for client business only (RNMV art. 148). Receivables from the parent or related companies do not count towards it.UI 1,500,000 or UI 1,000,000.
The BCU's supervisory fee for agentes de valores is 2 per thousand of the commissions they collect (Decreto 795/008, art. 1 E), applied month by month and charged since the 2009 financial year.Supervisory fee on commissions.
The authorisation has no term. It ends on the firm's request, on judicial liquidation or as a sanction (Ley 18.627 art. 105).Ends on request, liquidation or sanction.
The SSF licenses and supervises the firm, and suspicious-transaction reports go to the Unidad de Información y Análisis Financiero (UIAF), the BCU's own financial intelligence unit (Ley 19.574 art. 12).Licence and AML reporting at the BCU.
The SSF approves on legality, appropriateness and expediency, with no deadline, and intermediaries may lend no money at all (art. 62). The BCU has also warned the public about CFD platforms that are not registered with it.Discretionary approval, no money lending.
How Uruguay differs from other routes.
Panama's Securities Law keeps Forex for clients inside the casa de valores licence, at B/.350,000 of capital; in Belize the principal-dealer figure is BZ$1,000,000; and the Bahamas sets a 0.5% retail margin floor in its CFD Rules. Uruguay asks for UI 1,500,000 of equity and a UI 2,000,000 guarantee. It has no CFD licence of its own and bars intermediaries from lending money, so we take each margin product to the BCU first. IRAE, the corporate income tax, is 25%; dividends abroad bear 7%.
| Feature | Uruguay | Other jurisdictions |
|---|---|---|
| Dealer's capital | UI 1,500,000 equity + UI 2,000,000 guarantee | B/.350,000 Panama · BZ$1,000,000 Belize · risk-based Bahamas |
| Retail CFD rules | None by name · no money lending | 0.5% margin floor and NBP by rule · Bahamas |
| Timeline | No statutory deadline · per case | 9-12 months Panama · 4-8 months Belize, Bahamas |
| Corporate tax | IRAE 25% · 7% on dividends abroad | 25% Panama-source · territorial Belize · none Bahamas |
| Country | License type | Taxation | Requirements |
|---|---|---|---|
Uruguay | BCU agente de valores | IRAE 25% · 7% on dividends abroad | UI 1.5M equity, UI 2M guarantee |
Panama | SMV casa de valores licence | 25% territorial · dividends 10% or 5% | B/.350,000, five directors, two residents |
Belize | FSC registration (principal) | Territorial business tax | BZ$1M (~US$500k) in Belize |
Bahamas | SCB registration + CFD Rules | No corporate income tax | 0.5% margin floor, NBP, reports |
Uruguay
Panama
Belize
BahamasForex licences in neighbouring jurisdictions
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Forex license requirements in Uruguay: what the SSF checks.Uruguay forex license requirements.
RNMV art. 64 lists the file in letters a to s, and the SSF does not process an application that lacks any of them.
Reflects Ley 18.627 and the RNMV as amended by BCU Circular No. 2320 of 17 January 2019 and Circular No. 2477 of 29 May 2025, as of October 2026. How a margin-based CFD fits the art. 62 ban on lending is confirmed with the BCU before filing.Ley 18.627 and RNMV Circulars 2320 and 2477, as of October 2026.
Official sources
Regulator pages, legal texts and public registers the figures on this page are based on.
- LawLey N° 18.627 de Mercado de Valores - IMPOimpo.com.uy
- RegulatorBCU - Circular No. 2320 (RNMV: intermediaries' activities, authorisation, minimum equity)bcu.gub.uy
- RegulatorBCU - Circular No. 2477 (RNMV art. 149 guarantees, 2025)bcu.gub.uy
- FeesDecreto No. 795/008, Tasa de Control Regulatorio del Sistema Financiero - IMPOimpo.com.uy
- LawIRAE, Texto Ordenado 2023, Título 4 - IMPOimpo.com.uy
From the product question to authorisation by the BCU's SSF.
We set the CFDs and FX contracts against the valores of art. 13 and the activities of RNMV art. 62, own account or clients only, and take the margin question to the BCU first.Valores, art. 62, margin question.
The commercial company is formed with "agente de valores" in its name and a traceable ownership chain, then registered for tax (RUT) and social security, as the file requires.Name, owners, RUT, social security.
The founders pay in the equity and obtain a compilation report on the month-end accounts; the UI 2,000,000 pledge and the art. 150 deposit then go to the BCU.Equity paid in, UI 2,000,000 pledged.
The file reaches the SSF with every item from letters a to s of art. 64, since an incomplete one is not processed; the SSF may still ask for more.Letters a to s of art. 64.
The SSF decides on legality, appropriateness and expediency, with no statutory deadline. Once authorised, the firm reports to the UIAF and pays the BCU 2 per thousand of its commissions.Discretionary, no statutory deadline.
Ley 18.627 sets no deadline for the SSF, which decides on legality, appropriateness and expediency (art. 96). The file is processed only when complete, so we confirm the timing per case once the BCU has answered the product question.
Run from our Montevideo office.

The CFD and FX book is set against art. 13 of Ley 18.627 and the art. 62 ban on lending, and the fit is confirmed with the BCU before the file is built.Art. 13 and art. 62 checked first.
A commercial company named as agente de valores, an ownership chain traced to natural persons or to the controller, and tax and social security registration.Agente de valores name, traced chain.
UI 1,500,000 or UI 1,000,000 of equity, and the UI 2,000,000 pledge at the BCU arranged before authorisation.UI 2,000,000 pledge before authorisation.
A trading desk at the declared Montevideo domicile, the senior staff of art. 143 and an AML manual with a designated compliance officer.Montevideo desk, art. 143 staff, AML.






Taxation of forex brokers in Uruguay.
A Uruguayan agente de valores pays IRAE, the corporate income tax, at 25% of net taxable income. Dividends it pays to non-residents bear 7%.
Art. 23 of Título 4 of the 2023 consolidated tax text (Texto Ordenado 2023) sets the IRAE rate at 25% of net taxable income.Texto Ordenado 2023, Título 4.
Dividends paid or credited by IRAE taxpayers to non-residents bear 7% (Texto Ordenado 2023, Título 8, art. 18). Treaty rates, and the rate for payees in low- or no-tax jurisdictions, are confirmed per structure.To non-residents; treaties per structure.
Exchanges, corredores de bolsa and agentes de valores pay the Tasa de Control Regulatorio del Sistema Financiero at 2 per thousand of commissions collected (Decreto 795/008, art. 1 E). The rate applies to each month's commissions, and the BCU collects it.Of commissions, collected by the BCU.
The UI 2,000,000 guarantee stays pledged at the BCU while the firm holds its status and for a year after, or until lawsuits against it are finally decided (art. 149).Pledged until a year after exit.
A guarantee shortfall is cured within 8 business days (art. 151). After that the art. 366 fines run: the basic fine for a deficit under 5%, twice that from 5%, a daily fine on top and 20% more for repeat offenders.Cure within 8 business days.
For IVA, Uruguay's VAT, the treatment of brokerage commissions and spreads is confirmed per structure.Confirmed per structure.
*As of 2026 per the IRAE and IRNR titles of the Texto Ordenado 2023 and Decreto 795/008. Group and founder-level outcomes are modelled per structure.
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Builds the application itself: Uruguayan company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed broker.
Active across our channels.
Get your forex license in Uruguay with expert support.
Full-service assistance - from the product question and the commercial company to the UI 2,000,000 guarantee, the art. 64 file and the SSF's decision - run through our Montevideo office.
Get a consultation →Is Uruguay the right fit for your project?
Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Founders' questions on the BCU and the agente de valores licence.
Does Uruguay have a forex or CFD licence?+
Not as such: in Uruguay a forex or CFD business has to fit inside the general licence of an agente de valores under Ley 18.627, which the BCU's SSF grants to Uruguayan commercial companies. The law defines "valores" broadly but does not name CFDs, so the fit is confirmed with the BCU per product.
Can an agente de valores deal on its own account?+
Yes. RNMV art. 62 lets it deal for its own account as well as trade for clients on regulated markets or over the counter, at UI 1,500,000 of minimum equity instead of UI 1,000,000. Its own positions may be funded only from its equity and from the lenders listed in art. 62.1.
Can a Uruguayan broker offer margin trading?+
Only in a form the BCU accepts. RNMV art. 62 says intermediaries may "en ningún caso" lend money, and no BCU rule caps retail leverage or sets negative balance protection for CFDs by name, so we clear a margin product's structure with the BCU before filing.
How long does a forex license in Uruguay take?+
No Uruguayan statute sets the time: the BCU's SSF decides on legality, appropriateness and expediency (Ley 18.627 art. 96) and processes only a complete file. The company, its tax registration, the month-end accounts and the UI 2,000,000 guarantee come first, so we confirm the timing per case.
What does a forex license in Uruguay cost?+
In Uruguay the money is held, not spent: UI 1,500,000 of minimum equity for own-account dealing, or UI 1,000,000 for clients only, and a UI 2,000,000 guarantee at the BCU until a year after exit. The supervisory fee is 2 per thousand of commissions; any SSF filing fee, the art. 150 deposit and our fees are confirmed in the quote.
Can a foreign group own a Uruguayan agente de valores?+
Yes, with a transparent chain: shares are nominative and traced to the person who exercises effective control (art. 97), and every share transfer needs SSF authorisation (art. 99). A financial-institution parent also needs a home country in FATF or a similar regional body, an MoU or satisfactory cooperation between supervisors, and consolidated supervision (RNMV art. 63).
Where must the trading desk sit?+
In Uruguay, at the firm's declared business domicile. RNMV art. 147 requires the trading desk and its support functions to work there, independent of advice and portfolio management, and the premises must be separate from other businesses unless shared with exchange houses or similar firms (art. 62.3).
Can a Uruguayan agente de valores serve clients abroad?+
Yes, with notice and without a passport. A branch abroad needs SSF authorisation, and acting abroad through employees, attorneys or directors needs 10 business days' notice to the SSF, with the firm answerable for the host country's laws (RNMV art. 62.4).
Uruguay or the Bahamas for a CFD broker?+
The Bahamas, if the product rules must be in writing. Its CFD Rules set a 0.5% margin floor for retail clients on major pairs and statutory negative balance protection, and the Bahamas levies no corporate income tax. Uruguay offers a central-bank licence and a 7% dividend tax, but no CFD licence of its own, no deadline and no lending.
Why Prifinance for Uruguay?+
Our Montevideo office prepares an agente de valores the SSF can process: a complete art. 64 file with the UI 2,000,000 guarantee in place, and a trading desk at the declared domicile. Before any of it, the BCU hears our margin question, since art. 62 bars intermediaries from lending money.
A CFD licence?+
No; an agente de valores licence.
Own account?+
Yes, at UI 1,500,000 equity.
Margin?+
Cleared with the BCU first.
How long?+
No deadline; per case.
Cost?+
UI 1,500,000 equity, UI 2,000,000 guarantee.
Foreign owners?+
Yes, with a traced chain.
Trading desk?+
At the declared domicile in Uruguay.
Abroad?+
Branch with SSF approval; no passport.
Or the Bahamas?+
Bahamas for written CFD rules.
Why you?+
Montevideo office, BCU question first.
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Get a free legal opinion on your project - our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.Free legal opinion: whether your CFD and FX book fits an agente de valores licence in Uruguay, how margin works under art. 62, and what it will cost.
Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Banco Central del Uruguay (BCU) or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.