DANARG

Venezuela

Official Name:       The Bolivarian Republic of Venezuela

Capital :                   Caracas

Official language: Spanish 

Currency:                Venezuelan Bolívar

 

OUR SERVICES;                      

  • Consultation (in person, online, phone)
  • Helping to prepare your documents
  • Start to finish your company registration process
  • Immigration services

Venezuela

Venezuela is a country in North and South America with rich oil and natural resources. Venezuela means small Venice in Latin, hence the name’s discoverers found that the natives built their houses on the water.
Venezuela used to be a Spanish colony, but is now a federal republic. Venezuela is now widely known for its oil industry, the region’s environmental diversity, and its natural features. When Christopher Columbus reached the east coast of the country in 1498, he became so fascinated by the landscape that he called it the Tierra de Gracia (Land of Beauty), which has been the country’s name ever since.
The geographical position of this country from the north and east is such that it shares a border with the sea. It is bordered by Colombia to the west and Brazil to the south, with parts of eastern Venezuela bordering Guyana. Caracas, Maracaibo and Valencia are the largest cities in Venezuela. The official language of the people in this country is Spanish.
Its economy is based on the oil and gas industry. The currency in Venezuela is the bolivar, which is currently undervalued in US dollars and euros due to its low value.

General Questions

How long does it take to register a company in Venezuela?
5 month to registers and 10 months to takes licenses.

If a child is born in Venezuela, can he or she become a citizen of that country?
Citizenship by birth in Venezuela is in the form of a soil system, meaning that only the birth of a child in Venezuela can give him or her residency. If the citizenship of the parents is Venezuelan and the child is born in another country, with the permission of the government of Venezuela, the conditions of citizenship of this country are granted to the child.

What is the capital required to register a company in Venezuela?
$ 42820 USD

What is the corporate income tax in Venezuela?
34٪

Do I have to be an applicant to register a company in Venezuela?
No. You do not need to be in Venezuela to register a company.

The benefits of company registration in Venezuela

  • A company can be registered with a shareholder and a director.
  • You do not need to travel to Venezuela to register a company.
  • Foreigners can register a company in any field and there are no restrictions.
  • All information of foreign shareholders and managers is protected.

The disadvantage of company registration in Venezuela

  • 34% corporate income tax plus 12% VAT
  • The complete company registration process takes about 5 months.
  • The licensing process takes about 10 months.
  • Venezuela’s turbulent economic situation with the highest crime rate
  • Venezuela has about 13% of skilled labor, and foreign companies face skilled labor.
  • Inflation above 50%
  • Investors will have trouble communicating with people and government employees who speak only Spanish.
  • The official language of Venezuela is Spanish and investors have to pay a lot of money for translation and administrative correspondence.

Type of company registration 

  • Limited Liability Company (LLC)
  • Joint Venture company (JVC)
  • Free zone company
  • Foreign Branches

The company registration process 

  • Company registration application
  • Specify 3 names and get confirmation of a name for the company
  • Preparation and adjustment of the company’s articles of association, including the approved name, type of company, goals of the company, names of shareholders and amount of shares, names of directors, company address
  • Registration of companies in notaries
    Opening a bank account for the company and transferring the company’s capital
  • Register the company in the tax office and obtain a tax code for the company
  • Registration of the company in the Social Security Office
  • Preparation of company seal

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