Venezuela

Venezuela

Venezuela is a large market for entrepreneurs in the Hispanic region. For many entrepreneurs, registering an entrepreneurship in Venezuela, it is the best choice for a corporate business management.

To open a Venezuelan company, you will need to contact:
  • Venezuelan State Register;
  • Foreign investment management;
  • National Tax Service/Customs for obtaining the EIN code;

According to Venezuelan legislation, a foreign firm can be established only, when non-resident entrepreneurs own more than 49% of its shares. If a foreign citizen owns less than 20% of shares, an enterprise will be considered an ordinary Venezuelan local company. You have the opportunity to register the entrepreneurship in Venezuela in the following legal forms:

  • LLC;
  • PLC;
  • a subsidiary;
  • a representation.

All the above forms of companies differ in types of activity, conditions for registration, a minimum capital.

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To start a business in Venezuela, you will definitely need 1 director and 1 sharer. The authorized fund of the LLC is not less than $400.

To set up a Venezuelan LLC, an entrepreneur can be both a founder/shareholder. A foreign national may fully own an LLC in Venezuela. Corporate shareholders are allowed. A foreign ownership is allowed, up to 100% ownership of the LLC. Directors are entered into the public register. There is a requirement to hold annual shareholder meetings.

But, this structure is not considered the most common, because the popularity among foreign entrepreneurs in Venezuela is with the open PLC. The Venezuelan PLC does not require a joint-stock fund for registration.

Non-resident organizations can also establish a subsidiary in Venezuela.

Taxes for entrepreneurs, who want to set up a firm in Venezuela, will be as follows:
  • capital gains are 1%;
  • taxes on assets are 1%;
  • an income tax will vary from 15 to 35%, depending on the type of company activity.

Venezuelan legislation provides for the legal protection of certain intangible assets or a property through legal instruments, for example, patents, trademarks, copyrights.

Having decided to set up a commercial company in Venezuela, request for personal legal advice from YB Case specialists.

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