Doing business in Venezuela
- How quickly can I set up a business?
- What is the minimum investment needed?
- How can I raise finance?
- What are the legal requirements for setting up my business?
- What structure should I consider?
- What advice can you give me in regards to payroll and taxation requirements?
- Is there anything else that I should know?
How quickly can I set up a business?
30 to 45 calendar days
What is the minimum investment needed?
How can I raise finance?
Bank loan and leasing for fixed assets purchases.
What are the legal requirements for setting up my business?
Sole Proprietorship, Corporation, Partnership, and Joint Ventures.
LLCs are currently not available due to legal restrictions.
What structure should I consider?
Corporations are widely used for business other than professional services, which usually operate under a Partnership form.
What advice can you give me in regards to payroll and taxation requirements?
Caracas is the preferred choice for most commercial and professional business due to its strategic location, access to large financial services firms and government offices. Caracas is also the preferred location to set head offices of most industrial, energy and mining sectors.
Valencia and Maracay are preferred choice for industrial and agricultural businesses due to wide access to raw materials, ideal weather conditions, and transportation.
Maracaibo and Puerto La Cruz are preferred hubs for energy related businesses (oil & gas).
Likewise, Puerto Ordaz is located in the heart of the mining sector.
Is there anything else that I should know?
The Rule of law – currently compromised as a National Assembly – was abruptly replaced by the Venezuelan National Constituent Assembly, which is considered illegitimate due to a flawed process for its designation.
Our firms in Venezuela
See VAT guide
How can Kreston grow your business?
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Herbert M. Chain and Guillermo Narvaez explore global cryptocurrency accounting and tax standards in a recent article in Bloomberg Tax.
Kreston BSG is hosting a webinar on U.S. Market expansion for Latino entrepreneurs with guest speaker Veronica Quintana, Leader of the Latin-Owned Business Practice at CBIZ MHM. The webinar will be held in Spanish.