Among the countries most urbanized in Latin America, with an economy primarily based on manufacturing and petroleum exports, Venezuela is one of the largest members by oil production in the Organization of the Petroleum Exporting Countries (OPEC). Therefore, many foreign investors choose to open companies in Venezuela
. In order to do this, it is better to contact a team of company formation specialists
Types of companies in Venezuela
As a foreign entrepreneur that wants to set up a company in Venezuela, you can choose from many possibilities to enter the Venezuelan market and here are some of them: the share capital corporation (Sociedad Anonima), the limited liability company (sociedad de responsabilidad limitada), the publicly limited company or you can choose to create a dependent branch office (sucursal) or a representative one.
However, the most popular is the limited liability company and these are the requirements in order to establish this company type:
• minimum two shareholders (of any nationality);
• at least one director;
• a minimum share capital of 4$;
• is allowed to be 100% foreign-owned.
The company registration process in Venezuela
1. First step consists of choosing and then reserving a name for your company, one that has not been used before and also obtaining an approval of the name at the Commercial Registry.
2. Second step of a company registration in Venezuela is opening a bank account where you should receive a receipt with the amount that you deposited. Then you have to register with the "Registro Mercantil", which is the local mercantile registry. This has to be done within a month from your name reservation.
3. The third step is publishing a notice in a local mass-circulation newspaper to announce the incorporation of the new company. This is a procedure that our team of company registration agents can easily complete for you.
4. Then you need to acquire a fiscal number from the SENIAT (Service of Tax Administration and Customs), then a certificate of tax clearance from the Electricidad de Caracas.
5. Last, but not least, you have to obtain a commercial license from the Municipality. Some documents must be submitted and our specialists in company incorporation can provide you with all the details and counselling to complete these procedures.
If you need further information or assistance in the process of forming a company in Venezuela
, please ask our team for advice. We can also guide you through the steps of establishing other types of business entities in Venezuela
or in other countries