An Overview of Company Incorporation in Venezuela

The strategic geographic location and substantial oil reserves make Venezuela a preferred place for investors. The country has the largest oil reserves worldwide, with more than 300 billion barrels of reserves. Venezuela contributes about 18% of oil worldwide and makes 50% of its revenue from oil reserves. Venezuela’s GDP amounted to 111.81 billion USD in FY 2021. The GDP is estimated to rise to 200 USD by the end of 2023. To grow beyond its dependence on oil reserves, the country offers opportunities in electronic commerce, construction, food processing, textile, steel and mining. Several investor-friendly policies introduced by the Venezuelan government make it a promising place for new businesses.

Pre-requisites of Company Incorporation in Venezuela

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Individuals must obtain a business visa, i.e., a TR-N Visa to start a business legally in Venezuela. A TR-N visa is granted for a year and permits a continuous and cumulative stay for 180 days within the validity.

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Company Name

Name registration is one of the essential steps for establishing a company. You must be careful while choosing a name for your organisation. You must perform a name search before the Mercantile Registry.

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Licenses & Permits

Once you complete company registration in Venezuela, you must obtain an appropriate trade license and other licenses and permits.

Eligibility Criteria for Company Incorporation in Venezuela

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No. of shareholders

Every enterprise must have one shareholder. A PLC must have only one shareholder. An LLC must have at least one shareholder. While a company can have as many shareholders as needed.

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No. of Directors

A director can be of any nationality to incorporate a business. Companies can have multiple directors if required. LLCs can have 100% foreign ownership. However, the directors must enter into the public register.

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Minimum Share Capital

For LLC, the minimum capital is USD 4, and the maximum is 400 USD.

For PLC, there is no limitation on paid-up share capital.

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To operate a company in Venezuela, every company must register with the national tax authorities to obtain a TIN (Tax Identification Number) and necessary registration from the Municipal Tax Authorities and labour authorities.

Process to Incorporate a Company in Venezuela

1.Select a legal entity

A company registration process starts with selecting a legal entity. You must ensure that your chosen legal entity justifies the company's operation.

2. Company name search and registration

The next step is to select a name for your company and check for its availability. Once it is decided, you can register your company name with the Mercantile Registry.

3. Publish Articles in the Newspaper

The next step is to publish articles in the local newspaper for three days.

4. Register the Board of Directors

You must register corporate books, shareholders' books, and Meeting Minutes Book. Further, register with the Board of Directors.

5. Register Company

You must register your company at the SENIAT (National Integrated Service of Customs and Tax Administration) with the RIF (Fiscal Registry) to obtain the fiscal number. For registration, you need to pay the company registration fee.

6. Other Requirements

You must register as a taxpayer with the Venezuelan national tax authorities and obtain a commercial license from the appropriate municipal corporation.

Qualities you will find in the Services provided by Enterslice

Client Focus

Enterslice puts great emphasis on client focus. We prioritise the needs and complaints of our clients when offering any business service.

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Enterslice is particular about time management as it is vital on the road to personal success and even more critical in the management of any business. We attend to all client’s needs to surpass the agreed timelines.


Enterslice has a unique quality of adapting to different levels of management and business environments. We believe that the synchrony created by business services catapult an organisation to great success.

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Tax Structure of Companies Incorporated in Venezuela

The tax structure for companies incorporated in Venezuela involves several taxes imposed by national and municipal authorities. Venezuela imposes a value-added tax (Impuesto al Valor Agregado or IVA) on the sale of goods and the provisions of services. The standard rate of VAT is 16%, but there are reduced rates for certain goods and services. Companies pay income tax on their global income. The corporate income tax rate can vary, and it is advisable to check the latest rates. Deductions and allowances may also apply. Municipalities may impose local taxes on business activities within their jurisdiction. Capital gains derived from the sale of assets, including shares, are subject to taxation. The rates may vary based on the types of investments and the holding period. Withholding Taxes are levied on various kinds of income, including dividends, interest and royalties. Non-residents may also be subject to withholding taxes on certain payments. Multiple transactions and Documents, including contracts, invoices and legal records, may be subject to stamp tax (Impuesto de Timbre Fiscal), including agreements, invoices and legal Documents.


Different Types of Business Structures in Venezuela

1. Limited Liability Company (LLC)

A foreign company can set up an LLC in Venezuela by submitting the paid-up capital. The registration should be done with the Commercial Register Office. The liability of the shareholders is limited to the fund or paid-up capital. An LLC has one director and shareholder.

2. Branch Office

A branch office of a foreign company in Venezuela has no separate legal identity. The parent company bears complete legal responsibility for the branches. It can be wholly foreign-owned and conduct its business within Venezuelan territory. It provides services in the country.

3.PLC (Public Limited Company)

A PLC requires no paid-up capital and is preferred for foreign entrepreneurs. It requires only one shareholder and one director for incorporation, irrespective of their nationality.

4. Reducing Loan Portfolio:

Minimizing the burden of loans through cost reduction and performance enhancement.

5. Partnership

Entrepreneurs can partner with local businesses to establish a General Commercial Partnership or Limited Liability Partnership (LLP). In General partnerships, the shareholders are entirely liable for the debts on their assets. In LLP, the general partner’s liability is unlimited, while the limited partner’s liability is restricted to their share in the paid-up capital.

Low Business Costs

Costs are relatively low in Venezuela compared to some other countries. Labour costs are lower compared to those in other countries. Commercial real estate costs may be lower compared to some countries, but accessibility, security and infrastructure issues could affect the overall suitability of locations. The cost of utilities and services may be lower compared to some developed nations, but reliability and infrastructure challenges can impact the quality and consistency of these services. Based on the industry, the cost of raw materials and inputs may vary. However, fluctuations in the availability of goods and services and potential challenges in the supply chain can affect overall costs.


Documents Required for Company Incorporation in Venezuela

The specific Documents required for company incorporation in Venezuela are: i) Articles of Incorporation (Escritura de Constitucion) outlining the details of the company ii) Notarised Shareholder and Director Information iii) Proof of Share Capital Deposit iv) Bank Reference Letter v) Proof of Address for Registered Office vi) Name Reservation Certificate vi) Tax Identification Number vii) Social Security Registration viii) Municipal Registration ix) Labor Ministry Registration x) Environmental Permits xi) Power of Attorney.

Benefits of working with Enterslice that you can’t miss


Highly Professional and Reliable Team

When dealing with professional services, having a professional and reliable team is essential for a smooth and successful experience, whether for company incorporation, compliance or other business-related services.


In-depth knowledge and understanding of local rules and regulations

Enterslice has a profound experience and knowledge of local rules and regulations in company incorporation, compliance, and business consulting.


Strong Connection with Venezuelan Authorities

We can prepare your annual reports for you, ensuring compliance with applicable standards and regulations. Our thorough annual reports will provide a detailed overview of your business's financial performance, highlighting strengths and weaknesses. Additionally, our experts can offer valuable insights and recommendations for improvement based on the data presented in the report. By entrusting us with your annual reporting, you can be confident in the accuracy and credibility of your financial statements.

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If you have any questions or problems, feel free to contact us. We will provide you with immediate help.


Benefits of Company Incorporation in Venezuelan

Strategic Location

A highly privileged location on the South American coastline, the country offers easy access to the Panama Canal, the Caribbean, Central America, and the US East Coast to the companies establishing a business here. It provides a vast customer base of over 332 million people. Venezuela serves as a gateway to the northern part of South America. Its borders connect with Brazil, Colombia, and Guyana, providing potential trade routes and opportunities for cross-border business activities.

Non-discriminatory policies

Venezuela has laws and constitutional provisions that address the principle of non-discrimination. Venezuela is a great country to start a business as the government provides non-discriminatory policies for national and foreign investors. With equal opportunities in hand, your company can grow tremendously. Venezuela's labour laws prohibit discrimination in employment based on race, gender, religion, disability or other protected characteristics. These laws aim to ensure equal opportunities and treatment in the workplace.

Favourable Market Opportunities

Venezuela is rich in natural resources, including oil, gas, minerals and agricultural land. Based on oil production alone, Venezuela is OPEC's fifth most prominent member. It is among the top four foreign oil suppliers to the United States. It offers favourable market opportunities to established businesses and startups alike. Given the country’s potential for solar and wind energy, there could be opportunities for companies in the renewable energy sector.

Challenges for Incorporating a Company in Venezuela

Economic Challenges

In recent years, Venezuela has experienced hyperinflation, economic stability, and a severe economic downturn. High inflation rates and currency devaluation have eroded the value of the local currency, the bolivar.

Political Instability

Venezuela has faced political instability and social unrest. Political changes and government policies can significantly impact the business environment and investment climate.

Oil Dependency

Venezuela’s economy has traditionally been heavily dependent on oil exports. Fluctuations in oil prices can directly impact a country’s economic health.

Company Incorporation Services provided by Enterslice


Enterslice provides initial consultation to understand the client’s business requirements, objectives and preferences.

Legal Structure Advice

Enterslice guides in choosing the appropriate legal structure for the business, such as a limited liability company (LLC), joint-stock company, etc.

Registration with Authorities

Enterslice assists in submitting Documents to the relevant government authorities for company registration, including the Commercial Registry.

Compliance and Regulatory Support

Enterslice guides compliance with local laws and regulations, including labour laws, environmental regulations and other relevant requirements.

Cost of Company Incorporation in Venezuela

The cost of company incorporation in Venezuela varies depending on multiple factors and requirements such as i) the type of business, ii) the volume of business activities, and iii) The fees of service providers. Depending on the company structure and type, businesses wanting to incorporate their companies in Venezuela must pay a one-time company incorporation fee and other annual fees. The approximate cost of incorporating an LLC in Venezuela is US$ 6,500 for one year. Additional engagement fees include corporate bank account set-up, RIF application, legal registered office, translation, project management, tax and all government registration fees, amounting to US$ 42,820.

Our Success Story

We have 10+ years of experience in company incorporation in Venezuela and other legal compliances. We are a global network of legal consultants, and our journey is full of success stories that we have achieved through these years by making hassle-free company incorporation in Venezuela. We provide quality service, which results in client satisfaction. We streamline your company incorporation process, making it easier for our clients to understand.


Our Commitment to Excellence


Quality Service

At Enterslice, we are committed to providing our clients with top-notch services, ensuring that their business needs are met with precision and accuracy. Our team of dedicated professionals go above and beyond to deliver exceptional results.


Client Satisfaction

Your satisfaction is our priority. We aim to meet your expectations by understanding your needs, addressing your concerns and providing personalised solutions. We value your trust and work tirelessly to ensure your complete satisfaction.


Continuous Improvement

We believe in constantly evolving and improving our services to stay ahead of the curve. Our team is committed to staying updated with the recent industry trends and best practices to provide you with innovative solutions that drive success.

Frequently Ask Questions

Yes, it is hard to start a business in Venezuela. There are many restrictions on businesses and entrepreneurs, and the climate is one of the worst in the world for starting a company. However, these challenges can be mitigated by involving experts and legal professionals.

No, resident individuals are subject to tax on their global income and non-resident individuals are taxed on their national income or foreign source attributable to the said base.

Registering an LLC in Venezuela costs approximately US$ 6,500 for one year.

Venezuela has been ranked 181st place out of 185 economies for investor protection by the World Bank and IFC.

It takes about 230 days to start a business in Venezuela.

The corporate tax rate in Venezuela is 34%.

Even though Venezuela is an oil-rich country, the salaries offered are the lowest for their workers, and there is the highest level of hyperinflation, devaluation, crime and violence in the world.

Venezuela offers a legal framework for foreign investment. Both foreign and domestic companies receive equal treatment under the Venezuelan law.

CA (Compania Anonima) or S.A. (Sociedad Anonima) is a Share Capital Corporation where liability is limited to the amount of capital.

The most significant or primary business in Venezuela is petroleum.

Venezuela offers petrol either at subsidised or unsubsidised prices. The price may range from cheap at $0.02/gallon on the lower end to even free for certain parts of the population.

Government Assistance for Foreign-owned Businesses

The Venezuelan Constitution does not discriminate between national and foreign-owned businesses, offering competition to companies of all origins. The progressive labour laws work in favour of entrepreneurs, giving them increased control over salary structures. The government has recently promoted FDIs and decriminalised foreign exchange, providing greater access and ease to foreign companies and investors. In addition, Latin American countries offer a comprehensive tax and investment treaty network. The Government has bilateral investment treaties with 25 countries to protect further and welcome investors.

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Design Your Business Future with Enterslice

Venezuela is one of the upcoming preferred nations for doing business. Our team of corporate professionals have extensive expertise in assisting individuals and organisations in forming their companies in Venezuela. We have a successful track record in all of our services. We simplify company formation in Venezuela by offering a hassle-free company registration process. Enterslice seeks to facilitate business registration and address the challenging company formation procedures.

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Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.

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