Steps and Requirements to create a company in Venezuela

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If you got tired of being an employee and want to create a company where you take the reins, a company where you can decide the important steps by which it will be governed, you should know the Requirements to create a company taking care that you are not fooled for lack of information.

Requirements to create a company in Venezuela

The requirements for registering a company in Venezuela are the following:

  • Name or corporate name of the company.
  • Provide company accreditation documents.
  • Calculation of the price that will have to be paid for registration and payment to the national treasury.
  • Cancellation of payment for registration fees, signature and receipt of company registration documents.
  • Dissemination of the commercial register in commercial newspapers.
  • Single tax information registry.
  • Accounting books to seal and foliate in the registry: journal, ledger, inventory, purchases and sales.
  • Evidence of registration in the INCES.
  • Proof of registration with the Social Security (IVSS).
  • Request approval of use in municipal engineering and fire brigade.
  • Obtain industry and commerce patent at the Mayor’s Office.

Steps to incorporate a company in Venezuela

As an initial step it is always to have the legal advice of a lawyer and an accountant as your right hand in this process of establishing the company:

  • Commercial records
    For the beginning, it must be clear which of the Mercantile Registries corresponds to the jurisdiction where the company will operate. In Venezuela there are 6 different types. Each one has autonomy in terms of the requirements and response times, to make it clear, each one can request the documentation they consider pertinent and with the response times they want.

  • Name or Social reason
    This is the first step in terms of procedures, the purpose of which is to verify if the name you want to call your company is not reserved or is not already registered by another.

It is recommended to be creative in the name to avoid coincidences and thus obtain your registration the first time without major inconveniences. It should be taken into account that some registries charge for carrying out this procedure, even if the name is not available, in case it is, you will have to cancel the stipulated to reserve it.

  • Constitution of the company
    In this step, you must provide the contract with the pertinent legal stipulations and the statutes by which the company will be governed. It will have to be very clearly specified, the capital to be subscribed, the number of partners, the administration of the commercial activity and the rules for that activity.
  • Signature
    After making the corresponding payments together with the record that approves the contract provided, you will be given a date on which you will sign and deliver the document, this act will have to be in the presence of all the partners that make up the company
  • Publication
    After the pertinent review in the Mercantile Registry and the receipt of the document, finally, the publication in a commercial newspaper of the company name that was registered would be missing. With this last stage, all the previous steps are consecrated, making the registration of the company legal. .

Types of companies

The ones that we will now reflect only types of companies that can be established in Venezuela:

  • Society in Collective Name: This society is made up of people for the purpose of profit, the administration and development of the society being carried out by them.
  • Simple Limited Partnership: It is simply the society where general partners coexist
  • Sole Signature: It is made up of a person who assumes responsibilities towards third parties for their services.
  • Capital Companies or Public Limited Company: One of the most common in Venezuela, is made up of partners who are responsible only for the amounts generated by their shares and the assets or capital of the company.
  • Anonymous Societies: The capital destined to the guarantees of the social obligations are determined by a capital, the shareholders do not have to respond with their personal patrimony to the debts that arise from the company, it is enough to solve the total amount of the capital that there contributed.
  • Companies Limited by Shares: In this case, the representation of the social capital is made by shares which make the partners liable in a limited way for the value of the shares in their possession.
  • Public Limited Companies with Authorized Capital (SACA):It is a type of company in which the authorized capital, once the capital increase has been approved and analyzed, will go from the subscribed capital to the authorized capital by way of new shares and without exceeding the authorized capital limit.
  • Registered Public Limited Companies (SAICA): They are those open capital stock companies, duly authorized by the National Securities Commission.
  • Mixed Companies: These mix characteristics of personal and capital companies.
  • Limited Liability Companies (SRL): These companies are where the capital is divided into percentage parts that are discussed at the beginning of the company, which are not negotiable and in the event that you want to sell the participation that corresponds to you, the other partners must agree.

investment capital

They are the resources that can be counted financially to operate in the market, this resource can be made up of assets or money directly.

When you have capital that is money, you must verify the documents that reflect a partial opening of the bank account where this amount is, which must have this procedure in the bank already done when reflecting the capital of the company. In the event that it is an investment, you can present a balance sheet where the equipment, materials or other goods are specified, with their respective costs, this must be endorsed by an accountant registered with a college of engineers.

Economic help to create a company in Venezuela

Generally, the state benefits from the creation and action of new small businesses, therefore, this action is encouraged for small entrepreneurs who want to start one, but due to the murky moment of the Venezuelan economy, this action has declined significantly, apart from legal and administrative negligence.

Apart from the inconspicuous incentive of the state, there are other organizations that develop financial aid such as SME contests, they are eventual developments that seek to encourage the development of companies with an interesting subsidy.

Difficulties creating a business

According to studies carried out by Doing Business, it was concluded that Venezuela in particular makes the already exhausting process of registering a company more difficult than necessary, increasing exorbitantly the costs.

Its score in this study was 45.23 points, on a scale from 1 to 100, which measures the ease with which people can open new businesses in their countries, with Singapore being at the other end of the list with a score of 88.27.

The causes that affect the score of Venezuela in this study are the number of procedures that have to be carried out for the registration of the company, these being 17 in total with an approximate of 144 days on average, to be able to start a business in the country.

The high cost that we talked about before in this country requires 49.9% of per capita income.

A value that would scare any entrepreneur, on the other hand, in Singapore only 0.6% of your per capita income is required and only two days for registration.

We hope that the information we provide you is more than enough to encourage you to believe in this country and that you can create and define your company, that the Requirements to create a company and that you perform correctly in your field.

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