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Forecasts for 2022: Regulatory Compliance in Venezuela

The regulatory compliance in Venezuela is an approach to corporate law that has evolved over time. We are now seeing changes within the internal structures of companies that allow lawyers to analyze their business practices and follow up on their legality.

Undoubtedly, the adoption of new forms of organization is leading us to a preventive environment where companies will be able to solve their internal problems without affecting their reputation. And lawyers specialized in Corporate Compliance have the great challenge of creating risk prevention programs tailored to the needs of each industry. In this article we will delve into these reflections and we will explain what are the legal forecasts for this new year 2022, and where corporate compliance in Venezuela is heading.

Corporate law and its relationship with regulatory compliance

Corporate law is the branch of law that studies and interprets the relationships between the company, the state and the market. Lawyers who specialize in corporate law dedicate their services as legal managers, staff or external legal advisors. The purpose of this is to keep control of the legal requirements that each company must develop within its commercial activity. To strengthen the security and compliance with national and international regulations by companies around the world.

This is a specialty of commercial law and is carried out under the control of the legal structure of a company. This means that the regulations and rules of the legislations where the activities are carried out will dictate the standard to which small and medium-sized companies must adhere. Understanding that the applications of corporate law range from the incorporation of the company to the operational rules of commercial, labor, administrative and tax activities. Enabling the ideal conditions for the internal control and security of a company.

2021: popularization of corporate compliance in Venezuelan companies

Like any type of economy, in Venezuela there are different entities and laws that regulate the business activities of individuals. Compliance works through them to regulate day-to-day practices and create healthy environments for the growth of companies in the country. Although it is a relatively new concept in Venezuela, many companies are improving their processes thanks to a compliance lawyer in their organization.

In the course of 2021, the use of regulatory compliance in different industries such as agriculture, food, raw materials, etc., became evident. At the same time, the proliferation of small and medium-sized cargo moving companies for imports and exports in the country. They give rise to a larger commercial ecosystem, so adjusting to national and international legislation is key to operate smoothly. In Alan Aldana & Abogados the service of design and execution of a regulatory compliance program has been one of those that has shown more interest in 2021. Because it facilitates the understanding of the legal frameworks of business activities and promotes the proper functioning of each unit in the business.

Forecasts for Corporate Compliance in Venezuela in 2022

Many companies are currently incorporating new organizational practices into their daily dynamics. Thus, these companies are gradually learning and adhering to what is known as Regulatory Compliance or Corporate Compliance. Although the figure of the specialist lawyer in this area is not yet well recognized, many CEOs or owners of companies have already made use of external advisors to ensure that their practices are within the framework of the law. These advisors are now known as Compliance Officers, and although they may seem a new figure, they have been helping many companies around the world to legitimize their practices for years.

In Venezuela the case is not very different, over the years law firms such as Alan Aldana & Abogados offer their clients an analysis of their business practices to ensure that everything is in order. At the same time a risk prevention program is designed, which together with the administrative staff of the company, is carried out periodically to follow up on such practices. This results in the periodic review of permits, concessions, tax payments, social responsibility, tax returns, among others. Thus reducing the risk associated with non-compliance with employees, non-compliance with the state, money laundering and others. This is why corporate law now has a new focus associated with risk prevention and mitigation. Because it is possible to act against irregular situations at the time they arise, maintaining the reputation of the company.

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