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How to incorporate a company or branch in Venezuela?

In the branches of commercial law and corporate law we can find different ways to commercialize our products and services all over the world. And there are different types of associations but all converge at the same point which is the import and export of the final product. So for all those entrepreneurs or CEOs of companies that are looking for the internationalization of their practices we have today's article. In this opportunity we will talk a little about the process of incorporation of a national and international company in Venezuela and also about the importance of foreign trade in the region.

How to incorporate a company in Venezuela?

In order to incorporate a company in Venezuela, certain requirements must be complied with and filed with the Autonomous Service of Registries and Notaries (SAREN). In the article ABC of Companies in Venezuela: Basic Aspects for their incorporation we explain the requirements of the Venezuelan Commercial Code and the steps to register a company in the national territory.

Basically, the corporate form to be registered must be identified, a name must be reserved, the partners must be determined, the capital of the company must be fixed and a domicile in Venezuela must be registered. These documents are filed with the Commercial Registry and the corresponding taxes are paid. Once this procedure is completed, the legal entity is registered before the SENIAT and can operate legally under the laws of the Venezuelan Commercial Code.

Is it possible to work with a foreign company in Venezuela?

Yes, it is possible to work with a foreign legal entity or company in Venezuela. Here, when foreign companies or corporations arrive in Venezuela with the purpose of exploiting and commercializing an industry, they must legalize their status and become domiciled in the country. Once domiciled before the Mercantile Registry, these companies maintain their foreign nationality but become considered national companies. Therefore, they must comply with the same legal, labor, administrative and tax requirements as domestic companies. Because they are governed by the same laws and entities in charge of regulating and regulating the mercantile companies in the country.

Internationalization of Venezuelan companies today

Due to the economic situation in Venezuela, many companies have found it necessary to export their products or offer their services abroad. For this it is necessary to legalize the companies in the territory where they are going to develop their commercial activities.

This internationalization of business has allowed us to reposition Venezuelan products such as cocoa, coffee, textiles, among others. Although it is a titanic task, exporting from Venezuela is an increasingly popular option due to the bureaucratic flexibility that has been introduced over the years. Undoubtedly, it has become indispensable to quote services or products internationally in order to obtain foreign currency, while production continues within the region.

What is the importance of foreign trade in Venezuela?

Corporate development in the country is very important; however, the difficulties in acquiring foreign currency, obtaining raw materials and maintaining a profit margin hinder almost all processes. That is why a large number of companies have opted to internationalize their services in order to save their assets on Venezuelan soil. This business model with branches outside the country is what often allows them to maintain their commercial operations in Venezuela. For example, textile companies that produce their products here, but sell them abroad. This allows the company to earn profits in foreign currency without resorting to government exchange controls, while at the same time offering highly competitive salaries and bonuses.

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