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How to invest through a foreign company in Venezuela?

Today, there are many foreigners who see with different eyes the opportunities offered by the countryThey have opted to transfer their capital to generate high rates of profitability in a short period of time. This is due to the growing needs of the Venezuelan population in terms of technology, infrastructure and services in general. Although investors must assume and mitigate the risks present in any business, the economic environment is becoming more attractive for many investors around the world. In this sense, today we will explain to you: How to investing through a foreign company in Venezuela?

1-Identify the potential sector to invest capital in

In Venezuela there are different investment opportunities in different industries. For this reason, foreign investors contemplate the possibility of developing their companies with a focus on this part of the world, due to the high profitability they can generate if they mitigate the economic and operational risks that exist here.

The industries with the greatest needs and important for a large part of the population are:

-Telecommunications and technology: there are different aspects that have been gradually developing in the country, but they need a strong investment to be able to provide products and services in a large part of the national territory. Among them we have subscription television, internet services, research centers, among others.

-Gas: there are different gas pipelines and platforms that need to update their technological components to streamline processes and increase production. For many foreign companies these can be a golden opportunity, since they can reach specific agreements that benefit both public, private and mixed companies that are exploiting this resource.

-Mining: one of the most profitable opportunities in this industry is the expansion of infrastructure and transportation of minerals such as coal, nickel, sulfur, among others. Because they are inexpensive to exploit, these minerals are profitable when exported to other countries.

-Infrastructure: here we highlight investment opportunities in the railway sector, in terms of feasibility studies, as well as the reconstruction and refurbishment of the transportation systems currently operating in the country.

-Electricity: this industry requires heavy investments in refurbishment, maintenance and replacement of technology for the generation, transmission, distribution and commercialization of electricity.

-Tourism: this is one of the industries that has gained importance in recent years, although there are no major infrastructure projects in this regard, the provision of services has been a great opportunity for many investors. Among them we have the improvement of access to adventure and ecotourism, taking as an example the growing tourism in the areas belonging to the Gran Sabana and other surrounding areas.

2- Domicile a foreign company in Venezuela

Previously, we have talked about the domiciliation of foreign companies in VenezuelaThis is a requirement for them to operate in the territory. In order to do so, the foreign investor must apostille the constitutive documents and carry out an assembly act, authorizing the domiciliation of the company in the Venezuelan territory.

Once these procedures have been carried out, a power of attorney must be signed by the person and the team of lawyers who will be in charge of the company in the country. These persons will be responsible for the management and all the procedures related to the commercial activities to be carried out in the country.

3- Make sure to comply with all the requirements of Venezuelan law.

It is important that all foreign companies in Venezuela comply with all the requirements demanded by the country's legislation. This will allow them to mitigate the risks inherent to criminal proceedings that may be carried out, or even mitigate the incidence of the State on the company itself.

Therefore, foreign investments may be direct, national or sub-regional, and in each case they must be registered before agencies such as the Superintendence of Foreign Investments (SIEX), SUDEBAN, SENIAT and other agencies corresponding to the industry in which they wish to operate. However, it is not necessary to register these investments until after they have been made. Likewise, Venezuelan legislation protects the investor, so that its dividends or capital can be repatriated to the territories of origin without major complications.

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