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ABC of the Companies in Venezuela. Practical aspects for its incorporation.

Companies play a fundamental role in the economy of any country, since they are capable of producing goods and services that satisfy the needs of societies, as well as generating employment and wealth. Therefore, the ease with which they can be created and the protection afforded to them as a legal figure is a way of evaluating economic growth in any country in the world.

In Venezuela, companies are mainly governed by the Commercial Code, published in December 1955 and still in force, which regulates the obligations of businessmen in their commercial operations. 

The incorporation of a company can be done through a public or private document.In both cases, it is necessary to register it in the Mercantile Registry. Among the mandatory aspects that must be specified in the document we can highlight: the name, the domicile of the company, its establishments, its legal representatives; the type of business to which it will be dedicated; the amount of the capital; the data of the partners and the nominal value of their shares; as well as the value of the credits and other assets contributed. In practice, the Commercial Registry forms a file of all documentation relating to the company and is stored in its respective archives.

How to register a company in Venezuela

One of the keys to carry out this process in a correct and solid way is to find advice from trained professionals, that is to say, in experienced lawyers in the commercial and corporate area. His knowledge and expertise will facilitate the processes and guarantee their legality.

These are the basic steps for the registration of a company in the country

  1. Name search and reservation: To start with the incorporation of a company, we must perform a name search before the corresponding Mercantile Registry. This will allow us to know if the name is available. If it is available we must cancel the corresponding fees to reserve it.
  2. Presentation of Articles of Incorporation: Once the previous point has been fulfilled, we proceed to draft and submit the minutes containing the Articles of Incorporation of the new company, as well as the necessary requirements (identity cards or passport in case of foreign persons, inventory made by an accountant or evidence of opening a bank account in the name of the Company and the letter of acceptance of the Accountant who will act as Commissioner of the same), in order for the Registry to indicate the amount corresponding to taxes of the SAREN and the SATDC.
  3. Granting: Once the articles of incorporation have been filed and the fees have been paid, we proceed to the Registry, that is to say, to sign before a public officer, so that the company acquires legal personality. We must also proceed to the publication in a mercantile newspaper of the Company. 
  4. Completion of the registration process with the Commercial Registry, It is advisable that the Company registers before SENIAT, in order to be assigned the RIF and to proceed with the preparation of the accounting and commercial books, as well as their processing and stamping before the same Registry. 

At Alan Aldana & Abogados we have a team of professionals who will be able to advise you in a comprehensive manner in the development of your company.

Sources consulted