Venezuela, RB

Ease of Doing Business in

Venezuela, RB

This page summarizes Doing Business 2014 data for the República Bolivariana de Venezuela. The first table lists the overall "Ease of Doing Business" rank (out of 189 economies) and the rankings by each topic. It also lists the economy's distance to frontier (DTF)** measure. The rest of the tables summarize the key indicators for each topic and benchmark against regional and high-income economy (OECD) averages.

Economy Overview

Region Latin America & Caribbean
Income Category Upper middle income
Population 29,954,782
GNI Per Capita (US$) 12,470
City covered Caracas
Doing Business 2014 Rank Doing Business 2013 Rank*** Change in Rank
181 180 down -1

Doing Business 2014 DTF** (% points) Doing Business 2013 DTF** (% points) Change in DTF** (% points)
40.26 40.40 down -0.14
Positive=Doing Business reform making it easier to do business. Negative=Doing Business reform making it more difficult to do business.
 

Starting a Business

Info

The challenges of launching a business are shown below. Included are: the number of steps entrepreneurs can expect to go through to launch, the time it takes on average, and the cost and minimum capital required as a percentage of gross national income (GNI) per capita.

DB 2014 Rank 157 DB 2013 Rank*** 154 Change in Rank down-3
DB 2014 DTF** (% points) 45.72 DB 2013 DTF** (% points) 46.67 Change in DTF** (% points) down-0.95

Information on new business density and number of newly created firms with limited liability can be found at Entrepreneurship Database.

Indicator Venezuela, RB Latin America & Caribbean OECD

The total number of procedures required to register a firm. A procedure is defined as any interaction of the company founders with external parties (for example, government agencies, lawyers, auditors or notaries).

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Procedures (number)
17 9 5

The total number of days required to register a firm. The measure captures the median duration that incorporation lawyers indicate is necessary to complete a procedure with minimum follow-up with government agencies and no extra payments.

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Time (days)
144.0 36.1 11.1

Cost is recorded as a percentage of the economy’s income per capita. It includes all official fees and fees for legal or professional services if such services are required by law.

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Cost (% of income per capita)
35.6 33.1 3.6

The amount that the entrepreneur needs to deposit in a bank or with a notary before registration and up to 3 months following incorporation and is recorded as a percentage of the economy’s income per capita.

View methodology
Paid-in Min. Capital (% of income per capita)
0.0 3.6 10.4
No. Procedure Time to Complete Associated Costs
1 Reserve company name 4 days 0.5 UT (name search) + 2 UT (name reservation)
2 Obtain an approval of the company name 3 days no charge
3 Lawyer must prepare and legalize the company’s constitutive documents and social statutes 5 days VEB 10,000 to VEB 15,000
4 Open bank account 1 day no charge
5 Register at the local mercantile registry (Registro Mercantil) 30 days see comments
* 6 Publish articles in a local newspaper (Gaceta Forense del Registro Mercantil) 3 days (simultaneous with previous procedure) VEF144
* 7 Register company books 1 day (simultaneous with previous procedure) VEF 140 per each book + 0.03 UT (VEF 2.28) fixed fee + 0.001 UT (per page per registration) Each book has 100 pages-200 pages
8 Register at the local Servicio Nacional Integrado de Administración Aduanera y Tributaria (SENIAT) with Registro Unico de Información Fiscal (RIF) to obtain fiscal number 1 day no charge
9 Obtain tax clearance certificate at municipal level (Instituto Municipal de Aseo Urbano) 1 day VEF 20
10 Register at National Bank for Housing and Habitat - Banco Nacional de Vivienda y Habitat (BANAVIH) 1 day no charge
11 Go through a labor inspection (by the Labor Inspectorate) 8 days VEF 0.1 x UT (stamp cost)
12 Register for social security at a local regional fund 90 days no charge
* 13 Register at the National Institute of Socialist Cooperation & Education 1 day (simultaneous with previous procedure) no charge
* 14 Obtain fire approval and undergo an inspection 28 days (simultaneous with previous procedure) no charge
15 Obtain conformity of use certificate (zoning permit) 15 days VEF 535 (5 UT) + VEF 2.14 (0.02 UT) stamp
* 16 Obtain industrial or commercial license from competent municipality 50 days (simultaneous with previous procedure) VEF 1070 + VEF 2.14
* 17 Register with the Ministry of Labor 1 day, simultaneous with previous procedure no charge
* Takes place simultaneously with another procedure.

** The distance to frontier (DTF) measure shows the distance of each economy to the "frontier," which represents the highest performance observed on each of the topics including Getting Electricity across all economies included in Doing Business. An economy’s distance to frontier is indicated on a scale from 0 to 100, where 0 represents the lowest performance and 100 the frontier. Read more...

***Last year's rankings are adjusted: they are based on 10 topics and reflect data corrections.

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