Venezuela, RB

Ease of Doing Business in

Venezuela, RB

This page summarizes Doing Business 2015 data for the República Bolivariana de Venezuela. The first section presents the Ease of Doing Business rank (out of 189 economies) and the distance to frontier (DTF)** measure, overall and by topic. The second section summarizes the key indicators for each topic benchmarked against regional averages.

Economy Overview

 
Region Latin America & Caribbean
Income Category Upper middle income
Population 30,405,207
GNI Per Capita (US$) 12,550
City covered Caracas
Doing Business 2015 Rank Doing Business 2014 Rank*** Change in Rank
182 183 down 1

Doing Business 2015 DTF** (% points) Doing Business 2014 DTF** (% points) Change in DTF** (% points)
41.41 40.37 down 1.04
Positive=Doing Business reform making it easier to do business. Negative=Change 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 2015 Rank 182 DB 2014 Rank*** 180 Change in Rank down-2
DB 2015 DTF** (% points) 45.23 DB 2014 DTF** (% points) 47.02 Change in DTF** (% points) down-1.79

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)
17.0 8.3 4.8

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 30.1 9.2

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.

View methodology
Cost (% of income per capita)
49.9 31.1 3.4

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 3.2 8.8
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 VEF 20,000 to VEF 40,000
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) VEF 144
* 7 Register company books 1 day (simultaneous with previous procedure) VEF 120 per each book + 0.03 UT (VEF 2,28) fixed fee + 0.001 UT (per page per registration), each book has 100 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 25.4 (0.2% Tax Unit)
10 Register with the Ministry of Labor 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 (simultaneous with previous procedure) VEF 450 (5 UT) + VEF 1.8 (0.02 UT) stamp
* 16 Obtain industrial or commercial license from competent municipality 50 days (simultaneous with previous procedure) VEF 535 (5 UT) + VEF 2.14 (0.02 UT) stamp
* 17 Register at National Bank for Housing and Habitat - Banco Nacional de Vivienda y Habitat (BANAVIH) 1 day (simultaneous with previous procedure) no charge
* Takes place simultaneously with another procedure.

**The distance to frontier score shows how far on average an economy is at a point in time from the best performance achieved by any economy on each Doing Business indicator since 2005 or the third year in which data for the indicator were collected. The measure is normalized to range between 0 and 100, with 100 representing the frontier. Read more...

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

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