Venezuela, RB

Starting a Business in

Venezuela, RB

Listed below is a detailed summary of the bureaucratic and legal hurdles an entrepreneur must overcome in order to incorporate and register a new firm, along with their associated time and set-up costs.  It examines the procedures, time and cost involved in launching a commercial or industrial firm with up to 50 employees and start-up capital of 10 times the economy's per-capita gross national income (GNI).

The information appearing on this page was collected as part of the Doing Business project, which measures and compares regulations relevant to the life cycle of a small- to medium-sized domestic business in 183 economies. The most recent round of data collection for the project was completed in June 2011.

  • Standardized Company

  • Legal Form: Sociedad Anónima (SA)
  • City: Caracas

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No. Procedure Time to Complete Associated Costs
1 Reserve company name

To reserve a company name, founders must buy the name search form (busqueda de la denominación) at the Registro Mercantil.

1 day 0.5 UT (name search) + 2 UT (name reservation)
2 Obtain an approval of the company name.

After reserving the company name, the applicant must pay the cited fee at a bank and return to the Registry 3 days later to show the bank deposit slip and obtain the company name approval.
3 days no charge
3 Lawyer must prepare and legalize the company’s constitutive documents and social statutes.

Legal assessment is required in the procurement of the company incorporation documents; the assessment must follow all formalities cited in Articles 211 to 215 of the Code of Commerce. The average cost for this procedure would be around VEB 3,000.
5 days VEF 3,000
4 Open bank account

The Mercantile Registry requires evidence of a bank account. Although founders commonly deposit 20% of declared capital, there is no minimum amount; by law, the Registrar determines the required amount.
1 day no charge
5 Register at the local mercantile registry (Registro Mercantil)

Founders must register with the local mercantile registry. This procedure must be done within 30 days of name reservation. The employer must fill out and submit a registration (derechos registrales) form.

The company registration and incorporation fees are linked to a measure called the tax unit (UT), which the government updates at least once a year. The UT was increased from VEF 65 in February 2010 to VEF 76 in February 2011

Fee schedule for company registration and incorporation:
- 1% of the total subscribed capital.
- 2 UT fixed rate plus 0.1 UT per page.
- 5 UT fixed rate for fiscal rights plus 0.1 UT per page.
- 0.02 UT fiscal stamps per page of the original document.
- 0.02 UT fiscal stamps per page/per copy for the Registry.
- 0.02 UT fiscal stamps per page/per certified copy for the company.
30 days 1% of capital + VEF 92 (fixed fee) + VEF 230 fiscal rights (fixed fee) + 4.6 VEF per page + 9.2 VEF per page stamp tax (for original document, registry copy, and company copy)
* 6 Publish articles in a local newspaper (Gaceta Forense del Registro Mercantil)


3 days (simultaneous with previous procedure) VEF 108 (approximately VEF 12 per page)
* 7 Register company books

Companies must purchase the books and register corporate books (Shareholders' Book, Shareholders’ Meeting Minutes Book and, if applicable, Board of Directors Minutes Book) and accounting books (Inventory Book, Daily Book and Ledger).
1 day (simultaneous with previous procedure) VEF 100 to purchase books (3 books) + VEF 0.03 x U.T. + VEF 0.001 x U.T. (per page for 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

SENIAT is the National integrated service of customs and tax administration and RIF is the Fiscal Registry. The Company must file an electronic form which is downloaded from SENIAT’s Web page (www.seniat.gov.ve). Such form must be filed along with the required documentation. SENIAT now also requires that Company's shareholders, directors and legal representative must be registered with the RIF prior to obtaining the Company's RIF.
1 day no charge
9 Obtain tax clearance certificate at municipal level (Instituto Municipal de Aseo Urbano).


1 day VEF 20
10 Register with the Ministry of Labor

The company and the company employees have to register with the Ministry of Labor. The Registration also includes the Statistics Register and the Deparment of Hygiene and Safety. The applicants can register online at www.mintra.gob.ve
1 day no charge
11 Go through a labor inspection (by the Labor Inspectorate).


8 days VEF 0.1 (stamp cost)
12 Register for social security at a local regional fund.

Registering for social security can take up to 6 months. Incorporators often must contact the Regional Fund two or three times a week to ensure that a social security number is being issued.
90 days no charge
* 13 Register at the National Institute of Socialist Cooperation & Education

Employers with a minimum of five employees must register at the National Educational Co-operation Institute; the employees’ social security numbers are required.
1 day (simultaneous with previous procedure) no charge
* 14 Obtain fire approval and undergo an inspection.

It takes 8 days for assignment of an operating inspector and 15–20 days for a response.
28 days (simultaneous with previous procedure) no charge
* 15 Obtain conformity of use certificate (zoning permit)

Documents required are the mercantile registration, external building maps, and a photo of the premises.
15 days (simultaneous with previous procedure) VEF 380 (5 UT) + 1.52 (0.02 UT) stamp
* 16 Obtain industrial or commercial license from competent municipality

To obtain an industrial or commercial license from a competent municipality, the founders must file copies of registration, a sanitation certificate, the lease of the premises, the latest balance sheet, and a declaration of the number of employees.
50 days (simultaneous with previous procedure) VEF 760 (10 UT) administration fee + VEF 1.52 (0.02 UT) stamp tax)
* 17 Register at National Bank for Housing and Habitat - Banco Nacional de Vivienda y Habitat (BANAVIH)

The employers must register with BANAVIH through its website: www.banavih.gov.ve. Employers must verify their list of employees monthly and pay the contribution.
1 day no charge
* Takes place simultaneously with another procedure.
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