This index evaluates the regulatory regime for business start-up.
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Are your country's laws and regulations regarding the establishment process available online through a website of a public institution (e.g. Parliament, official gazette, etc.)?
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Y
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What is the precise name of limited liability company (LLC) in your country (for example, LLC, private limited company, private limited liability company)in English ?
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Limited Liability Company
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What is the precise name of limited liability company (LLC) in your country (for example, LLC, private limited company, private limited liability company)in your principal official language (if different from English).
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Sociedad de Responsabilidad Limitada - SRL
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Is Limited Liability Company (LLC) the most commonly used legal form for the establishment of foreign-owned companies?
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No
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If no, what is the most common form of establishment of foreign companies in your country?
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S.A. (Sociedad Anónima) / Corporation Stock Company
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Does your country have any restrictions related to the composition of the board of directors of foreign owned but locally incorporated companies (nationality, ethnicity, race, gender, etc.)?
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No
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If Yes, what is/are this/these restriction(s)?
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N/A
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Is a foreign-owned company required by law to establish its subsidiary through a local private sector third party (local counsel, notary etc.) or public entity (investment promotion agency)?
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Required by law
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Comment
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A local attorney must submit the documents to the Commercial Registry, in order to incorporate GlobiCo.
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Can a foreign-owned company expedite any of the establishment procedures through an official channel (fast-track procedure)?
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Yes
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Comment
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There is a fast-track procedure within the notaries and registries, which allows documents to be notarized or registered in less than three days.That expedited procedures requirs payment of nominal ...moreexpediting fees in accordance with the Law of Public Registries and Notaries. ...less
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Is the investment approval/authorization a mere formality, only requiring submitting a notification to an appropriate authority?
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Yes
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Does your country give the investor the right to appeal the decision on the approval/authorization?
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N/A
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Is a minimum of projected annual sales required for an approval/authorization?
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N/A
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If Yes, what is this minimum (in local currency units, LCU)?
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N/A
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Is there a limit on the period of validity of a foreign investment approval (separate from any operational licenses/permits that need to be renewed)?
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N/A
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If Yes, what is the approval’s validity period (in years)?
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N/A
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Additional Comments
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Venezuelan laws do not require a previous approval or authorization, unless the investment is made in certains ectors (such as oil exploitation or other activities of strategic importance to the stat ...moree). The law does require, however, that the investment be registered before the Foreign Investments Superintendency within 60 days of the investment. ...less
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Do laws and regulations specify a time limit within which authorities must notify the foreign company of the result of its registration?
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No
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If Yes, what is this time limit?
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N/A
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If Yes, is this limit usually respected?
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N/A
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Do laws and regulations specify that no response from authorities within this time limit can be interpreted as consent and registration complete (that is, silent/deemed approval)?
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N/A
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Is the company registration documentation downloadable online?
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No
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If Yes, can the investment registration documentation be submitted online?
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N/A
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Can the registration process be monitored online? (e.g., check the status of registration, etc.)
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No
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Comment
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Can a foreign-owned company hold a commercial bank account in a foreign currency in your country?
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No
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If Yes, does a foreign-owned company have to seek approval/authorization before opening such an account?
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N/A
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If Yes, which authority issues such approval/authorization (e.g., Ministry of Finance, Central Bank, etc.)?
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N/A
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If Yes, how long does it take, on average, to receive such an approval/ authorization?
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N/A
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Comment
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In Venezuela there is a foreign exchange control regime in force since 2003. As a result of this regime, the Central Bank of Venzuela is the competent entity to sell and buy dollars.
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Does your country have a paid-in capital requirement for foreign-owned limited liability companies?
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Yes
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If Yes, is this requirement a different amount than the one for domestic companies?
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No
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Comment
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There is no specific amount but 20% of the subscribed capital must be paid in at incorporation. The Commercial Registry (Registro Mercantil) may reject the inscription of companies if it considers th ...moreat the capital is not sufficient for such company to comply with its object (Art. 56.1 of the Law of Public Registries and Notaries). ...less
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Is your country party to the Hague Apostille Convention ?
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Yes
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