When examining a jurisdiction in which to incorporate, the first thing to look at is the legal code. The underlying law in Venezuela is civil law law. You will want to get some local advice as to how to best structure a company in Venezuela. From our research, electronic signatures are not permitted. Get with the program Venezuela, this internet thing is here to stay.
The letters VE is for Venezuela and the most common company type type in Venezuela is a LLC.
The amount you'll have to wait is about 25 weeks to put together the paperwork and file a LLC in VE. The minimal capitalization, or amount you're expected to put into a bank, is 0, This means you don't have any minimum share capital. The types of consideration you can use to capitalize your legal entity is often legal currency.
. One is typically not permitted to change the jurisdiction.
There must be at least 1 shareholder. This makes it possible for you to own a LLC in VE by yourself. Corporate Shareholders are permitted, which means you can have a legal entity as a shareholder. Foreign ownership is tolerated, up to 100% of the ownership of the LLC.
A company is only required to have one director. Speaking of shareholders, corporate directors are permitted. Directors are disclosed publicly. There is a requirement to have annual meetings of shareholders.
A registered office is a requirement, whom the company will pay yearly, for an office which can receive any lawsuit papers on behalf of the registered legal entity. A related requirement, a corporate secretary is
There is a legal obligation to file accounts on a yearly basis. On that note, there is oftentimes a requirement to have these accounts audited.
Thin capitalization rules are not in effect.
A corporate director is permitted, meaning this country is a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Venezuela, SAREN. Shareholders are not disclosed in the SAREN.
Typically companies take 25 weeks to setup and there are 1 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think Venezuela is a ok option and have given it a score of 41 as an IO score, using the Incorporations.IO proprietary formula.
25 weeksto form