Setting Up a Company

Types of Companies and Capital (Max/Min)	Number of Partners/Shareholders and Liability
Sociedad de Responsabilidad Limitada (SRL) is a Private Limited Company. Minimum VEB 20,000. Maximum BEV 2 million. Subscribed at the constitution.	Minimum 2 Liability is limited to the amount of capital contributed.
Sociedad Anonima (SA) is a Public Limited Company. No minimum. Subscribed at the constitution.	Minimum 2 Liability is limited to the amount of capital contributed.

The Competent Organization: A company must register with "Registro Mercantil" or "Trade Register" in the company's place of business: in order to find the right Trade Register, go to the Chamber of Commerce.

Source: Doing Business.

Business Setup Procedures: Consult Doing Business Website, to know about procedures to start a Business in Venezuela.
Trade Register

Working Conditions

Legal Weekly Duration: 44 hours in the public sector, 48 in the private sector.
Retirement Age: 60 years for men and 55 years for women, given that they have worked for at least 25 years. If the length of work reaches 35 years the worker can retire regardless of his or her age.
Working Contracts: Employment contracts are regulated by law and collective agreements.
A large part of Venezuelan workers do not benefit from any work contract, they are part of the informal sector. For the rest there are three types of written contracts: a contract must be signed in three exemplaries, one for the employee, one for the employer and one that must be submitted to the Work Administration Department: see the Ministry of Labour's website.
- permanent work contract
- fixed-term work contract
- contract for a fixed-term project, the duration of which depends on the completion of the specific project

Social Dialogue and Involvement of Social Partners: CTV: Confederation of Venezuelan Workers : the most powerful. CUTV Unified Confederation of Venzuelan Workers. CODESA : Confederation of Autonomous Trade Unions.
Unions: Confederation of Venezuelan Workers (CTV)
Unified Confederation of Venezuelan Workers (CUTV)
Confederation of Venezuelan Autonomous Trade Unions (CODESA)
Unionization Rate: 28%.
The Venezuelan trade unions are very powerful, especially in the oil industry sector. They have however been always known for their high levels of politicization and corruption.
Labor Regulation Bodies: Venezuela Labour Law Profile
Text of the Labour Law

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