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flag Venezuela Venezuela: Operating a Business

In this page: Setting Up a Company | The Active Population in Figures | Working Conditions | Cost of Labor | Social Partners

 

Setting Up a Company

Sociedad de Responsabilidad Limitada (SRL) is a Private Limited Company.
Number of partners: Minimum 2 partners / shareholders.
Capital (max/min): No minimum capital required. To be entirely subscribed.
Shareholders and liability: Liability is limited to the amount of capital contributed.
Sociedad Anonima (SA) is a Public Limited Company.
Number of partners: Minimum 2 partners / shareholders.
Capital (max/min): No minimum capital required. To be entirely subscribed.
Shareholders and liability: 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.
 
Setting Up a Company Venezuela Latin America & Caribbean
Procedures (number) 17.0 9.0
Time (days) 144.0 53.0

Source: Doing Business.

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

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The Active Population in Figures

201120122013
Labor force 13,320,00013,700,00014,010,000

Source: CIA - The world factbook

 
200920102011
Total activity rate -66.00%66.10%
Men activity rate 80.30%80.20%80.20%
Women activity rate 51.70%51.60%52.10%

Source: UN - United Nations

 

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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 copies, one for the employee, one for the employer and one that must be submitted to the Work Administration Department: see the Ministry of Labor'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

Labor Laws
Consult Doing Business Website, to obtain a summary of the labor regulations that apply to local entreprises.

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Cost of Labor

Minimum Wage
VEF 1,548 per month (source: ILO, 2011).
Average Wage
Gross average monthly wage of men: VEF 1,928 (source: ILO, 2010);
Gross average monthly wage of women: VEF 1,815 (source: ILO, 2010).

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Social Partners

Social Dialogue and Involvement of Social Partners
CTV: Confederation of Venezuelan Workers : the most powerful. CUTV Unified Confederation of Venezuelan 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 Labor Law Profile (in Spanish)
Text of the Labor Law

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Learn more about Operating a Business in Venezuela on Globaltrade.net, the Directory for International Trade Service Providers.

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Last Updates: October 2014