Venezuela, RB Report
Entrepreneurial Missions Index
28,834,000 (42nd most populous country in the world)
Petroleum, construction materials, food processing, textiles, iron ore mining, steel, aluminum, motor vehicle assembly
Unless otherwise noted, all information included here was obtained from the World Factbook project 4, conducted by the Central Intelligence Agency (CIA). For more detailed information about Venezuela, RB, visit https://www.cia.gov/library/publications/the-world-factbook/geos/ve.html.
Business InformationThe World Bank ranks Venezuela, RB as 0 out of 183 economies in terms of ease of doing business. The country ranks as 0 (of 183) in terms of ease of starting a business.
It requires 0 procedures, takes 0 days, and costs N/A% of income per capita to start a business in Venezuela, RB.
The World Bank ranks Venezuela as 177th out of 183 economies in terms of ease of doing business. The country ranks as 142nd (of 183) in terms of ease of starting a business.
It requires 16 procedures, takes 141 days, and costs 24% of income per capita to start a business in Venezuela.
In order to start a business in Venezuela, one must follow these procedures:
- Reserve company name
- Obtain an approval of the company name
- Lawyer must prepare and legalize the company’s constitutive documents and social studies
- Open bank account
- Register at the local mercantile registry
- Publish articles in a local newspaper
- Register company books
- Register at the local Servicia Nacional Integrade de Administracion Aduanera y Tributaria (SENIAR) with Registro Unico de Informacion Fiscal (RIF) to obtain fiscal number
- Obtain tax clearance certificate at municipal level
- Register with the Ministry of Labor
- Go through a labor inspection
- Registration for social security at a local regional fund
- Register at the National Education Co-operation Institute
- Obtain fire approval and undergo an inspection
- Obtain conformity of use certificate
- Obtain industrial or commercial license from competent municipality
The World Economic Forum (WEF) was founded in 1971 by Klaus Martin Schwab at the University of Geneva in Switzerland. It is a non-profit foundation best known for its annual meeting in Davos, Switzerland, which brings together top business leaders, international political leaders, selected intellectuals and journalists to discuss both economic and social issues facing the world. The WEF also serves as a think tank, and publishes a wide range of reports focusing on issues of concern and importance to Forum communities. In particular, Strategic Insight Teams focus on producing reports of relevance in the fields of competitiveness, global risks and scenario thinking. The Global Competitiveness Report measures competitiveness of countries and economic competitiveness among a wide range of factors such as corruption, tax rates, work ethic, and many others.
Venezuela, RB Economic Freedom
The annual survey Economic Freedom of the World is an indicator produced by the Fraser Institute, a libertarian think tank which attempts to measure the degree of economic freedom in the world's nations. Economic Freedom of the World index has been more widely used than any other measure of economic freedom, because of its coverage of a longer time period
Their measure of economic freedom is based on that the following standards:
- Personal choice rather than collective choice,
- Voluntary exchange coordinated by markets rather than allocation via the political process,
- Freedom to enter and compete in markets, and
- Protection of persons and their property from aggression by others.
A state will rate high when it focuses on protection of people and their property from the actions of aggressors, enforcement of contracts, and provision of the limited set of public goods like roads, flood control projects, and money of stable value and little else, but a country’s rating on the EFW summary index will fall as government expenditures increase and regulations expand.
Venezuela, RB Summary
2 Free the World
Gwartney, James and Robert Lawson with Herbert Grubel, Jakob de Haan, Jan-Egbert Sturm, and Eelco Zandberg (2009). Economic Freedom of the World: 2009 Annual Report. Vancouver, BC: The Fraser Institute. Data retrieved from www.freetheworld.com.