Tentmaker Reports

Venezuela, RB Report

Entrepreneurial Missions Index

40.91

General Information

Population

28,834,000 (42nd most populous country in the world)

RELIGIONS
Roman Catholic96%
Protestant2%
Other2%
LANGUAGES
Spanish
Indigenous Dialects

Industries

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 Information

The World Bank ranks Venezuela, RB as 175 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.

In order to start a business in Venezuela, RB, one must follow these procedures:

  1. Reserve company name
  2. Obtain an approval of the company name
  3. Lawyer must prepare and legalize the company’s constitutive documents and social studies
  4. Open bank account
  5. Register at the local mercantile registry
  6. Publish articles in a local newspaper
  7. Register company books
  8. Register at the local Servicia Nacional Integrade de Administracion Aduanera y Tributaria (SENIAR) with Registro Unico de Informacion Fiscal (RIF) to obtain fiscal number
  9. Obtain tax clearance certificate at municipal level
  10. Register with the Ministry of Labor
  11. Go through a labor inspection
  12. Registration for social security at a local regional fund
  13. Register at the National Education Co-operation Institute
  14. Obtain fire approval and undergo an inspection
  15. Obtain conformity of use certificate
  16. Obtain industrial or commercial license from competent municipality

Unless otherwise noted, all information included here was obtained from the Doing Business project 3, conducted by the World Bank. For more detailed information about starting a business in Venezuela, RB, visit http://www.doingbusiness.org/.

 

 

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

 

1 World Economic Forum

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.

3 World Bank Data

4 World Factbook Project

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