Business
Código de Comercio companies with heavy exchange and price controls
Companies are formed under the Código de Comercio, most commonly as a compañía anónima (CA) or sociedad de responsabilidad limitada, registered with the Registro Mercantil. Business operation has been shaped by extensive state intervention — currency controls, price regulation and expropriations — much of it relaxed in practice since 2019 alongside de facto dollarisation.
Key rules
- Jurisdiction — National commercial law with regional mercantile registries
- Deadline — Registration of the company deed in the Registro Mercantil before commencing operations
- Deadline — Annual shareholders' meeting and filing of accounts with the registry
Governing law
- Código de Comercio de Venezuela
- Ley Orgánica de Precios Justos
- Decreto Constituyente derogating the exchange-control regime2018
In practice
The formal legal framework and the operating reality have diverged sharply: the exchange-control system that dominated business planning for 15 years was repealed in 2018 and transactions are now widely conducted in US dollars, while much price-control legislation remains on the books but is inconsistently enforced. Anyone advising here must check current practice rather than relying on the published statutes alone.