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Venezuela 2018

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Venezuela 2018 Venezuela 2018 1 Table of Contents (Kate) Doing Business in Venezuela _________________________________________ 5 Market Overview ______________________________________________________________ 5 Market Challenges _____________________________________________________________ 5 Market Opportunities ___________________________________________________________ 6 Market Entry Strategy __________________________________________________________ 6 Political Environment _______________________________________________ 6 Selling US Products & Services ______________________________________ 10 Using an Agent to Sell U.S. Products and Services _________________________________ 10 Establishing an Office _________________________________________________________ 10 Franchising _________________________________________________________________ 11 Direct Marketing ______________________________________________________________ 11 Joint Ventures/Licensing ______________________________________________________ 11 Selling to the Government _____________________________________________________ 12 Distribution & Sales Channels __________________________________________________ 13 Express Delivery _____________________________________________________________ 14 Selling Factors & Techniques ___________________________________________________ 14 eCommerce _________________________________________________________________ 14 Trade Promotion & Advertising _________________________________________________ 15 Pricing ______________________________________________________________________ 15 Sales Service/Customer Support ________________________________________________ 16 Protecting Intellectual Property _________________________________________________ 16 Due Diligence ________________________________________________________________ 16 Local Professional Services ____________________________________________________ 16 Principal Business Associations ________________________________________________ 17 Limitations on Selling US Products and Services __________________________________ 17 Web Resources ______________________________________________________________ 17 Leading Sectors for US Exports & Investments _________________________ 18 Oil and Gas Field Machinery ____________________________________________________ 18 Electrical Power Generation Systems and Electrical Equipment ______________________ 19 Auto Parts and Service Equipment ______________________________________________ 20 Safety and Security (Kate) _____________________________________________________ 21 Agricultural Sector ___________________________________________________________ 22 Customs, Regulations & Standards ___________________________________ 24 2 Trade Barriers _______________________________________________________________ 24 Import Tariffs ________________________________________________________________ 24 Import Requirements & Documentation __________________________________________ 25 Labeling/Marking Requirements ________________________________________________ 26 U.S. Export Controls __________________________________________________________ 27 Temporary Entry _____________________________________________________________ 27 Prohibited & Restricted Imports _________________________________________________ 27 Customs Regulations _________________________________________________________ 27 Standards ___________________________________________________________________ 28 Trade Agreements ____________________________________________________________ 30 Licensing Requirements for Professional Services _________________________________ 30 Web Resources ______________________________________________________________ 30 Investment Climate Statement _______________________________________ 31 Executive Summary ___________________________________________________________ 31 Openness to and Restrictions upon Foreign Investment ____________________________ 32 Bilateral Investment Agreements and Taxation Treaties _____________________________ 35 Legal Regime ________________________________________________________________ 35 Industrial Policies ____________________________________________________________ 39 Protection of Property Rights ___________________________________________________ 39 Financial Sector ______________________________________________________________ 42 State-Owned Enterprises ______________________________________________________ 44 Responsible Business Conduct _________________________________________________ 45 Corruption __________________________________________________________________ 45 Political and Security Environment ______________________________________________ 46 Labor Policies and Practices ___________________________________________________ 46 OPIC and Other Investment Insurance Programs___________________________________ 47 Foreign Direct Investment and Foreign Portfolio Investment Statistics ________________ 47 Contact for More Information on the Investment Climate Statement ___________________ 49 Trade & Project Financing __________________________________________ 50 Methods of Payment __________________________________________________________ 50 Banking Systems _____________________________________________________________ 50 Foreign Exchange Controls ____________________________________________________ 50 US Banks & Local Correspondent Banks _________________________________________ 50 Project Financing _____________________________________________________________ 50 Financing Web Resources _____________________________________________________ 50 3 Business Travel ___________________________________________________ 52 Business Customs____________________________________________________________ 52 Travel Advisory ______________________________________________________________ 52 Visa Requirements ___________________________________________________________ 52 Currency ____________________________________________________________________ 52 Telecommunications/Electronics ________________________________________________ 53 Transportation _______________________________________________________________ 53 Language ___________________________________________________________________ 53 Health ______________________________________________________________________ 54 Local Time, Business Hours and Holidays ________________________________________ 56 Temporary Entry of Materials or Personal Belongings ______________________________ 57 Travel Related Web Resources _________________________________________________ 57 INTERNATIONAL COPYRIGHT, U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2018. ALL RIGHTS RESERVED OUTSIDE OF THE UNITED STATES. 4 Doing Business in Venezuela Market Overview Venezuela is experiencing the worst economic depression in the country’s history. Under the Maduro government, the economy has contracted nearly 50 percent between 2013 and 2017. Without comprehensive economic reforms, there are few prospects of a recovery in the short term. For the last 18 years, Venezuela's anti-market orientation has complicated business opportunities in the country. U.S. exporters to, and investors in, Venezuela are well advised to be mindful of the considerable challenges when assessing opportunities in the Venezuelan market. The United States remains Venezuela’s most important trading partner, claiming 39 percent of Venezuela’s exports (primarily petroleum and petroleum products) and 36 percent of its imports in 2016, making Venezuela the United States’ eleventh-largest export market in Latin America. Companies seeking to do business in Venezuela must navigate its complex and frequently revised foreign currency (FX) regime. Multiple FX mechanisms and exchange rates have been introduced, modified, and eliminated over the past several years. Venezuelan law presently authorizes one official FX mechanism to sell dollars to private sector firms and individuals (Gazette No. 41.329, January 2018). The mechanism, called the Complimentary Exchange Rate or DICOM, sells dollars to the private sector for all products and services. The DICOM rate is a variable rate determined by a BCV-managed auction system launched in May 2017. The Government of the Bolivarian Republic of Venezuela’s (GBRV) FX regimes have not met market demand for dollars for several years. A robust parallel market has emerged as a result. Obtaining foreign exchange on the parallel market is illegal under Venezuelan law. However, rates for currency sales made outside of Venezuela are updated daily on internet sites. Market Challenges Venezuela’s 2012 departure from the World Bank’s International Centre for the Settlement of Investment Disputes (ICSID) may leave firms with less recourse to international arbitration. In January 2014, the GBRV passed the Fair Prices Law that created the Superintendence for the Defense of Socio-Economic Rights (SUNDDE) to establish price controls and limit profits, inspect businesses, and enforce penalties that include up to 14 years in prison. Venezuela has inadequate intellectual property rights (IPR) protection. Simultaneously, increasingly strict labor laws make it very difficult to dismiss or fire employees, even for cause, making it difficult to use independent contractors in place of fulltime employees. Additionally, businesses are regularly impacted by both electricity rationing and water shortages. High crime rates remain a significant concern and security cost to many businesses – not only for personnel safety, but also due to losses of shipments,
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