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“Doing Business in Venezuela Challenges and Opportunities”

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“Doing Business in Venezuela Challenges and Opportunities” “Doing Business in Venezuela Challenges and Opportunities” Universität St. Gallen Carlos Pérez Rocholl More than one-third of the Venezuela’s population has never travelled in an “Elevator”. Imagine the opportunity for us! Doing Business in Venezuela Agenda Schindler Ltd. Schindler in Venezuela Doing Business in Venezuela Challenges and Opportunities © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 3 Doing Business in Venezuela Agenda Schindler Ltd. Schindler in Venezuela Doing Business in Venezuela Challenges and Opportunities © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 4 Schindler Lucerne 1874 Founder Robert Schindler Plant 1900 Controller 1930 Drives 1954 Cars 1890 Lift boy © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 5 Elevator and Escalator Company We move one billion people every day Text may be inserted in either white, red or black on full- sized images. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 6 High sales volume with new product lines: for elevators... Schindler 5x00 Schindler 3x00 Schindler 5300 Schindler 6x00 Schindler 2x00 © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 7 ...and escalators. Schindler 9500 Schindler 5300 Schindler 9300 Schindler 9700 © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 8 E&E: Global presence with Continental platforms … Americas (North) Elevators: Europe North/South Schindler 330A Elevators: Schindler 400A Schindler 3x00 Schindler 500A Schindler 5x00 Schindler 7000 Schindler 2x00 Asia/Pacific Escalators: Schindler 6x00 Elevators: Schindler 9x00 Schindler 7000 Schindler 3300 Escalators Schindler 5300 Schindler 9x00 Schindler 7000 Escalators Schindler 9x00 Americas (South) Elevators: Schindler 3x00 Schindler 5300 Schindler 7000 Escalators: Schindler 9x00 over 48’000 employees – more than 100 countries © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 9 E&E: and Continental sourcing Escalator group Corp. R&D-HQ competence Vienna center Vienna Ebikon R&D-AP Ebikon Slowakia Shanghai R&D-NA Locarno Suzhou Randolph Hanover, PA Zaragoza Electronic Suzhou Clinton, NC Suzhou Shanghai; new campus Escalator under construction R&D-AP Step Pune Pune; new campus under construction R&D-SA São Paulo Londrina © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 10 Doing Business in Venezuela Agenda Schindler Ltd. Schindler in Venezuela Doing Business in Venezuela Challenges and Opportunities © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 11 Schindler Venezuela We are a reference in vertical transport in Venezuela Main Branches in Barquisimento Boleita Caracas Prados del Este Sabana Grande Main Service points Barinas Maracaibo Portamar Puerto la Cruz Sao Paulo Puerto Ordaz San Cristóbal Londrina Since 1949 More than 60 years of history © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 12 Doing Business in Venezuela Agenda Schindler Ltd. Schindler in Venezuela Doing Business in Venezuela Challenges and Opportunities © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 13 Doing Business in Venezuela – requires time and efforts . Starting a business with foreign investments . Investment promotion, intellectual property . Currency and Exchange controls . Foreign trade and Licenses . Choice of entity . Corporate taxation . Income Tax, value added Tax, excise Taxes, Municipal Taxes . Transfer pricing regime . Custom duties . Inheritance and gift taxes . Oil and Gal Industry taxation . Employing workers and labor regulations . Immigration © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 14 Doing Business in Venezuela – Trade agreements . Marrakesh Agreement = World Trade Organization (WTO) . Latin-American Integration Association (LAIA) . The Free Trade Agreement, Colombia, Mexico and Venezuela (G-3) . Andean Community . Central American Common Market (CACM) . Venezuela and the Caribbean . Venezuela and Chile . Venezuela and MERCOSUR © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 15 Doing Business in Venezuela – Investing in Venezuela . Foreign Investment areregulatedbyDecree 2.095 of February 13th, 1992. Following these regulations, all foreign investments are deemed approved and they are only subject to registration with the appropriate agency, provided that they do not contravene any provision of general applicability under Venezuelan legislation. The allowed proportion of foreign investment depends upon the sector in which the company is planning its activities, as there are some limited sectors reserved to national enterprises. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 16 Doing Business in Venezuela – Business structures Doing Business in Venezuela requires to those new companies taking four different types of structure under the Venezuelan legal framework (Code of Commerce). General partnerships are characterized by the way in which obligations of the firm are guaranteed by the unlimited and joint liability of all the partners. In special partnerships, obligations are guaranteed unlimited and joint liability for some partners (general partners), and by limited liabilities for other partners (special partners). In both these partnerships, liabilities include all partners' assets. Business corporations' obligations are guaranteed by a specified amount of capital and the stockholders are liable only for their shares. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 17 Doing Business in Venezuela – Main contrasts . The Language . Society & Culture . Family values . Hospitality and religion . Time and meals . Corporate culture . Business dress . Relations & Communication © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 18 . The language The people of Venezuela speak Spanish (official), and numerous indigenous dialects. There are about 40 languages spoken in Venezuela but most of its people speak Spanish. In 1999 the Venezuelan constitution declared Spanish as the language spoken by indigenous people from Venezuela. An example of some languages spoken is Warao, Pemon, Mapoyo, Panare, and Pémono. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 19 . Society & Culture Venezuelans are proud of their country and heritage. Simon Bolivar, who liberated much of South America from the Spanish colonialists, was born in Venezuela. Their flag is a national icon and is respected and admired. There are four separate public holidays that commemorate independence, during which time flags are flown outside private houses as well as public buildings and there are street parades. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 20 . Family Values The family is the cornerstone of the social structure and forms the basis of stability for most people. The individual derives a social network and assistance in times of need from the extended family. In villages it is common for members of the extended family to live close to one another, often on the same block. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 21 . Hospitality and Religion Venezuelans pride themselves on their hospitality. They go out of their way to make guests feel welcome and comfortable. Venezuelan hosts cater to their every desire. Freedom of religion is guaranteed by the Venezuelan constitution. More than 90% of the population is Roman Catholic. Some indigenous people practice their traditional religions, but many have converted to Roman Catholicism. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 22 . Time and meals If you are invited to a Venezuelan's house: Arrive 15 to 30 minutes later than invited. The host saying 'buen provecho' (enjoy or have a good meal) is the customary invitation for everyone to eat or wait for the toast before drinking. Always keep your hands visible when eating, but do not rest your elbows on the table. Moreover, it is considered polite to leave a small amount of food on your plate when you have finished eating. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 23 . Corporate Culture: Meeting Etiquette Afirmhandshake, with direct eye contact and a welcoming smile are the standard greeting. When shaking hands, always use the appropriate greeting for the time of day 'buenos dias', 'buenas tardes', or 'buenas noches'. When meeting groups always introduce yourself to the eldest person first. When leaving, say good-bye to each person individually. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 24 . Corporate Culture: Business Negotiation Expect a minimal amount of small talk before getting down to business. It will take several meetings to come to an agreement. Negotiation and time for consultation are important. Relationships are viewed as more important than business documents. Negotiations and decisions take a long time and on top, Venezuelans focus on long- term rather than short-term goals. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 25 . Business dress Appropriate business attire is expected. Dress conservatively but with an elegant flair. Smart casual dress is usually acceptable. Men should wear good quality, conservative, dark colored business suits. Women should wear stylish suits or dresses. They should be elegantly dressed, including make-up, jewelry and manicures. © Schindler | Doing Business in Venezuela | Pérez Rocholl | Page 26 . Relationships & Communication This is a country where networking
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