Venezuela Geography, Economy, and Culture

Located on the northern coast of South America, Venezuela is a country with significant natural resources and beauty, such as the world’s highest waterfall (Angel Falls), as well as extensive plains that stretch from the Colombian border in the far west to the Orinoco River delta in the east, creating rich soil deposits.

Venezuela has some of the world’s largest proven oil deposits as well as large amounts of coal, iron ore, bauxite, and gold. Yet the economy has failed the majority of its citizens, with many Venezuelans still living in poverty. The current government has continued to struggle with bringing stability to the country, having to face plunging oil prices and an economic and political crisis that has left Venezuela in a state of near-collapse.

One of the most urbanized nations in Latin America, the vast majority of Venezuela’s population lives in its cities and identifies as having mixed, or mestizo, ethnic ancestry. The primary language is Spanish and most identify as Roman Catholics for their religion.

2021
April 1Maundy Thursday
April 2Good Friday
April 19Declaration of Independence
May 1Labor Day / May Day
June 24Carabobo Battle
July 5Independence Day
July 24Simón Bolívar’s Birthday
October 12Indigenous Resistance’s Day
November 1All Saints Day
December 24Christmas Eve
December 25Christmas Day
December 31New Year’s Eve
  • Limited Liability
  • Corporation
  • Partnership
  • Corporate Tax: 34%
  • Income Tax (Lowest Marginal Rate): 6% (0% under certain income, defined every year)
  • Income Tax (Highest Marginal Rate): 34%
  • VAT/GST/Sales Tax: 8% (reduced rate), 16% (standard rate)
  • ABN-AMRO (Commercial Bank)
  • Banco Canarias de Venezuela (Commercial Bank)
  • Banco Caracas – Grupo Financiero Bancaracas (Commercial Bank)
  • Banco Confederado (Commercial Bank)
  • Banco de Comercio Exterior (Bancoex) (Commercial Bank)
  • Banco de Venezuela – Grupo Santander (Commercial Bank)
  • Banco do Brasil Caracas (Commercial Bank)
  • Banco Federal (Commercial Bank)
  • Banco Fivenez (Banco Caracas) (Commercial Bank)
  • Banco Industrial de Venezuela – Grupo Financiero (Commercial Bank)
  • Banco Mercantil (Commercial Bank)
  • Banco Noroco (Commercial Bank)
  • Banco Occidental de Descuento, S.A.C.A. (Commercial Bank)
  • Banco Plaza (Commercial Bank)
  • Banco Provincial (BBV) (Commercial Bank)
  • Banco Sofitasa (Commercial Bank)
  • Banco Unión (Commercial Bank)
  • Banco Venezolano de Crédito (Commercial Bank)
  • Banesco (Commercial Bank)
  • Citibank Venezuela (Commercial Bank)
  • CorpBanca (Commercial Bank)
  • EUROBANCO – Banco Comercial (Commercial Bank)
  • InterBank (formerly Banco Internacional) (Commercial Bank)
  • Royal Bank of Canada Venezuela (Commercial Bank)
  • Standard Chartered (Commercial Bank)

Aadmi can support you with your expansion to Venezuela. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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