Transcript Diapositiva 1

Bolivarian Republic of Venezuela
Ministry of Production and Trade
Superintendency of Foreign Investments
Venezuela: Land of Opportunities
Legal Security of your Investment
web:http//www.siex.gov.ve
1
¿ Who are we?
The national agency responsible for
carrying
out
the
Ministry
of
Production and Trade’s policies
related to the promotion, protection
and registration of
investment
foreign direct
and
subregional
investment. We qualify the foreign
character of all firms, except in the
case of financial and oil sectors
firms,
and
technology
we
register
transfer
the
contracts
entered into in all non-oil sectors.
2
Venezuela’s Legal Regime
for the Promotion and Protection
of Investments
3
Constitution de la Bolivarian Republic of Venezuela
Title IV
Of the Socioeconomic System
Chapter I
Of the Socioeconomic Regime and the State’s role in the economy
“Article 301. The State reserves to itself the use of trade policy to defend the
economic activities of national enterprises, both public and private. No foreign
person, enterprise or organization shall be granted regimes that are more
advantageous than those established for nationals. Foreign investment shall be
subject to the same conditions that prevail for domestic investment. ”
4
Decree 2.095
LEGAL FRAMEWORK
March - 3 -1992
National Regulations
Common regime on the treatment of
foreign capital and on trademarks,
patents, licenses and royalties.
Decree 356
Nov - 18 - 1999
Decisions 291 and
292 of the Andean
Community
Decree with the rank and force of
Law for the Promotion and
Protection de Investments.
Decree 1867
July - 22 - 2002
Regulation of the Law for the
Promotion and Protection de
Investments
5
DECREE WITH THE RANK AND FORCE OF LAW FOR THE
PROMOTION AND PROTECTION OF INVESTMENTS
DECREE Nº 356
October 03, 1999
HUGO CHAVEZ FRIAS
President of the Republic
• The purpose of this Law-Decree is to provide investments and
investors, both domestic and foreign, with a stable and predictable
legal framework through which they can operate in a secure
environment, by regulating the State’s actions towards these
investments and investors, in order to achieve an increase,
diversification and harmonic complementarity of investments that
contributes with the nation’s developmental goals.
6
•Direct
Foreign
Investment:
All
contributions of foreign origin, by either
individuals or companies, to the capital
of a firm, delivered either as convertible
currency or as physical or tangible goods
such as industrial plants, new or
refurbished
machinery,
new
or
refurbished equipment, spare parts, raw
materials or intermediate products. Also
included are investments in national
currency from resources that are eligible
to be sent abroad, as well as the
reinvestments carried out in accordance
with this regime.
7
•International investments shall have the right to be treated in a just
and equitable manner according to the norms and criteria of
International Law, and shall not be subjected to arbitrary or
discriminatory measures that hinder their presence, administration,
use, enjoyment, expansion, sale or liquidation.
•International investments and investors shall have the same rights
and obligations that apply to national investments and investors in
equivalent circumstances; the only exceptions to this shall be those
mentioned in special laws and the limitations set forth in this LawDecree.
•International investments shall need no prior authorization, except
in those cases in which they are explicitly required the law.
•International investments and investors shall not be discriminated
against on the basis of the country of origin of the invested capital.
8
• In keeping with the laws, regulations and policies on the entry
and presence of foreigners in the country, temporary entry will be
allowed for persons that provide services to the enterprise in
which the investment has been made, its parent company, its
affiliate or its subsidiary, and that are either employed in
administrative or executive positions, or involved in tasks that
require specialized know-how essential for the investment’s
normal activities, without prejudice of the limitations set forth in
national labor laws.
9
• Any foreign direct investment or subregional investment that fulfills the
conditions set out in this Regime and in the respective national legislations of
the Member Countries shall be registered before the appropriate national
agency, in freely convertible currency.
•Owners of a direct foreign investment and subregional investors shall have
the right to transfer abroad, in freely convertible currency, the proven net
profits earned by the operation of the foreign direct investment, in the manner
contemplated by the legislation of each Member Country.
•Transfers are to be made without delay, in convertible currency, at the
exchange rate prevailing on the date of the transfer and in accordance
with the foreign exchange regulations in force at the time of the
transfer.
•The appropriate national agency may also register, in freely convertible
currency, the investment of funds left over after the distribution of dividends.
10
•The National Government shall put in place specific regimes to grant the
incentives or benefits contemplated herein. Those regimes shall take into
account the manner in which any given investment contributes with
development objectives, particularly those related to the training of human
resources, productive development and the insertion of the Venezuelan
economy in the world economy, by means such as:
11
Human resource development and scientific and technological research;
Enhancement of productive sector competitiveness;
Expansion of the value added content of export activities, including the
provision of services with substantial knowledge content;
The promotion of business networks, complexes and chains of
production that contribute to the addition of value;
The strengthening and development of small and medium-sized firms;
Export promotion in general;
Infrastructure development, particularly of infrastructure that contributes
to competitiveness and international trade; and
The development of activities that promote conservation and
environmental protection.
12
•The Republic may subscribe juridical stability contracts through
which the investor is offered guarantees that certain economic
conditions shall remain stable during the life of the contracts.
Minimum requirements for the subscription of JSCs
13
Depending on the sector of economic activity
involved, the contracts shall be subscribed with
the National Agency in charge of applying
the regulations that rule the particular sector
SIEX
SUDEBAN
SUDESEG
MEM
14
What is the purpose of a JSC?
To guarantee the stability of certain
economic conditions, such as:
1) Stability of the national tax regimes in force
at the time the contract is signed.
2) Stability of export promotion regimes.
3) Stability of one or more of the specific benefits
or incentives invoked by an investor or by the
company in which an investment has been
made, as the case may be.
15
How can an investor obtain the benefits of a JSC?
He must comply with one or more of the following
requirements:
Create fifty (50) or more new direct jobs, or;
Present a program for the development of the
production and competitiveness of the firms
involved, or;
Present a contract by which the owners of an
investment, or the participants in the enterprise that
receives the investment, transfer the technology to
be used for the investment project, or;
Make a commitment to train the firm’s human
resources and carry out research and development
directed towards the discovery of production process
innovations, in collaboration with Venezuelan
universities.
16
•Juridical stability contracts:
Must be entered into before the investment is
made and shall be effective for no more than ten
(10) years after their signature;
May only be subscribed by companies or
investors, as the case may be, that agree to carry
out specific investment programs in which they
provide other compensations, in ways that shall be
specified in the Regulations for this Law-Decree
17
Who can be a beneficiary of a JSC?
Natural persons or legal
entities, business groups or
corporations, whether they be
Venezuelan, mixed or foreign,
who are fully enabled to
engage in economic activities
and can offer proof of their
economic, financial, technical
and professional viability.
18
To be eligible for a juridical stability contract an interested investor,
or an enterprise that receives an investment, must file, along with the
investment project to which the contract would be applied, a request
before the appropriate Agency presenting the appropriate supporting
arguments. When filing its request, the interested enterprise must
also provide the following documents:
A copy of the identification document of the representative of the
enterprise that receives the investment, and of the documents that
certifying he is authorized to enter into commitments in the
enterprise’s name. If he is acting as an authorized representative, he
must present a copy of an authenticated power of attorney.
19
If new laws are approved after the entry into force of a juridical stability
contract that set forth regimes more beneficial than those guaranteed in the
contract, the parties may adjust the terms of the contract, but only in matters
affected by the adoption of the new regime. In any case, the period for which
the contract remains in force shall be the same as originally agreed.
20
Registro de Nueva Inversión Extranjera Directa
Cifras Consolidadas por Actividad Económica de Organismos Registrales
Venezuela Año 2003 en Dólares (USD)
Superintendencia de Inversiones Extranjeras SIEX
ACTIVIDAD ECONOMICA
MONTO
TOTAL
16.764.868,91
29.553.364,06
5.344.996,58
21.471.002,02
164.432.567,29
35.857.350,56
11.161.584,01
889.654.344,76
1.174.240.078,19
TOTAL
1.636.584,45
581.201,36
4.233.287,00
21.487.713,00
6.759,00
27.945.544,81
TOTAL
115.779.418,14
115.779.418,14
Agricultura y Cria
Comercio
Construcción
Electricidad, Gas y Agua
Industria Manufacturera
Inv. Inmobiliaria, Serv. Finan. y Otros Servicios
Servicios Comunales, Sociales y Personales
Transporte, Almacenamiento y Comunicaciones
Ministerio de Energía y Minas
Mineria
Carbón
Hidrocarburo
Petroquímica
Gas
Superintendencia de Bancos SUDEBAN
Banca
TOTAL SIEX, MINAS, SEGUROS Y BANCA
Fuente: SIEX, Ministerio de Energía y Minas, Superintendencia de Bancos
1.317.965.041,14
21
Registro de Nueva Inversión Extranjera Directa
Siex, Energia y Minas y Banca Año 2003
en Millones de Dólares (USD)
1.174,24
1.200,00
Millones de USD
1.000,00
SIEX
800,00
MINAS
600,00
BANCA
400,00
200,00
27,95
115,78
0,00
22
Registro de Nueva Inversión Extranjera Directa
Participación porcentual por Actividad Económica Año 2003
Petroquímica
1,63%
Hidrocarburo
0,32%
Carbón
0,04%
Mineria
0,12%
Transp.,
Almacenamiento y
Comunicaciones
67,50%
Agricultura
1,27%
Banca
8,78%
Comercio
2,24%
Construcción
0,41%
Elect., Gas y Agua
1,63%
Ind. Manufacturera
12,48%
Inv. Inmobiliaria,
Serv. Finan. y Otros
Serv.
2,72%
Serv. Comunales,
Soc. y Personales
0,85%
23
Registro de Nueva Inversión Extranjera Directa
por País de Orígen / Actividad Económica
Año 2003 en Dólares (USD)
SIEX
PAIS
Agricultura
Comercio
Construcción Electricidad,
Gas y Agua
15.754.636,41
3.678.758,33
6.606,49
0,00
EE.UU.
0,00
9.977.259,30
0,00
18.878.725,76
Países Bajos-Holanda
0,00
3.452.178,54
0,00
0,00
Panamá
0,00
8.813.411,85
0,00
0,00
Colombia
0,00
0,00 498.995,61
0,00
Francia
751.668,42
0,00
0,00
0,00
Caiman Islas
258.564,08
527.785,09 271.087,56
0,00
España
0,00
33.054,10 4.568.306,92
0,00
Alemania
0,00
0,00
0,00
0,00
Bélgica-Luxemburgo
0,00
0,00
0,00
0,00
Japón
0,00
0,00
0,00
0,00
Virgenes Británicas Islas
0,00
467.610,73
0,00
0,00
Suiza
0,00
0,00
0,00
0,00
Uruguay
0,00
673,71
0,00 2.592.276,26
Reino Unido-Inglaterra
0,00
0,00
0,00
0,00
Costa Rica
0,00
1.434.180,66
0,00
0,00
Bahamas Islas
0,00
1.168.451,75
0,00
0,00
Resto países
TOTAL
16.764.868,91
29.553.364,06 5.344.996,58 21.471.002,02
Fuente: Superintendencia de Inversiones Extranjeras SIEX
Industria
Manufacturera
Inv. Inmob.,
Serv. Sociales, Transporte,
Serv. Finan. y Comunales y Almacenam., y
Otros Serv. a Personales
Comunicac..
Empr.
78.561.838,70 las5.168.478,95
4.575.528,03 888.146.663,81
TOTAL
995.892.510,72
475.257,23 20.143.655,13
0,00
1.045.356,00
50.520.253,42
17.607.212,52
985,00
0,00
196.656,84
21.257.032,90
8.283.840,22
466.537,15
27.498,23
81.163,69
17.672.451,14
15.347.499,65
90.121,42
0,00
100.655,22
16.037.271,90
5.159.192,00
0,00 6.049.797,75
0,00
11.960.658,17
8.477.602,28 1.618.916,18
3.594,54
479,94
11.158.029,67
1.156.566,25 4.059.816,48
0,00
0,00
9.817.743,75
9.744.726,32
0,00
0,00
0,00
9.744.726,32
6.300.536,00 2.788.713,91
0,00
0,00
9.089.249,91
4.350.601,15
21.748,91
0,00
0,00
4.372.350,06
2.000.000,00
901.363,80
0,00
0,00
3.368.974,53
2.804.463,89
0,00
0,00
0,00
2.804.463,89
12.500,00
18.796,99
0,00
1.009,49
2.625.256,45
1.764.011,05
0,00
0,00
0,00
1.764.011,05
0,00
0,00
0,00
0,00
1.434.180,66
2.386.720,03
578.216,64
505.165,46
82.359,77
4.720.913,65
164.432.567,29 35.857.350,56 11.161.584,01 889.654.344,76 1.174.240.078,19
24
Registro de Nueva Inversión Extranjera Directa
Participación Porcentual por País de Origen
Año 2003 en Dólares (USD)
SIEX
EE.UU.
84,81%
Países Bajos-Holanda
4,30%
Resto Paises
5,19%
Caiman Islas
1,02%
Francia
1,37%
Colombia
1,50%
Panamá
1,81%
25
Registro de Nueva Inversión Extranjera Directa
Cifras Consolidadas por Organismo Registral
Período 1999 - 2003
Superintendencia de Inversiones Extranjeras SIEX
ACTIVIDAD ECONOMICA
Agricultura y Cria
1999
2000
2001
2002
16.679.971,06
4.099.594,15
595.510,97
3.755.546,40
16.764.868,91
2003 TOTAL
41.895.491,48
254.403.018,49
196.901.902,16
279.521.183,99
14.747.271,94
29.553.364,06
775.126.740,64
Construcción
42.529.623,32
64.788.819,78
1.886.644,46
20.949.786,96
5.344.996,58
135.499.871,10
Electricidad, Gas y Agua
37.017.344,14
35.740.801,25
2.998.554,25
0,00
21.471.002,02
97.227.701,66
Industria Manufacturera
79.966.382,55
153.646.682,11
28.261.781,90
120.304.447,99
164.432.567,29
546.611.861,83
Inv. Inmobiliaria, Serv. Financieros y Otros
Servicios prestados a las empr.
40.400.637,19
42.626.601,41
31.860.213,62
106.804.372,56
35.857.350,56
257.549.175,34
Servicios Comunales, Sociales y Personales
6.640.856,18
10.553.385,22
1.464.580,34
1.081.929,08
11.161.584,01
30.902.334,83
Transporte, Almacenamiento y Comunicaciones
38.114.998,92
77.121.052,75
381.087.469,30
28.859.047,81
889.654.344,76
1.414.836.913,53
TOTAL
515.752.831,86
585.478.838,82
727.675.938,82
296.502.402,74
1.174.240.078,19
3.299.650.090,43
233.906.058,30
285.844.377,28
110.473.256,78
41.032.726,27
4.233.287,00
675.489.705,63
0,00
0,00
0,00
0,00
1.636.584,45
1.636.584,45
Comercio
Ministerio de Energía y Minas
Hidrocarburo
Minas
0,00
0,00
0,00
0,00
581.201,36
581.201,36
2.848.171,38
3.647.954,38
109.888.011,00
0,00
21.487.713,00
137.871.849,76
76.696,80
76.696,80
0,00
0,00
6.759,00
160.152,60
236.830.926,48
289.569.028,46
220.361.267,78
41.032.726,27
27.945.544,81
815.739.493,80
48.743.627,80
9.661.889,00
75.336.039,49
0,00
0,00
133.741.556,29
48.743.627,80
9.661.889,00
75.336.039,49
0,00
0,00
133.741.556,29
Carbón
Petroquímica
Gas
TOTAL
Superintendencia de Seguros
Seguros
TOTAL
Superintendencia de Bancos SUDEBAN
Banca
TOTAL
Total Siex, Minas, Seguros y Banca
ND
ND
ND
730.709.273,53
115.779.418,14
846.488.691,67
ND
ND
ND
730.709.273,53
115.779.418,14
846.488.691,67
1.068.244.402,54
1.317.965.041,14
5.095.619.832,19
801.327.386,14
884.709.756,28
1.023.373.246,09
Fuente: SIEX, Ministerio de Energía y Minas, Superintendencia de Seguros, Superintendencia de Bancos
26
La República Bolivariana de