The ISO code of Venezuela is VE according to the ISO 3166 standard. The local name of the country is the same as its English name. Venezuela capital city is Caracas. People in Venezuela speak the Spanish language. On 5 July 1811, Venezuela emerged as a sovereign political entity. In the year 07/05/1811, Venezuela emerged as a sovereign political entity. The largest city in Venezuela is Caracas.
Venezuela is located in the UTC -04:30 time zone, which is also called Venezuela Time or VET. The internet country code top-level domain (ccTLD) for Venezuela is .ve. Other domains assigned to Venezuela are .lat. The International dialing code for Venezuela is 58. People in Venezuela drive on the right side of the road. Total land area of Venezuela is 912,050 km² (approx. 352,143 mi²). Venezuela is not a landlocked country. It means that is is bordered by at least one major body of water.
Venezuela is located in South America. Venezuela is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Venezuela faces various issues, including sewage pollution of Lago de Valencia, oil and urban pollution of Lago de Maracaibo, deforestation, soil degradation, urban and industrial pollution, especially along the Caribbean coast, threat to the rainforest ecosystem from irresponsible mining operations.
Doing business in Venezuela
We offer various corporate services in Venezuela jurisdiction. These services can serve both, people coming from Venezuela and foreigners. If you plan on doing business in Venezuela you might be interested in contacting us.
To find out about starting your business in Venezuela click on company formation in Venezuela.
To find out how to open a bank account in Venezuela and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Venezuela.
Choose preferred service below or continue reading to find out more about Venezuela.
Demographics of Venezuela
The total population of Venezuela is 32,381,221 people. In Venezuela, the population density is 32 people per square kilometer (83 per square mile). Because of this statistic, this country is considered to be sparsely populated. The ethnic diversity is diverse according to a fractionalization scale which for Venezuela is 0.4966. Venezuela has approximately 1150000 foreign immigrants. The median age is approximately 26.9 years. In Venezuela, 44.05 in every 100 people use internet. Venezuela has a Human Development Index (HDI) of 0.764.
The majority religion of Venezuela is Christianity, Venezuela is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Venezuela.
Culture of Venezuela
People in Venezuela speak the Spanish language. According to data on inbound tourists in Venezuela, 986,000 tourists arrive in the country each year. The first McDonalds in Venezuela was opened on 31 August 1985, and it was located in Caracas. One of the most popular national dishes of Venezuela is pabellón criollo. To read more click on culture of Venezuela.
Geography of Venezuela
Venezuela is considered to be a large nation because of its total area. Its total land area is 912,050 km² (approx. 352,143 mi²). Venezuela is located in South America. Its capital city is Caracas. Venezuela has 3 neighbouring countries. Its neighbours include Brazil, Colombia, and Guyana. Total length of land borders of Venezuela is 5267 kilometers (~2,034 miles).
The highest point of Venezuela is Pico Bolívar, with its official height being 4978 m (16,333 ft). Including land mass and EEZ, the total area of Venezuela is approximately 1,383,557 km² (~534,192 mi²). The most notable natural resources found in Venezuela are petroleum, natural gas, iron ore, gold, bauxite, other minerals, hydropower, diamonds.To read more click on geography of Venezuela.
Economy of Venezuela
The currency of the country is Venezuelan bolivar soberano. The symbol used for this currency is Bs.S., and it is abbreviated as VEF. 8.1% of population in the country are unemployed. The total number of unemployed people in Venezuela is 2,622,879. Each year, Venezuela exports around $91.78 billion and imports roughly $59.32 billion. The Gini Index of the country is 39. Venezuela has a Human Development Index (HDI) of 0.764.The Global Peace Index (GPI) for Venezuela is 2.493. Venezuela has a government debt of 49% of the country's Gross Domestic Product (GDP), as assessed in 2012. Venezuela is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are agricultural products, livestock, raw materials, machinery and equipment, transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and steel products, crude oil and petroleum products.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Venezuela is $540,898 billion. Each year, consumers spend around $241,705 million. The ratio of consumer spending to GDP in Venezuela is 0%, and the ratio of consumer spending to the world consumer market is 0.56. The corporate tax in Venezuela is set at 34%. Personal income tax ranges from 6% to 34%, depending on your specific situation and income level. VAT in Venezuela is 12%. In 2013, Venezuela received 48.1 million USD in foreign aid.In 2014, the foreign aid amounted to 44.8 USD.To read more click on economy of Venezuela.
Infrastructure of Venezuela
Infrastructure quality in Venezuela is rated to be at 2.61. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.
There are 1,016,000 internet hosts in Venezuela. Venezuela has 444 airports nationwide.
The logistics performance index of Venezuela is 2.81. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.92. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Venezuela is 23. To read more click on infrastructure of Venezuela.
Politics of Venezuela
Venezuela, is a federal presidential constitutional republic. With regard to political and civil freedoms, Venezuela is 2. Citizens in Venezuela experience partial freedom. While the majority of citizens are able to exercise their free will to a certain extent in Venezuela, some political engagement may be limited and certain population groups may be excluded from certain freedoms or expressions. The head of the government is Nicolás Maduro.
According to the World Bank Group, the government effectiveness index of Venezuela is -1.23. This indicates that the government of Venezuela is ineffective. Public and civil services are severely handicapped, leading to potential for social and political upheaval.In Venezuela, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Venezuela is 2.493. In 2013, Venezuela received 48.1 million USD in foreign aid. In 2014, the foreign aid amounted to 44.8 USD. Venezuela is a member of the United Nations (UN). On 15 November 1945, it joined the UN at it inception date as a full member state. Venezuela is one of the original UN member states who founded the organization. Venezuela is a member of the World Bank. To read more click on politics of Venezuela.
Environment of Venezuela
Venezuela emits 6.4 metric tons per capita of CO2. 471378 km² of Venezuela's territory is covered in forests. and forest land comprises 52% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Venezuela is 23. To read more click on environment of Venezuela.
Company formation in Venezuela
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Venezuela.
When establishing a company in Venezuela, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Venezuela that will affect the establishment and growth of one's business. Contact us or click on company formation in Venezuela to read additional information when setting up a business.
Bank account opening in Venezuela
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Venezuela. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Venezuela, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Venezuela or contact us.