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The Constitution of Venezuela considers the investment of foreign capital a mean of economic development. Article number 107 establishes the participation of foreign capital in national economic development. Venezuela upon becoming a member of the Andean Community of Nations (previously the Andean pact or Group), accepted that foreign capital should be regulated by Decision numbers 291 and 292 (March 21, 1991) of the CCA, through which a common Andean Regime for the Treatment of Foreign Investment was adopted. After this, in the countries integrated into the Andean Community, foreign investors became privy to the same rights and the same obligations as their national counterparts, with the exception of legal restrictions imposed by each country. In Venezuela 291 and 292 of the Commission were implemented by Decree number 2095, which initiated a system for the protection of foreign investment.

Foreign Investment Register :
Types of foreign investment are subject to registration:
Foreign Currency: the investment of freely convertible foreign currency.
Tangible goods: machinery, equipment, primary materials, etc.
Capitalization of credit.
The investment on national currency.
Intangible technological contributions: known technology whose value is to be assigned to the capital of a company.
According to the economic sector of the company, foreign investment is to be registered with the following bodies: Superintendency of Foreign Investments (SIEX), Superintendency of Banks, Superintendency of Insurance and Department of Industrialization and technology of Hydrocarbons of the Ministry of Energy and Mines.

Requirements for Registration :
All investments need to be registered. Once the investment is made, the investor must register in at the SIEX within 60 days after being filed at the mercantile register. The registration should be made in written and must include the following documents: Bank Deposit slip in case of money, or the corresponding receipt for physical goods; Certified copy of company registration documents, if the investor is considered local, translated into Spanish and legalized by the Venezuelan Consulate in the country of origin; Authorization of the representative in Venezuela, Application for the qualification of the company.

Special Cases :
Foreign investments related to basic petroleum activities will require the approval of the National Assembly according to article number 5 of the Organic Law which reserves for the State the industry and trade of hydrocarbons (1995). Furthermore, the exploitation of iron is exclusively reserved for the State. The importation and export of general cargo iron ore, wheat and other grains is restricted to shipment by Venezuela vessels, which are at least 80 % nationally owned.

Steps for Setting a Company in Venezuela :
1. Appoint a legal representative by document duly legalized or through the "Apostille", if the country in part of The Hague Convention.
2. Place reservation of the company's name.
3. Open a bank account.
4. Register the relevant documentation.
5. Obtain corporate shelves.