A growing opportunity for foreign investors
Venezuela is a country located in the north of South America, facing the Caribbean Sea. Due to its great location, Venezuela enjoys a mild climate all year round, beautiful beaches and great natural resources, making it an excellent country to invest in.
In addition to being famous for oil and its beautiful landscapes, Venezuela presents opportunities to recruit very well-trained talent in areas such as systems, IT, administrative sciences, engineering, and others. As a result of flexible remote working, many professionals offer their services remotely. Many foreign businesses set up a Venezuelan presence in sectors such as commerce, tourism, mining, and agribusiness. The cost of hiring in Venezuela is very low and unemployment is high, providing unique investment opportunities and an incipient opening to the private sector.
Expanding a business into Venezuela without a local entity can be significantly simplified with the use of a Venezuela PEO partner like Procorre Global.
Working in Venezuela
Venezuela’s average working hours are 40 hours per week, however overtime opportunities are available. Most employees take 2 days of rest per week.
Employees in Venezuela are entitled to 15 days of paid holiday following a year of continuous service, this increases by one additional day for each year of service thereafter. There is no official guidance on sick leave, however employees can take leave for as many days as is prescribed by their doctor. The social security system will reimburse sick pay for any leave exceeding four days.
New mothers are entitled to 6 weeks maternity leave before the birth of the child, and 20 weeks after. Fathers are also entitled to 14 days of continuous leave following the birth of the child. Parents receive a two-year prohibition of dismissal following the birth of a child.
Employers and employees in Venezuela must both contribute to the country’s social security system. The nation’s income tax rate is progressive and varies from 0 to 34% depending on an employee’s earnings.
For expatriates, a working visa application must be submitted before starting work in Venezuela.
Before relocating, it is highly recommended to be advised by labor experts. Currently, and due to inflation, salaries are low (compared to other nations in South America), however they have been rising steadily over recent years.
This allows companies to establish themselves at low costs and to take advantage of opportunities for the medium and long term, as well as to use telecommuting to attract highly trained personnel.
Cultural Information
Venezuela’s culture is defined by its welcoming and friendly nature. The dominant religious group is Catholic, and Spanish is the official language. The nation has a moderate but growing level of English-speaking proficiency, particularly in areas which receive more tourism.
Venezuela’s diverse cuisine is one to be admired, including delights such as the pabellón criollo, el asado negro, stuffed arepas and empañadas, and delicious hallacas.
Impacts from COVID-19
Venezuela implemented a range of preventative measures to stop the spread of the COVID-19 pandemic. As of 2022, the restrictions have mostly been lifted and the country has started moving back towards normality. Remote and teleworking practices have continued to remain in certain sectors, and this area is expected to grow over years to come.
The Venezuelan Market – Did you know?
- Venezuela’s official name is the ‘Bolivarian Republic of Venezuela’. The nation’s capital city, Caracas, is an extremely beautiful city which is home to 3 million people.
- The nation has fantastic biodiversity and is the 7th highest in the world for its number of wild species. One example of a unique animal from Venezuela is the Capybara, the world’s largest rodent.
- Venezuela has won seven Miss Universe titles, making it the nation with the second most crowns after the USA.
- ‘Salto Angel’ or ‘Angel Falls’, is the world’s highest waterfall, and can be found in Venezuela. The stunning landmark stands at 979 metres high with a drop of 807 metres.
Venezuela PEO Services
Venezuela PEO Services
Venezuela is a country located in the north of South America, facing the Caribbean Sea. Due to its great location, Venezuela enjoys a mild climate all year round, beautiful beaches and great natural resources, making it an excellent country to invest in.
In addition to being famous for oil and its beautiful landscapes, Venezuela presents opportunities to recruit very well-trained talent in areas such as systems, IT, administrative sciences, engineering, and others. As a result of flexible remote working, many professionals offer their services remotely. Many foreign businesses set up a Venezuelan presence in sectors such as commerce, tourism, mining, and agribusiness. The cost of hiring in Venezuela is very low and unemployment is high, providing unique investment opportunities and an incipient opening to the private sector.
Expanding a business into Venezuela without a local entity can be significantly simplified with the use of a Venezuela PEO partner like Procorre Global.
Working in Venezuela
Venezuela’s average working hours are 40 hours per week, however overtime opportunities are available. Most employees take 2 days of rest per week.
Employees in Venezuela are entitled to 15 days of paid holiday following a year of continuous service, this increases by one additional day for each year of service thereafter. There is no official guidance on sick leave, however employees can take leave for as many days as is prescribed by their doctor. The social security system will reimburse sick pay for any leave exceeding four days.
New mothers are entitled to 6 weeks maternity leave before the birth of the child, and 20 weeks after. Fathers are also entitled to 14 days of continuous leave following the birth of the child. Parents receive a two-year prohibition of dismissal following the birth of a child.
Employers and employees in Venezuela must both contribute to the country’s social security system. The nation’s income tax rate is progressive and varies from 0 to 34% depending on an employee’s earnings.
For expatriates, a working visa application must be submitted before starting work in Venezuela.
Before relocating, it is highly recommended to be advised by labor experts. Currently, and due to inflation, salaries are low (compared to other nations in South America), however they have been rising steadily over recent years.
This allows companies to establish themselves at low costs and to take advantage of opportunities for the medium and long term, as well as to use telecommuting to attract highly trained personnel.
Cultural Information
Venezuela’s culture is defined by its welcoming and friendly nature. The dominant religious group is Catholic, and Spanish is the official language. The nation has a moderate but growing level of English-speaking proficiency, particularly in areas which receive more tourism.
Venezuela’s diverse cuisine is one to be admired, including delights such as the pabellón criollo, el asado negro, stuffed arepas and empañadas, and delicious hallacas.
Impacts from COVID-19
Venezuela implemented a range of preventative measures to stop the spread of the COVID-19 pandemic. As of 2022, the restrictions have mostly been lifted and the country has started moving back towards normality. Remote and teleworking practices have continued to remain in certain sectors, and this area is expected to grow over years to come.
The Venezuelan Market - Did you know?
- Venezuela’s official name is the ‘Bolivarian Republic of Venezuela’. The nation’s capital city, Caracas, is an extremely beautiful city which is home to 3 million people.
- The nation has fantastic biodiversity and is the 7th highest in the world for its number of wild species. One example of a unique animal from Venezuela is the Capybara, the world’s largest rodent.
- Venezuela has won seven Miss Universe titles, making it the nation with the second most crowns after the USA.
- ‘Salto Angel’ or ‘Angel Falls’, is the world’s highest waterfall, and can be found in Venezuela. The stunning landmark stands at 979 metres high with a drop of 807 metres.
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