MULTILATERAL TRADE NEGOTIATIONS THE URUGUAY ROUND
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1 ULTILATERAL TRADE NEGOTIATIONS TE URUGUAY ROUND RESTRICTED TN.GNS/W/123/Add.l/Rev.2 9 April 1992 Special Distribution Group of Negotiations on Services Original: Spanish COUNICATION FRO VENEZUELA Conditional Offer of Venezuela Concerning Initial Commitments in the Services Negotiations Revision The following communication is circulated at the request of the permanent delegation of Venezuela to the members of the Group of Negotiations on Services. I. CONDITIONS OF TE OFFER As a participant in the Uruguay Round negotiations, Venezuela presents below its revised offer on trade in services. This offer is conditional and may therefore be modified or withdrawn depending on the following factors: 1. An outcome that Venezuela considers satisfactory in the current negotiations on trade in services, with regard to the Framework Agreement, the Sectoral Annexes and the offers of other parties, which should provide export opportunities of interest for Venezuelan services. 2. A global result that is satisfactory for Venezuela in the Uruguay Round, including major liberalization of goods of interest for Venezuela. 3. Technical changes in the offer and correction of possible errors, omissions or inaccuracies. 4. The enactment of any domestic legislation subsequent to the submission of this offer. 5. Any factor which, although not explicitly mentioned, the Government of Venezuela considers relevant for the modification or withdrawal of this offer. GATT SECRETARIAT UR
2 TN.GNS/W/123/Add.l/Rev.2 Page 2 6. The offer applies solely to the services mentioned and to the extent specified in each case. 7. The offer will enter into force at the moment when Venezuela becomes a party to the Agreement, in accordance with whatever provisions are adopted in that regard. Venezuela's offer binds the status quo, unless otherwise indicated. II. EXPLANATION OF TERS USED ODES OF DELIVERY OF SERVICES : this refers to a service provided from the territory of one country to that of another country without movement of the suppliers or their representatives or employees. : this refers to a service provided in the territory of a country to a consumer of another country because he or his representatives have moved to the territory of the first country. : this refers to a service provided by a supplier of one country in the territory of another country through the establishment of an entity in the latter territory. : this refers to the physical movement of persons from the territory of one country to that of another country for the purpose of providing a service. OTER TERS Status quo there are no limitations or conditions on market access, or no conditions or qualifications on national treatment. the offer relates to the legal régime in force at the time of submission of this offer. means that Venezuela is not taking on any commitments as regards market access or national treatment in respect of modes of delivery for the activities referred to. III. ORIZONTAL EASURES In the interests of transparency, a number of horizontal measures of relevance to this offer are mentioned below: 1. Decree No on Foreign Capital This Decree, published on 25 arch 1992, replaces Decree No. 727 of 10 January Decree 2095 establishes the regulations applicable to foreign capital and to trade-marks, patents and royalties on the basis of
3 TN.GNS/W/123/Add.l/Rev.2 Page 3 the relevant Decisions of the Andean Sub-regional Agreement. Under these provisions, foreign investors will have the same rights and obligations as local investors, except as provided for specifically by special laws and the limitations set forth in the Decree itself. The Decree excludes from its field of application contracts of national interest as provided for in Article No. 126 of the Constitution as well as national defence contracts. Foreign investment in activities relating to hydrocarbons, iron-ore, banking and insurance will also be governed by the relevant special laws. The Decree reserves the following sectors of economic activity for national enterprises: (a) television and radio broadcasting; Spanish language newspapers; and (b) professional services whose exercise is regulated by national laws. Under the Decree, the advantages stemming from the Cartagena Agreement liberalization programme will apply to products manufactured by national, joint or foreign enterprises which satisfy the established rules of origin. Foreign investment must be registered with the Foreign Investment Supervisory Department (SIEX), but this is not a restrictive requirement. 2. Organic Labour Law This Law regulates relations between workers and their superiors or employers. It establishes the rights of workers as regards participation in company profits. It proclaims the right to strike and to collective bargaining. The effects of this Law as regards the offer on temporary movement of personnel are described in Section IV below. 3. Trade Code The Code establishes the rules applicable to traders and those engaged in commercial activity. It defines the commercial activities and regulates the various legal forms that companies may take. All national and foreign enterprises must be registered in the Commercial Register, which includes a section for foreign companies. A. Immigration measures Immigration is covered by a number of laws. The most important of these rules are described in the offer on in Section IV below Consumer Protection Law This Law provides for the establishment of specific limits in the case of basic goods and services and for measures against abusive practices that harm consumers Income Tax Law This Law provides for a tax on net disposable gains obtained in money or in kind as a result of economic activities carried out in Venezuela or from goods situated in the country. It has provisions on various tax aspects applicable to companies not domiciled and persons not resident in the country.
4 TN.GNS/W/123/Add.1/Rev.2 Page A Law for the Promotion and Protection of Free Competition As its title indicates, this Law contains provisions which prohibit conduct, practices, agreements, conventions, contracts or decisions that prevent, restrict, distort or limit free competition in carrying out economic activities. IV. OFFER ON TEPORARY OVEENT OF PERSONNEL Venezuela offers market access to sellers of services, managers, executives and specialists; these categories are defined as follows: Sellers of services: Natural persons who represent one or more providers of services of one country and engage in the promotion and sale of those services in the other country, at the wholesale level. Administrative staff (managers and executives): A person who intervenes in the decision-making and policy formulation of the enterprise, represents it and/or can replace its head in all or part of his functions. Specialists : A person who has specialized knowledge in a specific area, and is considered indispensable for delivery of a service. The legal framework for this offer is the Organic Labour Law, and laws, regulations and resolutions on the entry of foreigners. The main relevant provisions are explained below, with an indication of limitations to national treatment. Limitations and conditions and national treatment 1. The Organic Labour Law of 1990 includes the following provisions: The labour legislation is an instrument of public law, that is to say it may not be revoked or relaxed by private agreements and is applicable to Venezuelan nationals and foreigners alike. Chiefs of industrial relations, chiefs of personnel, captains of ships or aircraft, supervisors or any person exercising similar functions must be Venezuelan nationals. Ninety per cent of the personnel of an enterprise, whether employees or workers, must be Venezuelan nationals.
5 TN.GNS/W/123/Add.1/Rev.2 Page 5 In addition, the total remuneration paid to foreigners, whether workers or employees, may not exceed 20 per cent of the total remuneration paid to personnel in either category. Notwithstanding the above provision, the inister for Labour may authorize temporary exceptions after having examined the circumstances of the case concerned: (a) (b) (c) in the case of activities that require special technical know-how and if there are no Venezuelan personnel available; in the case of immigrants entering the country under contracts issued directly by the National Government or under its control; in the case of small and medium-sized undertakings. 2. A 1989 Resolution of the inisters for Internal and External Relations establishes the procedure regarding visas for transient workers and busines s-persons. The Directorate-General for Identification and Supervision of Foreigners is the body competent to authorize such visas, which may be granted by consular officials. 2.1 Transient business-person visa This visa may be granted to foreigners travelling to Venezuela to engage in commercial, business, technical advisory, scientific or cultural activities. It is valid for one year from the date of issue and entitles the holder to multiple entries into the country during that period. The applicant must meet the following requirements: Passport valid for at least six months as from the date of application for a visa. Application for visa made by the person concerned or the enterprise where that person works, indicating the activity to be engaged in, the name and address of the enterprise or the person to be contacted in Venezuela, and an indication whether travel is at the request of the latter. A statement that the enterprise will be responsible for travel costs. Commercial register or equivalent document according to the relevant legislation, if the person concerned is the owner of the enterprise.
6 TN.GNS/W/123/Add.l/Rev.2 Page 6 The official responsible for issuing the visa must interview the applicant in person in order to verify the accuracy of the information furnished. 2.2 Transient worker visa The following are required: (a) Application to the Directorate-General for Identification and Supervision of Foreigners. (b) Undertaking by the applicant enterprise or person to cover the costs of stay of the person under contract. (c) Once the consular office has been informed that authorization has been granted, it must verify the labour status of the person concerned. The latter must present satisfactory medical records and a penal and police record certificate. The visa is valid for a period of one year which may be extended and gives entitlement to multiple entries during that period. Note; It is indicated, for reasons of transparency, that holders of the visas mentioned above are at present required to pay the following charges upon leaving the country: A. Airport tax B. Exit tax C. Fiscal stamps in passport Bs Bs Bs. 1, SECTORAL OFFER In the following tables the classification used is that of GATT secretariat document TN.GNS/W/120. The numbers in brackets correspond to the UN Provisional Central Product Classification (CPC). These classifications are used as an approximation since the titles and concepts may not coincide exactly with those in the current Venezuelan legislation.
7 - - BUSINESS SERVICES Sub-sector ode of delivery Limitations and conditions A. Professional services (a) Legal services (CPC 861) Conmercial presence. The Law on Attorneys provides that foreign attorneys must revalidate their professional degrees and enrol in the College of Attorneys and the Attorneys Social Security Institute; in addition, attorneys of countries which do not allow Venezuelans to practice there are not allowed to practice in Venezuela. (b) Accounting, auditing and book-keeping (CPC 862) Conmercial presence. The Law on the exercise of the public accounting profession provides that foreign professionals must revalidate their professional degrees and enrol in the corresponding college. Only Venezuelan public accountants may act as external auditors in the case of governmental bodies, autonomous institutes or other State entities. T3 Pi DO a z (D Z a.
8 BUSINESS SERVICES (Cont'd) Sub-sector ode of delivery Limitations and conditions (d) Architectural services (CPC 8671) (e) Engineering services (CPC 8672) (f) Integrated engineering services (CPC 8673) (g) Urban planning and landscape architectural services (CPC 8674) the. In order to exercise these professions, persons concerned must revalidate their professional degrees (Law governing the exercise of the engineering, architectural and related professions) and enrol in the College of Engineers of Venezuela. Professionals from countries where Venezuelans are not allowed to carry on their professions may not enrol. The Law provides a régime for foreign professionals through the issue of a temporary permit by the College of Engineers. "0 U) 00 (D 00 S ") z Ci z CO CO > U- a. PS (D ho ComputerLand related services (CPC 84) Cormtercial presence. For the employment of systems engineers or computer specialists, the provisions of the Law governing the exercise of the engineering, architectural and related professions apply as regards revalidation of professional degrees and enrolment in the College of Engineers of Venezuela. Professionals of countries which bar Venezuelans from exercising their professions there may not exercise their professions in Venezuela. The Oficlna Central de Estadfstica e Informatica (OCEI), which is attached to the Office of the President of the Republic, includes among its functions that of acting as the National Executive's central managerial body in the data-processing field and of intervening in all aspects relating to the use of automatic data-processing systems in the public administration. **
9 «- 1. BUSINESS SERVICES (Cont'd) Sub-sector ode of delivery Limitations and conditions I. Other professional services (c) Economic and management consulting services (includes market research services) (CPC 865 and 86401). Subject to the relevant laws governing the profession in question (economist, master of business administration and public accounting) which in general require revalidation of degrees and enrolment in the corresponding professional college. The Law on the exercise of the profession of economist provides that such exercise may be validated by treaties of reciprocity signed by Venezuela. (t) Translation and interpretation services (CPC 87905) Conmercial presence. In order to be an official public interpreter, it is necessary to be registered with the inistry of Justice, which grants the licence by means of publication in The Official Gazette. Foreigners must have a licence from their own country. 13 m oo >o S z O 9! CO * U> pa (V
10 COUNICATION SERVICES Sub-sector ode of delivery Limitations and conditions 1 Private postal services (CPC751) Comnercial presence T> I» OQ O S Z O z CO s: W > D. u. po (B to 1 Postal services comprise the reception, sending, transport and distribution of correspondence or postal packages weighing not more than 2 kg. It is indicated, for reasons of transparency, that the regulations on the postal services concession (Official Gazette No ) establish: - The provision of postal services by private companies requires a concession granted unilaterally by the Venezuelan Post and Telegraph Institute, subject to prior assent of the inistry of Transport and Communications. - The concession contract must provide for a six-monthly payment to the Venezuelan Post and Telegraph Institute of not less than Bs. 6,000 "per postal franchise"; this amount is independent of the proceeds of the mandatory postal stamps. - In order to obtain a postal service concession, private companies must be registered in the Register of Companies olding Concessions kept by the Venezuelan Post and Telegraph Institute.
11 ««COUNICATION SERVICES (Cont'd) Sub-sector ode of delivery Limitations and conditions C. Telecommunication services* (b) Packet-switched data transmission services (CPC 75231) (d) Telex services (CPC 75232) The services listed below are not covered by this offer and are provided as a monopoly by the Venezuelan Telephone Company (CANTV) until the year 2001, when this exclusive right lapses: - basic services (local telephone service, national long-distance telephone service, international long-distance telephone service) - until the year 2001, private networks (point-to-point and point-to-multi-point) may only be connected to the CANTV public network with the authorization of CANTV or of the inistry of Transport and Conmunications. For the purposes of transparency, it is mentioned that the Telecommunications Law provides the following: Article 1: Except as provided in this Law or other Special Laws, the State has the exclusive power to establish and operate any system of telegraphic communication by means of written characters, signs, signals, images or sounds of any kind, with wires or wireless, or other systems for the transmission of electric or visual signals, already invented or invented in the future. The National Executive is responsible for the administration, inspection and supervision thereof, which it shall carry out through the relevant inistry in accordance with this Law and its Regulations and the conventions, treaties and agreements that are in force. Nevertheless, the National Executive may grant licences or concessions to individuals to establish and operate, or to use for educational purposes, the services in question, provided that when they have fulfilled the requirements established by the Regulations they guarantee to the State that such licence or permit does not harm its own installations, nor those of earlier licensees, and responds to a real need for progress. Article 2: The Nation shall have a right of preference for the acquisition, under the same conditions, of any privately-owned installation of telecommunication lines or stations. T) B) OQ a> re n z a z Ui K N> LO > U. a. po a>
12 COUNICATION SERVICES (Cont'd) Sub-sec tor ode of delivery Limitations and conditions (1) Value-added services (CPC 75232) T) IB DO S Z o z CO * U) > U- a PO tu! (o) Cellular mobile y telephone services (CPC 75213) Includes inter alia: electronic voice mail, on-line information, data-processing and data-base retrieval, transaction processing, electronic data interchange (EDI), facsimile services, store and forward, code and/or protocol conversion, alarm services. For purposes of transparency, 1t 1s mentioned that the National Executive may grant licences or concessions to individuals to establish and operate, or to use for educational purposes, the services in question, provided that when they have fulfilled the requirements established by the Regulations they can guarantee to the State that such licence or permit does not harm its own installations, nor those of earlier licensees, and responds to a real need for progress. Two enterprises currently cover the market, in accordance with availability of frequencies and technology.
13 * 2. COUNICATION SERVICES (Cont'd) Sub-sector ode of delivery Limitations and conditions (o) Rural and dispersed telephone services (CPC 75211) (o) Radio based services (PCN, telepoint) (CPC 75299) Cotimercial presence (o) Satellite services and systems (CPC 75299) Cotmiercial presence
14 CONSTRUCTION AND ENGINEERING SERVICES Sub-sector ode of delivery Limitations and conditions Construction and engineering services include: architecture, town planning and landscaping; civil engineering. Structures, foundations, roads, water supply and sanitation engineering; hydraulic engineering; maritime installations; soil mechanics/geotechnics, geodesies, geology, geophysics; petroleum engineering; mining/ mineralogical engineering; electrical engineering, telecommunications, instruments and control engineering; mechanical engineering, metallurgical engineering; chemical/process engineering; environmental engineering; Industrial engineering; aggronomical/ forestry engineering; systems/computer engineering; other fields of specialization falling within the above headings (CPC Section 5) Cormercial presence temporary movement of personnel The Law on the exercise of the engineering, architectural and related professions provides that no enterprise may employ professionals who are not enrolled in College of Engineers of Venezuela.. In order to exercise these professions it is necessary to revalidate professional degrees and enrol in the College of Engineers of Venezuela; professionals from countries where Venezuelans are barred from exercising their professions may not enrol. The Law establishes a regime for foreign professionals through the issue of a temporary permit by the College of Engineers. nj 1» CTQ a -o S Z o z tn LO > 0. p. h->?3 a> N> In the Interests of transparency, it should be mentioned that when the State issues the contracts or provides the financing for projects, the contracting must be effected in accordance with the provisions of the 1990 Tenders Law and its Regulations. Under Article 47 of this Law, differential treatment exists in the award of contracts with preference for the use of Venezuelan goods and services, technology and human resources and for enterprises domiciled and already carrying out activities in the place where the project is to be implemented.
15 3. CONSTRUCTION AND ENGINEERING SERVICES (Cont'd) Sub-sector ode of delivery Limitations and conditions Contracting of works and supply of services for the national petroleum, petrochemical and coal industry. Petroleum technology. (CPC Section 5) (CPC CPC 853 j CPC 883r Conmercial presence In the case of permanent presence, registration in the auxiliary registers of PDVSA (Petrôleos de Venezuela, S.A.) and its subsidiary enterprises is required; in the case of temporary presence, a copy of the contract must be presented to SIEX and/or the inistry of ining, simply for information purposes. temporary movement of personnel In the case of the petroleum industry, since such enterprises belong to the public sector, they are governed by the 1990 Law on Tenders and its Regulations, and they must also comply with other regulations applying to this sector specifically; the Law Law reserving the hydrocarbons industry and trade for the State; the Law reserving the natural gas industry for the State; Decree No of 6 September 1990 giving powers to the inistry of Energy and ining with respect to enterprises, foreign investment and technological services in the petroleum sector; Decree No of 8 November 1990: special regulations of the Law on Tenders governing selection procedures for contractors for PDVSA and its subsidiaries. This Decree is closely 1 inked with the Law on Tenders and in general does not contain greater limitations or conditions on national treatment; in general, the internal regulations of the petroleum industry tend to give priority to the quality of the service rather than nationality. temporary movement of personnel. In order to exercise these professions it is necessary to revalidate professional degrees and enrol in the College of Engineers of Venezuela; professionals from countries which bar Venezuelans from exercising their profession there may not enrol. If the services are contracted for a specified period of time, the College of Engineers may issue a temporary permit for foreign professionals who will therefore not need to enrol.» >-3 OQ Z (0 > 2! For purposes of transparency, it is mentioned that activities to be carried out in the petroleum industry are governed by a collective labour agreement, under which 80 per cent of personnel must be union members; the unions ensure that this percentage is respected, during the opening of bids. 2 Only petroleum.
16 ' * 7. FINANCIAL SERVICES Note: The banking and insurance sub-sectors are currently subject to legal restrictions on the access of foreign investment. Foreign institutions in those sub-sectors are subject to treatment less favourable than that of Venezuelan enterprises. In the interests of transparency, it is mentioned that the National Government in mid-1991 submitted to Congress a bill for the reform of the legal régime governing banking and will shortly do the same with a bill for the modification of the Law governing insurance and reinsurance companies. This draft legislation is part of a comprehensive reform of the Venezuelan financial system and once adopted will allow the gradual elimination of barriers to access for foreign investment in banking and insurance institutions, as well as operations in Venezuela by such institutions that are wholly or partially foreign-owned, until a situation of national treatment is attained within a period of not more than five years. The banking bill empowers the National Executive to issue regulations for progressive implementation of the reform, as well as prudential criteria to be applied for the selection of enterprises wishing to have access to the Venezuelan financial market and regarding reciprocity with Venezuelan banks in the countries from which the capital of those enterprises originates. The bill on insurance and reinsurance companies follows the same guidelines.
17 7. FINANCIAL SERVICES SECTOR Sub-sector Activity ode of delivery Limitations and conditions Insurance (CPC 812, excluding Pension Funds) (a) Life, accident and health Insurance services (b) Non-life insurance services, required. Insurance contracts concluded abroad are void in Venezuela even if concluded by domestic enterprises unless the premium has actually been paid to an enterprise in Venezuela, in accordance with domestic rates. required. The contracting of insurance abroad in violation of the law is punishable by a fine in the following cases: (1) Insurance of persons, If at the time of signing of the contract the insured person was domiciled in Venezuela; (2) Insurance of goods located within Venezuela; (3) Insurance on ships, aircraft and other vehicles registered in Venezuela " Insurance companies in the capital of which foreigners hold a share of more than 20 per cent cannot be authorized Insurance companies in the capital of which foreigners hold a share of more than 20 per cent cannot be authorized Insurance is governed by the Law on Insurance and Reinsurance Companies. These must take the form of public limited companies. Constitution of such enterprises requires the authorization of the National Executive. 2 This provision applies In the following cases: (1) Insurance of persons, if the insured person was domiciled in Venezuela at the time of signing of the contract; (2) Insurance on property located within Venezuela; (3) insurance on ships, aircraft and other vehicles registered in Venezuela. The National Executive may determine other types of insurance which must be concluded in the country in order to be operative in Venezuela. When it is not desirable for a specific Insurance contract to be concluded wholly or partially with domestic companies, the Insurance Supervision Department may issue a resolution explaining the grounds for authorizing the contracting of the insurance abroad. Claims relating to goods insured in violation of the law may not be adjusted in Venezuela. The President and at least three quarters of the Vice-Presidents, Directors, anagers, Assistant anagers and technical or legal consultants of insurance companies must be Venezuelans domiciled and residing in the country. >t)» OQ (D ~~J X -t z o z C/) *: I- 1 U> Q.!
18 Sub-sector Activity ode of delivery A. Insurance (CPC 812, excluding Pension Funds) (c) Reinsurance 7. FINANCIAL SERVICES SECTOR (Cont'd) Limitations and conditions The law requires national insurance companies to cede on the domestic market at least 40 per cent of reinsurance premiums from their automatic contracts, and also to cede to national companies any reinsurance surplus that remains after they have exhausted their capacity foroautomatic reinsurance. The law requires national insurance companies to cede on the domestic market at least 40 per cent of reinsurance premiums from their automatic contracts, and also to cede to national companies any reinsurance surplus that remains after they have exhausted their capacity foroautomatic reinsurance. ha m OQ oo 2 Z D Z en «OJ > U P. I- 1 Pd CD Foreign participation in the capital of reinsurance companies incorporated in Venezuela cannot exceed 20 per cent. Foreign enterprises may maintain permanent representative offices in the country or grant powers to national reinsurance brokers. The law requires national insurance companies to cede on the domestic market at least 40 per cent of reinsurance premiums from their automatic contracts, and also to cede to national companies any reinsurance surplus that remains after they have exhausted their capacity foroautomatic reinsurance. ovement of personne V Reinsurance is governed by the Law on Insurance and Reinsurance Companies. Enterprises must take the form of public limited companies. Constitution of reinsurance companies in Venezuela requires the authorization of the National Executive. 2 The Insurance Supervision Department may decide that reinsurance should be carried out wholly or partially abroad when this seems desirable in view of the nature or result of the contract. The President and at least three quarters of the Vice-Presidents, Directors, anagers, Assistant anagers and technical or legal consultants of reinsurance companies must be Venezuelans domiciled and residing in the country. *
19 7. FINANCIAL SERVICES SECTOR (Cont'd) Sub-sector Activity ode of delivery Limitations and conditions A. Insurance (d) Insurance,and reinsurance brokerage (CPC 81401) ". required Insurance contracts concluded abroad are void in Venezuela even if concluded by national enterprises, unless the premium has actually been paid to an enterprise in Venezuela, in accordance with national rates, in the following cases: (1) Insurance of persons, if at the time when the contract was signed the insured person was domiciled in Venezuela; (2) Insurance on goods located in the national territory; (3) Insurance on ships, aircraft and other vehicles registered in Venezuela. Companies of which foreigners hold more than 20 per cent of the capital cannot be authorized. Nor can the establishment in the country of agencies or subsidiaries of foreign insurance brokerage firms or representatives of agents or brokers of foreign insurance companies not domiciled or residing in the country.. required The contracting of insurance abroad in violation of the law is punishable by a tine in the following cases: (1) Insurance of persons, if at the time when the contract was signed the insured person was domiciled in Venezuela; (2) Insurance on goods situated within the national territory; (3) Insurance on ships, aircraft and other vehicles registered in Venezuela. The National Executive may determine other types of insurance which must be contracted in the country in order to be operative in Venezuela. The Insurance Supervision Department may authorize the contracting of insurance abroad when it is not desirable to contract it in Venezuela. Companies of which foreigners hold more than 20 per cent of the capital cannot be authorized. Nor can the establishment in the country of agencies or subsidiaries of foreign insurance brokerage firms or representatives of agents or brokers of foreign insurance companies not domiciled or residing in the country. These activities are governed by the Law on Insurance and Reinsurance Companies. Constitution of insurance and reinsurance brokerage companies requires the authorization of the National Executive. They must take the form of public limited companies or private limited-liability companies. 2 Anyone who sells such insurance in the country in violation of the law is also liable to imprisonment for a period of three months to three years. The President and at least three quarters of the Vice-Presidents, Directors, anagers, Assistant anagers, and technical and legal consultants of insurance and reinsurance brokerage companies authorized in the country must be Venezuelans domiciled and residing in the country. T3 P> 00 rt> \o X Z O z C/5 «U) > U- Q. n D
20 FINANCIAL SERVICES SECTOR (Cont'd) OQ Sub-sector Activity ode of delivery Limitations and conditions a> o Banks and credit institutions (CPC ) (a) Acceptance of deposits and other repayable funds from the public (b) Lending of all types, including inter alia consumer credit, mortgage credit, factoring and financing of commercial transactions (c) Financial leasing (d) Payment and money transmission services (e) Guarantees (f) Foreign exchange operations (g) Provision, transfer and processing of financial information 2 New operations and services New banking institutions cannot be authorized unless they are 100 per cent Venezuelan-owned. Institutions from Latin American countries are accepted provided there is reciprocity with Venezuelan institutions. Representative offices of foreign banks may be authorized but they may not tap funds in Venezuela. They may only act as intermediaries for lending. Branches of foreign banks that still operate in the country are subject to operating restrictions and cannot: accept saving deposits of residents, accept deposits of public entities, issue negotiable certificates of deposit, increase their capital or offices, issue bonds of any kind, issue capitalization securities and sell foreign exchange acquired from the Central Bank of Venezuela. They cannot have callable liabilities in excess of fourteen times their net worth. ' This sub-sector is governed by the General Law on Banks and Other Credit Institutions. Enterprises must take the form of public limited companies. Constitution of such enterprises in Venezuela requires authorization by the National Executive. In accordance with the revision of this 1970 Law, under which foreign participation was then limited to a maximum of 20 per cent of the capital of commercial banks, there are still institutions which have retained such participation subject to the said limit. This participation may be ceded to other foreign investors but if it is reduced it cannot subsequently be raised again. 2 The above-mentioned Law regulates in detail the operations and services which banks and credit institutions may carry out, according to each type. In the case of new services or operations, these must be compatible with the nature of the bank in question, with the limitations established by the National Executive, after receiving the opinion of the Central Bank of Venezuela. The President and three quarters of the Vice Presidents, Directors, anagers, Secretaries and other executives of banks and credit institutions must be Venezuelans residing in the country. This provision does not apply to branch offices of foreign banks currently operating in Venezuela. 1 The Venezuelan Constitution protects personal privacy. It is therefore assumed that information will not be treated in any way contrary to this constitutional guarantee and that in any case the free consent of the persons to whom the information refers will be obtained prior to its provision, processing or transfer.
21 - FINANCIAL SERVICES SECTOR (Cont'd) Sub-sector Activity ode of delivery Limitations and conditions B. Foreign exchange houses (CPC 81333) (f) Buying and selling of foreign bank notes and travellers cheques from or to the public. CocimeKcial presence required. required Conmercial presence Only Venezuelan-owned enterprises may be authorized Only Venezuelan-owned enterprises may be authorized Exchange houses are not credit institutions, but are regulated inter alia by the General Law on Banks and Other Credit Institutions. Establishment of such enterprises requires the authorization of the National Executive. 2 The import, export or trade of Venezuelan or foreign currency having legal tender is subject to the regulations established by the Central Bank of Venezuela.
22 FINANCIAL SERVICES SECTOR (Cont'd) Sub-sector Activity ode of delivery Limitations and conditions B. Capital arket (f,g,i) Securities brokerage (CPC 8132) Subject to the Capital arket Act. required. If the brokerage service concerns the public offering outside the national territory of securities issued by companies incorporated in Venezuela or the public offering of foreign securities in Venezuela, such offerings must be authorized by the National Securities Commission. Subject to the Capital arket Act. required. T) IB OS a> to X z O z m K ro UJ > u- D- 1 & a, N> Subject to the Capital arket Act. Authorization of the National Securities Coimiission required.. In accordance with the offer on. This sub-sector is governed by the Capital arket Act, which is currently under review. Under that Law, the public offering of shares and other securities must be authorized by the National Securities Commission, with the exception of public debt securities and securities issued in accordance with the Law of the Central Bank of Venezuela, the General Law on banks and other credit institutions and the Law on the National Savings and Loan System. 2 Includes trading for account of customers or for own account, whether or not on an exchange, by natural persons, private companies or public companies authorized to that effect. Authorization of the public offering of foreign securities in Venezuela depends on whether this is in the national interest, with the prior assent of the National Executive.
23 * - 7. FINANCIAL SERVICES SECTOR (Cont'd) Sub-sector Activity ode of delivery Limitations and conditions B. Capital arket (i) utual funds (CPC ) Subject to the Capital arket Act. Conmercial presence required. Subject to the Capital arket Act. Conmercial presence required. Subject to the Capital arket Act. Authorization of the National Securities Commission required. B. Capital arket (i) utual fund management companies (CPC ) Subject to the Capital arket Act. Conmercial presence required. If they are administered by other companies. utual funds established in Venezuela must be managed by a management company likewise constituted in Venezuela for that purpose. Subject to the Capital arket Act. Conmercial presence required. Subject to the Capital arket Act. Authorization of the National Securities Cormiission required. n OQ (» (D CO x z o z CO «CO I o. 5 N>
24 FINANCIAL SERVICES SECTOR (Cont'd) Sub-sector Activity ode of delivery Limitations and conditions B. Capital arket (k) Investment advisory services (CPC 81332) Conmercial presence Subject to the Capital arket Act. required. Subject to the Capital arket Act. Authorization of the National Securities Commission required. In the case of advisory services relating to investment in foreign securities or for acting as a contact with foreign brokers or representing them, such authorization depends on the country's economic and financial situation in the opinion of the Commission. Subject to the Capital arket Act. required. The National Securities Coranission can revoke or cancel authorizations relating to advisory services for investment in foreign securities or for acting as a contact with brokers abroad or representing them when in its opinion the country's economic and financial conditions are unsuitable for such activities. IB
25 - ~ TRAVEL AND TOURIS SERVICES Sub-sec tor ode of delivery Limitations and conditions A. otel and resort operators, Including restaurants (CPC ?) B. Travel agencies, tourism companies, wholesale tourism services (CPC 7471) D. oliday camps (CPC 6419) Foreigners with at least five years uninterrupted residence in the country may manage or operate camps as directors or managers. l All tourism enterprises must obtain authorization and registration by the Venezuelan Tourism Corporation ^ t» OQ Ul X z cn z CO j CO > h Q. 7i IT)
26 TRAVEL AND TOURIS SERVICES (Cont'd) Sub-sector ode of delivery Limitations and conditions D. Auxiliary tourism enterprises (CPC ) T)»> OQ ro N) ON SB > z en "Z x> 35 U> > a 0 (I> NI Note: It is indicated, for reasons of transparency, that travellers leaving the country by air must pay the following charges: Airport tax payable by all passengers: Exit tax: Venezuelans and residents: Foreign tourists, minors and holders of diplomatic or service passports: Bs Bs Bs Information on transient workers and business personnel is to be found in the offer on movement of personnel.
27 : ^ 11. TRANSPORT SERVICES Sub-sector ode of delivery Limitations and conditions Auxiliary transport services (maritime transport only) (a) Cargo handling services (CPC 741) (b) Storage and warehouse services (CPC 742) Conmercial presence (1) Port operations involve: - Loading, unloading, transfer, filling and emptying of containers and, in general, any other operation involving the handling of cargo between ships and port areas or within them. - Storage and warehousing services. (2) It Is mentioned, in the interests of transparency, that enterprises wishing to provide port services as described in this offer must be entered in the Register of Port Service Enterprises of the Port Administration for the port in which they wish to exercise their activities. In addition to such registration, the National Ports Institute will sign a contract with the port services enterprise under which the latter is authorized to provide the port services mentioned in the registration document, which will be considered an integral part of the contract. Enterprises licensed for warehouses, silos or other port installations do not need to sign a new contract but will have to meet the requirements laid down in Resolution No. 419 of the inistry of Transport and Communications, published in Official Gazette No of 11 October 1991, Including the security and payment of the corresponding duties. It should be pointed out that the enterprises must be conmercial companies domiciled in Venezuela and will therefore be governed by the provisions of the Trade Code. id CD o CO I 5
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