CONSTITUTIONAL LAW OF FOREIGN PRODUCTIVE INVESTMENT OFFICIAL GAZETTE OF THE BOLIVARIAN REPUBLIC OF VENEZUELA Nª

Transcription

1 CONSTITUTIONAL LAW OF FOREIGN PRODUCTIVE INVESTMENT OFFICIAL GAZETTE OF THE BOLIVARIAN REPUBLIC OF VENEZUELA Nª DECEMBER 29, 2017

2 OBJECT: Promote a productive and diverse contribution of foreign origin that contributes to development of the productive potentials existing in the country Promote, favor and grant legal security to investments Guarantee economic sovereignty and contribute to the welfare of the people

3 PURPOSES: Ensure the Transfer of Technology, Value Added chains and diversification of production. Promote Productive Foreign Investment Guarantee that foreign productive investment is developed in respect of national independence and sovereignty Increase access to foreign financing, obtaining foreign currency and access to new markets Generate decent, fair and productive work Attract Productive Foreign Investment that generates currencies in nontraditional sectors

4 Favorable conditions for investments Accelerated amortization Purchase by the State Special credit conditions Bonus in taxes Access to raw materials Tax deduction Tariff exemptions Tax stability Tax exemptions Special rates in public services

5 Rights of the Investors: The Investors will have the right to remit annually up to 100% of their profits or dividends Profits or dividends reinvestment (article 30) The Investors will have the right to fully or partially reinvest the profits obtained, for the purpose of being considered as foreign investment. Investors will be entitled to remit to the country of origin, in whole or in part, the monetary income obtained from the sale of their shares or investment within the national territory. Remisión de utilidades o dividendos (art. 28) Remittances abroad (article 31)

6 Rights of Investors: Legal Security (article 27) Investments will be subject to clear, precise and determined rules for the purpose of guaranteeing the legal equality of Investors, in accordance with the provisions of the Constitution of the Bolivarian Republic of Venezuela. Equality of Regimes and treatment (article 33) Foreign Investment will be treated for all purposes in the same way as Investment of resident nationals. Guarantee to the right of property (article 115 BRVC) The right of property is guaranteed. Everyone has the right to use, enjoy and dispose of their property.

7 Investor Protection: Foreign investments will be subject to the jurisdiction of the courts of the Republic Participate and make use of other dispute resolution mechanisms built within the framework of the integration of Latin America and the Caribbean, as well as in the framework of other integration schemes. Foreign Investment Registry: Investors will have the right without exclusion, once domestic judicial remedies have been exhausted The Foreign Investment Registry is the instrument through which a natural or legal person is accredited as a foreign investor. The registry guarantees the enjoyment of the benefits established in the Law.

8 Accompaniment and support to Foreign Investor: MIPPCOEXIN guarantees the support and technical advice for the installation of the investment Granting Desde 2 Comercializat on of Products or Services / Export Beginning/ Presentation of the project Process/Dev elopment of the project Preferential and personalized support for investment projects that are presented in different sectors Installation / underway of the Project