One of the most popular risk prevention mechanisms in Venezuelan legislation is the legal review. It is an advocacy tool that allows you to correct mistakes that threaten the operation of the company. The objective is to examine and analyze all units of the organization to ensure that they comply with the social, economic, legal and fiscal obligations they have towards the Venezuelan state. There are different types of audits such as quality audit, certification audit, compliance audit, among others. And all these types of audits must be applicable to companies, factories and other types of organizations that market their products and services in Venezuela. In this context, it is important that companies have legal advice in order to comply with the regulations and approvals governing their activities. For example, stick to employees when it comes to Social Security, bonuses, and other legal rights. In these cases, companies should regularly review their practices to assess the results, thus facilitating the exchange of good practices adapted to the legal framework. All companies that operate commercially in Venezuela have a social, economic, legal and fiscal responsibility towards the State.
It is the body responsible for regulating any commercial activity under the control of various institutions. Companies are specialized bodies of society that must perform certain functions and comply with certain regulatory frameworks. In order to maintain a healthy environment without illegal business practices, it is necessary to know the guidelines that lead to it. These operating principles act as channels between companies, the state, shareholders and employees and can therefore be a good resource for resolving internal conflicts within companies. In this article, we will talk about some of the policies that govern corporate law in Venezuela? The legal regime of the corporate group in Venezuela is examined from the point of view of labour law. It is a literature search that deals with the study of the definition, requirements, main effects and professional consequences of this legal institution, in parallel with its development and application in national jurisprudence, analyzing the concepts in particular. On the basis of fourteen practical questions, the legal regime of social production enterprises is analysed, particularly with regard to their legal nature, their organization and their forms of relations with the State. In previous articles, we have already talked about what corporate law is and how it works in Venezuela. And we understood that this is a variant of the law that allows changes to be made within the internal structure of a company while adapting to the regulatory framework of each nation. Company law in Venezuela is subject to different guidelines issued by the state and regulators for each financial activity. All these rules govern the business activities of companies in the country, so that they comply with the principles of social, economic and legal responsibility. If your company is a joint-stock company (SA) or a joint-stock company (CA), a limited partnership or a joint-stock company (SC or SCA), a limited liability company (SRL)* or a cooperative, you must include the following clauses in the articles of association of the company:* Although this is not currently a widespread number.
Addition of 1 – Insert in the clause that defines the purpose of the company. The purpose of the Corporation is: [to include the list of the Corporation`s main economic activities]. engage in other lawful business activities that are directly or indirectly related to their corporate purpose; Research of positive material impacts on society and the environment as a whole, evaluated taking into account the standards of an independent third party specialized in the field. Added 2 – To be inserted in the clause defining the powers of the managing authority. In the exercise of their powers, the directors, managers, directors, legal representatives and/or administrative bodies of the Company must, in their decisions or actions, take into account the effects of such decisions or acts or omissions with regard to the interests of: (i) the partners and/or shareholders; (ii) employees and, where applicable, their subsidiaries; (iii) customers and suppliers; (iv) the community in which it operates; (v) the local and global environment; (vi) the Company`s long- and short-term expectations; and (vii) the Company`s ability to fulfill its corporate purpose. These decisions or acts or omissions exclusively create rights and obligations for shareholders, directors, managers, directors, legal representatives and / or administrative bodies of the Company and not for third parties other than these, which can in no way make enforceable against the Company, its shareholders or its directors and / or administrative bodies. This article analyses the legal provisions of the new system of endogenous development promoted by the national executive, the foundations and subsequent implementation of which are essentially based on the principles of economic freedom and the role of the State and the promotion of associations and cooperatives contained in constitutional norms and in decisions and instructions. This means that the guidelines on which company law in Venezuela is based are legally those of entrepreneurial recognition in favor of the country`s economic development. This means that companies responsible for their operations within the Venezuelan legal framework will be supported and exempt from national and international sanctions. Company law is subject to regulation by various bodies responsible for the proper functioning of a healthy economic environment. In Venezuela, companies comply with the regulations of SAREN, SENIAT, the Social Security Law, the Civil Code, the labor law of organs, the law of investment funds, among others.
Venezuela has a solid and transparent legal framework for hydrocarbons (gaseous and non-gaseous), which encourages the participation of public and private capital, both national and international, to ensure our country`s energy supply on world markets. These legal instruments are the basis for the activity of the national oil industry, which are always anchored in the principles of the Bolivarian Constitution regarding the energy issue. Below are the legal instruments that govern the activity of the Venezuelan oil industry. Laws, regulations, resolutions and other rules of general application- Constitution of the Bolivarian Republic of Venezuela- Civil Code of Venezuela- Commercial Code- Law of the Central Bank of Venezuela No. 37.296 – 3 October 2001- General Law on Banks and Other Financial Institutions No. Extraordinary 5.555 – 13. This allows companies to analyze and interpret the rules they regulate. Find effective solutions to the problems of their daily practice.