By: José Javier Briz Kaltenborn and Biddy Fraga Bentata
With the aim of fostering and promoting entrepreneurial initiatives, the Venezuelan government published the Law for the Promotion and Development of New Ventures (Ley para el Fomento y Desarrollo de Nuevos Emprendimientos) in Official Gazette No. 6,656 dated October 15, 2021, later amended in Official Gazette No. 6,842 dated September 16, 2024.
Objective
This is a commendable initiative to promote the development of new ventures and an entrepreneurial culture aimed at increasing and diversifying the production of goods and services, deploying innovations, and incorporating them into Venezuela’s economic and social development.
The objective is pursued by supporting the formalization of individuals who plan to undertake new business projects, encouraging them with tax and administrative incentives for the generation of goods and services that are creative, methodical, ethical, sustainable, responsible, and effective.
Likewise, the State undertook to develop national comprehensive training plans to promote an entrepreneurial vision and ethics in administrative, managerial, financial, and scientific-technical fields, among other areas relevant to consolidating new projects.
Government Authority
The Ministry of Popular Power responsible for economy and finance exercises direction and oversight in entrepreneurship matters, with the responsibility of guaranteeing legal, administrative, financial, and economic certainty for entrepreneurs. Its competencies include:
- Designing and proposing national entrepreneurship policy and strategy, in line with the Plan de la Patria and national productive plans.
- Implementing the National Registry of Entrepreneurship for the application of public policies directed at the sector.
- Promoting and leading the National Entrepreneurship Network.
- Coordinating the granting of credit with public bodies and state financial institutions.
- Administering the National Fund for Entrepreneurship and approving projects to be financed.
- Developing training and capacity-building programs and managing partnerships with social sectors and international actors.
- Coordinating public actors responsible for procedures, financing, training, and other aspects linked to entrepreneurship.
- Issuing sector-specific regulations applicable to the development of entrepreneurial initiatives.
Key Points
Among the most notable benefits of the law are:
- Streamlined procedures for the incorporation and development of ventures.
- Tax incentives and exemptions for projects whose annual sales do not exceed an amount equivalent to ten thousand times the highest official exchange rate published by the Central Bank of Venezuela (BCV).
- Access to public financing, as well as the reorientation of public procurement to favor ventures.
- National Registry of Entrepreneurship: creation of a registry that confers legal status upon registered projects; registration is an indispensable condition to access the benefits provided by the law. This registration has a maximum duration of three years, after which the venture must register with the corresponding Commercial Registry.
- Intellectual property and permits: the competent intellectual property authority is required to disseminate procedures and preferential fees for registering trademarks and patents for ventures. In addition, the Ministry must publish a national report of mandatory permits, accompanied by a simplified and provisional regime that allows projects to operate for up to two years while they complete the final requirements.
- National Fund for Entrepreneurship: attached to the Ministry of Economy and Finance, funded by contributions from the Executive, repayable resources, donations, and its own operations, with the purpose of financing and supporting projects registered in the National Registry of Entrepreneurship.
Likewise, the law provides support for the business support and incubation industry through advisory and consulting centers throughout the country, and encourages the creation of a National Entrepreneurship Network as an open space for coordination among the State, entrepreneurs, and organizations interested in promoting the entrepreneurial spirit.
According to the report from the Global Entrepreneurship Monitor (GEM), approximately 1.4 million ventures have been registered in the National Registry since its inception.
Business Environment in 2025
Although it is still premature to establish a direct causal relationship between the recent legislative reforms and the entrepreneurial environment in Venezuela, emerging data reflect a significant evolution in business activity.
According to the BCV, the country’s gross domestic product has shown sustained growth over the eighteen quarters, suggesting a complex and evolving commercial environment. Despite this macroeconomic improvement, many entrepreneurs continue to start businesses out of necessity rather than opportunity.
As a firm committed to business development and regulatory clarity, we are closely monitoring these trends to offer strategic guidance to our clients in a dynamic commercial environment.
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This is general information for educational purposes. This content should not be construed as legal advice. Any specific matter should be reviewed individually and thoroughly by legal counsel.
Sources
GEM (Global Entrepreneurship Monitor) (2025). Global Entrepreneurship Monitor 2024/2025 Global Report: Entrepreneurship Reality Check. London: GEM https://www.gemconsortium.org/report
GEM (Global Entrepreneurship Monitor) (2023). Global Entrepreneurship Monitor 2023/2024 Global Report: 25 Years and Growing. London: GEM. https://www.gemconsortium.org/report
GEM (Global Entrepreneurship Monitor) (2023). Global Entrepreneurship Monitor 2022/2023 Global Report: Adapting to a “New Normal”. London: GEM. https://www.gemconsortium.org/report
Banco Central de Venezuela. La economía venezolana avanza: El PIB aumentó 8,71% en el tercer trimestre de 2025. October 16, 2025. Available at: https://www.bcv.org.ve/notas-de-prensa/la-economia-venezolana-avanza-el-pib-aumento-871-en-el-tercer-trimestre-de-2025
José Javier Briz Kaltenborn
Partner
Biddy Fraga Bentata
Associate