EXEMPTION FROM PAYMENT OF REGISTRATION OR RECORDING WITH THE IVSS, FAOV, INCES, AND MPPPST FOR STARTUPS

Decree No. 4.719, issued by the Presidency of the Republic, was published in Official Gazette No. 42.432 of August 3, 2022. Said Decree instructs the authorities of the Venezuelan Institute of Social Security (Instituto Venezolano de los Seguros Sociales – IVSS), National Institute for Socialist Training and Education (Instituto Nacional de Capacitación y Educación Socialista – INCES), Mandatory Savings Fund for Housing (Fondo de Ahorro Obligatorio para la Vivienda – FAOV), and the Ministry of the Popular Power for the Social Process of Work (Ministerio del Poder Popular para el Proceso Social del Trabajo – MPPPST) to implement mechanisms that assure the productive development of the new startups duly registered with the National Registry of Startups (Registro Nacional de Emprendimientos – RNE), in order to which the registration or recording as work entities of said startups with the aforesaid institutions must be exempted from payment by them.

The new startups will be exempted from payment of the recording or registration as work entities, always provided that they proceed to formalize their registration or recording within a period of 90 days following the publication of this Decree in the Official Gazette (Article 2).

To that end, the new startups must file the Certificate of National Registry of Startups with the aforesaid institutions (Article 3).

The Decree became effective upon publication of the same in the Official Gazette (Article 5).

In order to access the Decree, please click here.

Should you have any question or comment or require further information, please contact the partner in charge of your account via email.