Venezuela

Representative democracy divided into 22 states, 1 Federal District and 72 islands.
Petroleum sector dominates the economy--Venezuela has third largest oil deposits in the world
Venezuela is a founding member of the WTO, and has an open market.
United States is Venezuela's most important trading partner, representing half of its imports and exports.
Some products require import licenses or certificates.
Import duties are calculated based on CIF costs.
Venezuela has adopted the harmonized tariff schedule.
Venezuela has two free trade zones and many duty-free warehouses.
Venezuelan COVENIN agency has written over 300 standards applicable to domestic and imported products.

Venezuela Business Practices and Protocol: www.worldbiz.com/bizvenezuela.html
Purchase reports on topics important to doing business in Venezuela.
Trade Venezuela: www.trade-venezuela.com
Find helpful information about business contacts and information for Venezuela

All distribution channels are open.
Marketing through TV commercials, newspaper inserts, house visits or street vendors is common.
Mail orders are impossible because the postal system is not very reliable.
Be sure to prepare materials in Spanish.
Common advertising includes: TV and radio commercials, billboards, leaflets, newspaper inserts and in-store promotions.
Organize or participate in an established trade show.

The society is very status conscious.
Men should dress conservatively, and women should wear conservative, high quality, stylish business clothes.
- It is an asset to wear watches, jewelry, or other accessories made by prestigious designers.
Businesswomen are advised to wear makeup, jewelry and high heels.
During introductions, Venezuelans will announce their full names, including their two surnames.
Wait for an invitation before addressing others by their first names.
Business cards are important.
Dining at a restaurant is an essential part of developing business relationships.
Most businesses close for a two hour break in the middle of the day.
Business is conducted mainly in Spanish, and some knowledge of the language is important.
Networking is very useful.
Good personal relationships between partners is usually more important than a written contract.
Some preliminary conversation is considered necessary before each meeting.
Interpersonal skills, like fitting in and maintaining cordial relationships, are considered more valuable than professional competence and experience.
Wait until you have established a cordial relationship before you give a gift. (Female business travelers shouldn’t give gifts to businessmen.)

Do’s

Be a few minutes early and allow extra time for traffic.
Show interest in the local culture.
Be sure to compliment your business contacts.
Know the social position of your partner.
Be aware that "yes" often means "maybe" and that "mañana" just means "not today".
Do visit Venezuela regularly to maintain close contacts.

Don’ts

Venezuelan legal system based on written law, as opposed to Common law (e.g., American, English and Canadian legal systems).
Poor intellectual property law enforcement (i.e., inadequate enforcement of patent, trademark, and copyright protection: pharmaceuticals, computer software, and motion pictures).