Directors’ Duties in Venezuela

>> Board Requirements in Venezuela

Appointment of directors

In Venezuela, there are no limitations on the minimum or maximum number of directors permitted. The number  of directors must be determined in the company’s bylaws, and cannot vary unless the by-laws are  amended accordingly.

It is not a requirement for directors to be residents in Venezuela, however where directors are no residents they will need to have in place a valid Venezuelan work or business visa.

Conflicts of Interest

In accordance with Venezuelan law, you have a duty to declare any conflicts of interest. In some cases the conflict can be noted and you can remove yourself from any decision-making within the entity upon the relevant matter. However if the conflict is of a more fundamental or continuing nature then you may need to resign your position. If in doubt, seek advice.


Latest version updated 10th April 2018

Country Breakdown

31.57

Million

Population

Bs

Venezuelan bolívar

Currency

$ 371

Billion

GDP

916,445

km2