Presidential Decree No. 601 was published in Special Official Gazette No. 6,116 of November 29, 2013. Through said Decree the Decree with the Status, Value and Force of Law of the National Center of Foreign Trade and the Venezuelan Corporation of Foreign Trade (the “Decree”) was issued. The purpose of the Decree is the creation of the National Center of Foreign Trade (Centro Nacional de Comercio Exterior – “CNCE”) and the authorization for the creation of a State-owned company in the form of a Sociedad Anónima, called Corporación Venezolana de Comercio Exterior-VENECOM, S.A.
The purpose of the CNCE is to develop and implement the National Policy of Foreign Currency Administration, the National Policy of Exportation, the National Policy of Importation, the National Policy of Foreign Investments, and the National Policy of Investments Abroad. The CNCE will centralize the approval, authorization, issue, and granting of permits, certificates, licenses, or any other document required by the competent authorities in foreign trade transactions. To this end, the ministries of the popular power with competence over agriculture and lands, nourishment, environment, science and technology, commerce, finance, industry, petroleum and mining, health, work, and transportation, in the exercise of their powers, will delegate the exercise of their competence to the trusted personnel designated by them in order to approve, authorize, issue, and grant said permits, certificates, licenses or documents.
The Decree establishes that VENECOM, S.A., will have the following purposes:
- To organize and guarantee the imports to cover the country’s needs.
- To seek and guarantee the best conditions as to quality and prices of the products and goods for the country.
- To simplify and achieve the maximum efficiency in the importation and exportation processes of the country.
- To centralize and facilitate non-oil exports.
The Decree states that VENECOM, S.A. leads a conglomerate of companies connected with foreign trade and in the performance of such function, it will coordinate, supervise, and issue guidelines about the activities of said companies, whether public or private. In addition, the Decree grants VENECOM, S.A. the possibility of using the procedure of dispatch or direct unloading established in the Organic Customs Law for export and import operations; and the authorization and other prerogatives to operate as public bonded warehouse and as customs agent.
The Decree indicates that the National Foreign Currency Administration Commission (“CADIVI”) and the Complementary System of Foreign Currency Administration (“SICAD”) will be under the direct control of the CNCE.
The Decree repeals Decrees No. 9,381 of February 8, 2013 and No. 528 of October 29, 2013. It became effective upon its publication in the Official Gazette.
In order to access the Decree, please click here.