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SICAD Call No. 25-2014

On September 19, 2014, the National Center of Foreign Trade (Centro Nacional de Comercio Exterior - “CENCOEX”) called for foreign currency Auction No. 25-2014, to be made through the Complementary System of Foreign Currency Administration I (Sistema Complementario de Administración de Divisas I - “SICAD I”), acting through the Universal Public Banking and the Venezuelan Corporation of Foreign Trade (Corporación Venezolana de Comercio Exterior - “CORPOVEX”). The persons convoked to take part in the Auction are the following legal persons that have been incorporated for at least forty-eight (48) months, that have been performing regular imports for the last two (2) years, are duly registered with the Registry of Users of the Foreign Currency Administration System (Registro de Usuarios del Sistema de Administración de Divisas - “RUSAD”), are clients of any authorized institution of the Universal Public Banking, keep current the payment of their tax obligations, meet the requirements established in the rules regulating SICAD, and are   domiciled in the national territory:

 

  • Legal Persons of the Christmas items sector: Purchase orders must be made through the Universal Public Banking.

  • Legal Persons of the alcoholic drinks sector: Purchase orders must be made through CORPOVEX.

  • Legal persons of the footwear sector (raw material and consumable supplies): Purchase orders must be made through CORPOVEX.

  • Legal Persons of the toy and sporting goods sector: Purchase orders must be made through the Universal Public Banking.

 

Description of the Auction:

 

  • Total amount of the auction: USD. 220,000,000.00.

  • Maximum amount per purchase order: 3.5% of the total amount to be awarded. Variable CORPOVEX

  • Multiple per purchase order: USD. 1,000.00.

 

The call imposes on the legal persons favored by the Auction the obligation to execute a Faithful Performance Contract for Exchange Transactions. It also states that the legal persons that have an Authorization for Acquisition of Foreign Currency (“AAD”) or Authorization for Payment of Foreign Currency (“ALD”), issued by the Foreign Currency Administration Commission (Comisión de Administración de Divisas - “CADIVI”) may participate in the Auction.

The receipt of purchase orders began on Monday, September 22, at 9:00 a.m. and will end on Thursday, September 25, at 3:30 p.m. On Monday, September 29, CENCOEX will inform the amount auctioned and the total amount awarded. The process will be completed on Thursday, October 2, date on which the amounts awarded will be paid.

In order to access the call for Auction No. 25-2014, please click here:

http://www.cencoex.gob.ve/images/stories/pdfs/Sicad/Convocatoria/convocatoria_sicad25.pdf

 

“NOTE: THIS INFORMATION SHOULD NOT BE CONSTRUED AS LEGAL ADVICE ON ANY SPECIFIC MATTER AND ITS CONTENT ARE INTENDED AS A MANAGEMENT ALERT AS TO CURRENT DEVELOPMENTS IN VENEZUELA, ANY SPECIFIC LEGAL QUESTIONS REGARDING THE POSSIBLE APPLICATION OF NEW OR PROPOSED LEGISLATION TO PARTICULAR SITUATIONS SHOULD BE ADDRESSED TO TRAVIESO EVANS ARRIA RENGEL & PAZ.”