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SICAD Call No. 26-2014

On October14, 2014, the National Center of Foreign Trade (Centro Nacional de Comercio Exterior - “CENCOEX”), called for foreign currency Auction No. 26-2014, to be made through the Complementary System of Foreign Currency Administration (Sistema Complementario de Administración de Divisas - “SICAD I”). 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, that meet the requirements established in the rules regulating SICAD, 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, are current with the payment of their tax obligations, and domiciled in the national territory:

 

• Legal persons of the Chemical, Petrochemical, and Plastic Resin Sector.

• Legal persons of the Glass Sector (Non-metallic Mineral).

• Legal persons of the Container, Packaging, and Packing Sector.

• Legal persons of the Pulp, Paper, Cardboard and Graphic Art Sector.

• Legal persons of the Health Sector: Medical supplies.

• Legal persons of the Electric, Electronic, and Electrical Appliances (Electrodomésticos) Sector.

• Legal persons of theAutomobile Sector: Auto parts and assembling machines.

 

Characteristics of the call:

 

• Amount to be awarded: US$. 550,000,000.00.

• Maximum amount per purchase order: No amounts exceeding the historic importation amounts of the users will be approved.

• Multiple per purchase order: US$. 1,000.00.

 

The receipt of the applications began on Wednesday, October 15, at 2:00 p.m. The legal persons convoked that wish to make an application must do so by entering the web site www.cencoex.gob.ve. The period of the Auction will expire on Wednesday, October 29, at 5:30 p.m. On Friday, October 31, at 6:00 p.m., CENCOEX will inform the amount auctioned, the total amount awarded, and the customs code.  After the foreign currency has been awarded, the users will be allowed five (5) business days to file the documents indicated in the call in a digitalized manner, through CENCOEX’s web site (www.cencoex.gob.ve). The results of the award will be published by CENCOEX through the means that it deems pertinent. The process will be completed on Monday, November 10, date on which the Venezuelan Central Bank will debit the amount in Bolivars equivalent to the total amount of foreign currency awarded.

 

The users that have an Authorization for Acquisition of Foreign Currency (“AAD”) or Authorization for Payment of Foreign Currency (“ALD”), issued by CENCOEX (formerly, Foreign Currency Administration Commission / Comisión de Administración de Divisas - “CADIVI”) may participate in the Auction.  No payment of foreign currency awarded at the Auction will be made to the legal persons that have a closing of importation pending at SICAD I. Before January 1, 2015, the users must file through CENCOEX’s web site (www.cencoex.gob.ve) the shipping documents Bill of Lading, Air Way Bill, Consignment Note, and others indicating the date of shipment in a legible manner. Each legal person awarded may elect the customs agent of its preference.

 

In order to access the call for Auction No. 26-2014, please click here:

http://www.cencoex.gob.ve/images/stories/pdfs/Sicad/Convocatoria/convocatoria26_inclusion.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.”