Venezuela: Government - GlobalEDGE

• Global Insights
  • By Country
  • By Trade Bloc
  • By Classification
  • By Industry
  • By State
• Reference Desk
  • Global Resource Directory
  • Online Course Modules
  • Export Tutorials
  • Glossary
• Tools and Data
  • MPI
  • DIBS
  • Diagnostic Tools
  • Test Your Knowledge
  • Comparator Tool
  • Interactive Rankings
• Get Connected
  • globalEDGE Blog
  • globalEDGE Business Review
  • globalEDGE Newsletter
  • globalEDGE Business Beat
• Academy (for students, faculty, teachers)
  • Course Content
  • Announcements
  • Community Colleges
  • International Internship Directory
  • Why Study International Business?

• Introduction
• History
• Government
• Economy
• Statistics
• Trade Statistics
• Culture
• Risk
• Corporations
• Indices
• Resources
• U.S. Trade Resources
• Memo

Search for Another Country search Tips When Visiting…

Venezuelans are quite formal, it is best to practice correct posture and polite mannerisms.

More Tips Did you know…

In Venezuela, a meteorological phenomenon where lightning repeatedly strikes, occurs where Catatumbo River and Lake Maracaibo meet.

Test Your Knowledge How Do I... Know what different international business terms mean? Study our extensive Glossary globalEDGE Newsletter globalEDGE's monthly newsletter Subscribe

1. Home
2. Global Insights
3. By Country
4. Venezuela
5. Government

Venezuela: Government

Due to political unrest, the information on these pages may not reflect current conditions in the country.

Key Figures

Chief of State: President Nicolas Maduro Moros Head of Government: President Nicolas Maduro Moros

Overview

Government Name: Bolivarian Republic of Venezuela Constitution: Adopted: 1999; Replaced the 1961 version which was the longest serving constitution in Venezuelan history. It was also the first constitution approved by popular referendum in the country's history. Major changes to the government's structure and responsibilities are explained as well as a greater number of human rights being highlighted and guaranteed to all citizens of Venezuela. Government Type: Federal Republic

Index of Economic Freedom

Grades each country on a scale of 0 to 100, based on ten freedoms, with 100 representing the greatest amount of economic autonomy from government intervention. Source: Heritage Foundation (2023)

Country Risk Rating

E The highest-risk political and economic situation and the most difficult business environment. Corporate default is likely. Source: Coface (2024)

Government Branches

Main Powers	Election Process	Election Cycle 1
Executive	Chief of state and head of government.	Elected by plurality vote.	6 years
Judicial	Responsible for administering justice in the name of the republic and by authority of the law.	Appointed by the National Assembly.	12 years
Legislative	Power to name members of the Supreme Tribunal of Justice and consider legislation pertaining to particular sectors of national activity.	110 members are elected by majority vote, 52 members are elected by proportional representation, and 3 members are reserved for indigenous peoples.	5 years

Regional Trade Blocs

No Regional Trade Blocs

International Organization Participation [2]

• CARICOM
• CD
• CDB
• CELAC
• FAO
• G-15
• G-24
• G-77
• IADB
• IAEA
• IBRD
• ICAO
• ICC
• ICCt
• ICRM
• IDA
• IFAD
• IFC
• IFRCS
• IHO
• ILO
• IMF
• IMO
• IMSO
• Interpol
• IOC
• IOM
• IPU
• ITSO
• ITU
• ITUC
• LAES
• LAIA
• LAS
• Mercosur
• MIGA
• NAM
• OAS
• OPANAL
• OPCW
• OPEC
• PCA
• Petrocaribe
• UN
• UNASUR
• UNCTAD
• UNESCO
• UNHCR
• UNIDO
• Union Latina
• UNWTO
• UPU
• WCO
• WFTU
• WHO
• WIPO
• WMO
• WTO

×

Modal title

Close

Environmental Agreements [3]

• Antarctic Treaty
• Biodiversity
• Climate Change
• Climate Change-Kyoto Protocol
• Desertification
• Endangered Species
• Hazardous Wastes
• Marine Life Conservation
• Ozone Layer Protection
• Ship Pollution
• Wetlands

Tax Information [2]

Tax Authority: Ministry of Planning and Finance Tax Name: VAT

Sources:

1. ElectionGuide http://www.electionguide.org/
2. EY, http://www.ey.com
3. CIA World Factbook, https://www.cia.gov/the-world-factbook/
4. U.S. Bilateral Relations Fact Sheets http://www.state.gov/r/pa/ei/bgn/