There are no specific regulations preventing foreign participation in Venezuelan businesses. The only requirement is that the foreign investment be registered with the National Center for Foreign Commerce (CENOCEX) after the company is incorporated in the Mercantile Registry. Foreigners face restrictions in certain industries, however, including

• Mining
• Postal services
• Railroad, Seaport, and Airport services

Moreover, there are activities where the involvement of foreigners are limited or excluded:

• Radio or broadcasting media
• Dairy products
• Maritime or Aerial transport
• Processional Services
• Recreational Camps

Foreigners wishing to work in Venezuela require a Venezuelan work visa as well as a labor permit. Labour permits are granted by the Ministry of the Popular Power for Labour and Social Security and may take 3-4 months to obtain.

If opening up a business in Venezuela, it must be noted that whatever the ownership of the company, according to the Organic Labor act, at least 90% of the employees of a company operating in Venezuela must be a Venezuelan national. (Source). Also, noted among various obstacles it seemed quite difficult for foreigners to open up bank accounts in Venezuela before the economic crisis. Banks would not allow foreigners to open up Venezuelan bank accounts, which is a requirement for incorporation. (Source).

Sources:

• Doing Business in Venezuela