What procedures will Venezuelan importers have to follow to obtain foreign currency?
Venezuelan importers must submit their first request for foreign currency together with the paperwork required to register their company with the Registry of Foreign Exchange Administration System known as RUSAD. This government agency will verify the documentation presented by the importer and issue a certificate of registration. The registration with RUSAD is only done once, but importers must make a new request to CADIVI for each import transaction. The importer must notify CADIVI when the goods arrive in Venezuela as these are subject to a special verification process. The goods must then clear normal Customs procedures before the importer can submit documentation to CADIVI, which then gives approval to the bank to pay for the imports.
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