The current flag of Venezuela was officially adopted on April 20, 1836.
The flag is modeled after the one used by the liberation leader, Francisco de Maranda. Blue represents independence from Spain, red symbolizes courage and the centered stars are symbolic of the seven provinces that supported the revolution. The coat of arms is placed upper left.
Venezuela Coat of Arms:
This flag was designed by Francisco de Miranda. His design was also the inspiration for the flags of Colombia and Ecuador. The colors of the flag are based on primary color theory. The yellow signifies wealth, the blue signifies courage, and the red signifies independence from Spain.
The seven stars represent the provinces of Venezuela. Simon Bolivar added an eighth star for the province of Angostura, modern day Guyana. It was removed in 1905, since then Hugo Chavez has proposed adding the eighth star back to the flag in 2011.
Simon Bolivar's change to the Flag of Venezuela 1835 - 1905
Standard of the President of Venezuela