When deciding to open a company in Cuba, the foreign investor has to get approval from either the MINCEX (Ministerio del Comercio Exterior de Cuba – The Exterior Commerce Ministry of Cuba), MINTUR (Ministerio de Turismo de Cuba – The Tourism Ministry of Cuba) or ZEDM (Zona Especial de Desarrollo Mariel – The Special Economic Development Zone of Mariel). Here is a structured guide to company formation in Cuba, enlisting the main aspects to be taken into consideration before registering a company in Cuba.
A foreign investor has two options when starting a business in Cuba:
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1. Open a company in Cuba as an international economic association
This type of investment is set up in partnership with a local investor.
When opening a company in partnership with a local investor, the foreign entrepreneur has to follow the next steps:
- Identification of projects of interest;
- Identification of local partners;
- Presentation of documentation for approval from MINCEX;
- Approval of the economic association from the appropriate governmental agency.
2. Starting a company in Cuba as an entirely foreign capital business
In this case, MINCEX will appoint the appropriate governmental agency in charge of the business, which will analyze the plan and issue the relevant authorization.
A foreign investor interested in starting his business activities in Cuba must submit the following documents:
- Authorized copy of the appropriate authenticated and registered documents of incorporation, the company registration certificate or a similar deed from the investor’s country;
- Financial statements of the last accounting period;
- Sponsorship letter of the main office, if the investor represents a branch or subsidiary;
- Certified consent from the management proving approval of the investment;
- Appropriate authenticated powers of attorney;
- Evidence of the investor’s experience in the business activity;
- If the investor is a private person, he has to present a copy of his identification documents and bank guarantees issued at least six months earlier.
The documentation evidencing the company incorporation, the company registration certificate and the powers of attorney have to be authorized appropriately by the authorities of the investor’s country, the consulate of Cuba located in the respective country and they have to be translated into Spanish.
We provide step-by-step guidance to company formation in Cuba. Please contact our company incorporation specialists for more detailed information.