Cuba approves 148 new companies, of which only one is state-owned

MSMEs Cuba

Cuba’s Ministry of Economy and Planning (MEP) approved on Thursday, January 20, 148 new applications for the creation of economic agents.

Of these, 147 are MSMEs (micro, small and medium-sized enterprises), 146 private and one state-owned, and one non-agricultural cooperative.

Through the Telegram platform, the Economic Actors Channel, of the MEP, reported that 1,619 economic actors have been approved since the process began, at the end of September 2021.

The information adds that, of the MSMEs, 1,568 are private, 28 are state-owned and 23 are cooperatives.

By origin, 58 percent (%) are reconversions of pre-existing businesses and 42 % correspond to new ventures.

According to the source, it is estimated that in total these economic actors will generate 26,129 new jobs in the Cuban economy.

Of all the files approved, 81 are part of local development projects, 34 have previously carried out export operations and nine are incubated in the Science and Technology Park of Havana.

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Last August, the Cuban government officially published the regulations for the creation of micro, small and medium-sized enterprises (MSMEs) in both the public and private sectors.

A month later, the government authorized the first 35 MSMEs, which in their Cuban version can be state-owned, private or mixed, while they are recognized as economic units with legal personality and their own characteristics.

They can be made up of one or more partners, are constituted as commercial companies and are classified depending on the number of people employed as: micro enterprises, whose range of employees is from one to 10 people; small enterprises, from 11 to 35; and medium enterprises, from 36 to 100 people.

These small enterprises form part of the economic actors recognized in the country together with the socialist state enterprise (the main one), non-agricultural cooperatives and self-employment (private).

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