Cuba Manages to Create 6,100 Companies Since 2021

On Thursday, Cuba's Economy and Planning Ministry (MEP) approved the creation of 175 new micro, small, and medium-sized enterprises (MSME).

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Authorities specified that 144 out of 175 MSMEs are part of local development projects and 13 MSMSs will be housed in the Havana's Science and Technology Park.

Since Sept. 2021, the Cuban authorities have approved the establishment of 6,161 economic units. Of that amount, 6,026 are private MSMEs, 75 are state-owned MSMEs, and 60 companies are non-agricultural cooperatives.

Around 52 percent of MSMEs are conversions of existing businesses and 48 percent correspond to new ventures. The Cuban government hopes that these economic actors can generate 104,721 jobs in the short term.

The most recent authorizations to create MSMEs are related to activities such as accommodation, beauty services, and local development projects. The Cuban State reserves the right to create companies in strategic areas such as health, telecommunications, energy, defense, and the media.

According to current legislation, MSMEs can be state, private, or mixed. They are recognized as economic units with legal personality with their own characteristics.

This type of economic actor shares the Cuban economic scenario with the state-owned enterprises, non-agricultural cooperatives, and "self-employment" economic units.