Cuba publishes regulations related to small and medium-sized companies
Through the Official Gazette, the new points that are linked to the creation of companies of various types were published
Cuba officially published the regulations corresponding to the creation of micro, small and medium-sized enterprises (MSMEs) in both the public and private sectors.
As stated in Decree-Law 46, published in the Official Gazette, “the Constitution of the Republic of Cuba recognizes the confluence in the economic scenario of different types of property, thus it is necessary to regulate new economic actors, among they are micro, small and medium enterprises.”
The Cuban Government defines these companies as “economic units with legal personality, which have their own dimensions and characteristics, and whose objective is to develop the production of goods and the provision of services that satisfy the needs of society.”
It also establishes that MSMEs may be state, private or mixed property. The small ones can have a maximum of ten members, the small ones, 35, and the big ones, up to 100 people.
Privately owned companies can only be founded by natural persons permanently residing in Cuba, over 18 years of age. In the case of state-owned companies, they will be constituted by legal entities approved by the Ministry of Economy and Planning, while mixed entities will be composed of natural and legal persons of different types of property.
The companies will also be authorized to export and import in accordance with the provisions of current legislation and set the prices of their services and goods, except those that are centrally approved.
The approval of the creation of micro, small and medium enterprises must be authorized by the Cuban Ministry of Economy and Planning.
The standard also establishes that these companies “have the obligation to provide statistical information as provided in current legislation”. The text emphasizes that these companies are constituted as mercantile societies, which adopt the form of a limited liability company, by means of a public deed that is registered in the Mercantile Registry and acquire legal personality.
K. Tovar
Source: Swissinfo
