Company registration in Cuba

Cuba has been making efforts to improve the investment climate and attract foreign capital into the country for more than 10 years. Today, the jurisdiction has become a low-tax, and loyal to non-residents “harbor”, from which it is convenient to do international business and interact with European and American partners. Cuba is an low-tax zone in which progressive investment legislation is in force and double tax treaties are signed with ten partner countries. During the first eight years of the company’s existence, business owners with a share of local capital are subject to zero-rate corporate taxes, and for non-resident organizations the tax rate is low.

Company registration in Cuba is beneficial for many reasons:

• it is allowed to establish companies with one hundred percent share of external capital;
• low-tax companies are included in the action area of Cuban civil law;
• organizations are not required to provide financial and accounting statements;
• foreign investments are protected from political change;
• the amount of paid-in and issued capital starts from one peso;
• no need for local registered agents and office;
• during the establishing, companies are exempt from customs duties when importing equipment and goods necessary for the operation.

Conditions and process of a Cuban company establishing

For non-residents, the most convenient ways of a company establishing in Cuba are Joint Venture (work with citizens of the country in a joint format) or establishing a business with completely foreign capital. They open equal opportunities; the question is only in the nuances of registration. Non-citizens and companies with foreign capital are entitled to work in any field other than educational, military, and health care.

The newly established company must have at least two shareholders, one of which is a Cuban resident. For work, one director – a person or a legal entity – is enough if a company is founded with 100% foreign capital, it must arrange official permission from the authorities, and nonresident founders must receive multiple business visas, allowing to stay on the “island of freedom” for up to three months in a row. Stages of their issue are as follows:

• to receive an invitation from Cuban partner organizations and an entrepreneurial license;
• to provide the consulate with a passport (general and foreign), English-language questionnaire, photos, airline and hotel reservations, medical insurance;
• to pay a fee at the consulate – about $ 35, or $ 60 when filed through representatives (this is allowed);
• to confirm the non-conviction – by a standard reference
• to prove a solvency (from $ 50 for each day of stay) – to take a bank statement.

Having received a visa, an entrepreneur must collect registration documents (corporate charter, extract from the register, power of attorney for the intermediary with the right to sign, accounting reports), translate them and notarize. Next, a questionnaire and registration form, which are issued by the Cuban authorities, are filled out and the package, together with a power of attorney for the directors and a receipt for payment of services, is submitted to the Chamber of Commerce.

You will need a legal and organizational support of topic experts to quickly register a company in Cuba and be guaranteed that it is complete and legal. It will be provided by “Prifinance” company. We will undertake the preparation of documentation packages for a visa obtaining and a company establishing, open an account and do everything so that the customer does not face the hassle and launch a business in Cuba easily.