Update On Registration Of Micro, Small & Medium-Size Enterprises In Cuba. Now More Than 600.

Mr. Michel Santana García
Legal Adviser- Business & Foreign Investments
EMCOMED BIOCUBAFARMA
Havana, Republic of Cuba

21 November 2021

There are more than 600 MSMEs [micro, small and medium-sized enterprises] and Cooperatives approved since the process began at the end of last September.

The Ministry of Economy and Planning approved 89 new applications from private micro, small and medium-sized enterprises (MSMEs), four state-owned and two non-agricultural cooperatives (CNA).

With this decision, there are 615 approved economic actors since the process began at the end of September this year. Of the MSMEs, 586 are private and 15 are state-owned, and there are also 14 cooperatives.

By origin, 57% are reconversions of pre-existing businesses and 43% correspond to new ventures.

In total, it is estimated that the new economic actors will generate 9513 new jobs in the economy.

Of all those approved, 37 are part of local development projects, 23 have previously carried out export operations and six are incubated in the Science and Technology Park of Havana.