Cuba Updates Status Of Micro, Small & Medium-Sized Enterprises

Prensa Latina News Agency
Havana, Republic of Cuba
19 January 2022

Havana, Jan 19 (Prensa Latina) Cuba has set up 1,000 micro, small and medium-sized enterprises (MSMEs), of 1,422 private companies and 27 state-owned enterprises approved throughout the country as a result of a favorable process, authorized sources stated.

By: Ileana Ferrer Fonte

Of that total, 885 are registered in the commercial registry, while a considerable number of them are taking the necessary steps to be included in the mechanism implemented in all territories, with a decisive participation of the Ministry of Justice, panelists speaking at the Cuban roundtable TV program explained this Tuesday.

It is about the legal constitution of these new forms of management, in which the mercantile registry and the network of companies of Legal Consultancy and Collective Law Firms take part, Olga Lidia Perez, general director of Notary’s Offices and Public Registries, highlighted.

Upon assessing the development of the establishment of those entities, to which 22 non-agricultural cooperatives have been added, the official highlighted the participation of the legal sector, with an important advisory role, in addition to train notaries in commercial law to meet the needs of the new actors.

About the issue, Deputy Minister of Economy and Planning Johana Odriozola described the number of MSMEs as significant, after four months of being authorized its implementation throughout the country, and led by Havana, with 594, followed by Granma, with 157.

The deputy minister said that the procedure does not end with the setting up of MSMEs, but it covers their coherent inclusion in the economy and how they can contribute to the country’s economic and social growth.