Cuba Approves Additional MSMEs, Total Now 4,859. But, Still No Regulations For Delivering From Outside Cuba To MSMEs Direct Investment And Direct Financing. Why The Multi-Month Delay?

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Ministerio de Economía y Planificación de Cuba @MEP_CUBA
Oct 6- El Ministerio de Economía y Planificación (MEP) aprobó hoy 102 solicitudes de creación de micro, pequeñas y medianas empresas privadas.

Ministerio de Economía y Planificación de Cuba @MEP_CUBA
Con esta decisión, suman 5360 los actores económicos aprobados desde que inició el proceso en septiembre de 2021. De ellos, 5251 son mipymes privadas, 51 mipymes estatales y 58 cooperativas no agropecuarias. 8:12 AM · Oct 6, 2022

On 6 October 2022, the Ministry of Economy and Planning (MEP) of the Republic of Cuba approved the registration of 101 micro, small, and medium enterprises (MSMEs). 52% are conversions of pre-existing registered businesses and 48% are new registrations.

During the last twelve months, approximately 4,859 registrations have been approved- 4,750 are privately-owned, 51 are Republic of Cuba government-operated, and 58 are cooperatives. According to the MEP, the 4,859 entities employ 82,836 Republic of Cuba nationals.

The government of the Republic of Cuba currently authorizes MSMEs in the following sectors, among others: accommodation, beauty services, manufacturing, information technology, logistics, and transportation. Thus are, MSMEs are prohibited in the following sectors: healthcare, telecommunications, energy, defense, and media.

In May 2022, the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury issued a license authorizing direct investment in and direct financing to a privately-owned company located in the Republic of Cuba owned by a Republic of Cuba national.  Investment funds and dividends, and financing funds and interest/interest/principal payments must currently be transferred through financial institutions located in third countries.   

The government of the Republic of Cuba has not published regulations for the process by which privately-owned MSMEs may receive direct investment and direct financing from sources outside of the Republic of Cuba.

On 10 May 2022, the Office of Foreign Assets Control (OFAC) of the United States Department of the Treasury issued a license authorizing direct investment in and direct financing to a privately-owned company located in the Republic of Cuba owned by a Republic of Cuba national.  Presently, investment funds and dividends, and financing funds and interest/interest/principal payments must currently be transferred through financial institutions located in third countries.