The direct foreign investment in Cuba is guided to the
search of the new external markets, competitive technologies and capital.
To foment its growth and development in the year 1995 a new legislation
is approved for the foreign investment (77 Law) that corresponds with
the international tendencies.
To the attractiveness of the legal frame comparative advantages of Cuba
are added: the readiness of labor force described under conditions as
assimilating new technologies in the short term, of an infrastructure
adapted in which stands out the 95% of electrification of the territory,
social stability, climate of security, that offers to the foreign personnel,
the integration perspective from Cuba to the region, its geographical
location in the center of an expansion market and of important commercial
routes, and the subscription of Agreements of Promotion and Reciprocal
Protection of Investments and of agreements to avoid the double tribute.
At the end of the year 2000, there were 392 economic associations with
foreign capital, located in their biggest part in mining, prospecting-extraction
of petroleum, tourism, industry (light, alimentary and heavy-mechanic)
and construction.
In the last years we have incorporated new branches to the foreign investment,
among those that are the energy industry, of the gas, financial sector,
commercialization of tobaccos and the administration of the supply of
water to the city, we have also approved important business for the hotel
development, the industry of the cement, the civil aviation and industries
for production of paintings and bus.
How to invest in Cuba?
Procedure to continue:
- To identify the Cuban Companies with possible interest in combined
projects of investments with people natural or juridical foreigners.
For it, it is possible:
- To Contact to the Center of Promotion of Investments of the "MINVEC".
- To hire the services of a consolatory resided in Cuba.
- To Contact to the Ministries and corresponding managerial groups.
- In the event of existing interest in developing the investment project,
it is subscribed a Letter of Intention of Business or Agreement Marco.
- Process of business in that which gets ready the economic and juridical
documentation that requires the proposed association.
- Presentation of the documentation to the Ministry for the Foreign
Investment and the Economic Collaboration, who makes a preliminary evaluation
of the investment.
- Approval (or denial) of the investment project on the part of the
Executive Committee of the Council of Ministers or of a Commission designated
by this to the effect.
- With the objective of facilitating and to speed up the procedures
required for the beginning of operations of the association, it is offered
a service of Unique Window in the National Office for the Foreign Investment.
New modalities of foreign investment
In the last years new modalities of foreign investment have been developing
in the different sectors and branches of the economy, which constitute
more agile and more flexible contractual forms that offer favorable economic
results for each one of the contracting parties. Among these new forms
can be pointed out, the contract for the Cooperated Production of goods
or benefit of services and the contract of Hotel or Productive Administration.
Contract for the Cooperated Production of goods or benefit
of services.
It comprises the contractual relationship of one or more national parts
with one or more foreign parts, for the realization or combined cooperation
of activities productive and/or benefit of services.
The foreign part should provide material or financial resources, technology
or market for the production or the services object of the contract, settling
down in the negotiations the retribution form for each concept.
The commercialization, be in the internal market or in the exterior,
will be carried out in an independent way for the parts, not existing
distribution of utilities among them.
These contracts approved by the boss of the organism of the Central Administration
of the State to which belongs the national entity that subscribes the
contract.
Contract of Hotel or Productive Administration
By means of this contract, a person juridical Cuban confers a person
juridical foreigner the administration of an installation during a certain
period in exchange for remuneration, conditioned to the results in the
efficiency of the administration.
In these contracts the foreign part should contribute know how, technology
or market based on its industrial or commercial experience in the activity
type that it will administer.
The contracts of hotel administration are approved by the Ministry of
Tourism; and the contracts of productive administration for the Ministry
for the Foreign Investment and the Economic Collaboration.
The taxes, rates and fiscal taxes that are derived of the execution in
these new ways of foreign investment will be assumed in an independent
way by each part according to their respective obligations. The necessary
imports for the development of the activities characteristic of these
contracts, as well as the customs tariffs will be assumed by the Cuban
entity it part of the contract. |
