Why Start a Business in Cuba?
There are many reasons why foreign investors should start a business in Cuba, such as: it has fertile earth, 3,000 miles of coastline, important natural resources (nickel, petroleum), an educated workforce with competitive payments, little corruption and is eager for economic development through the growth of the private sector. For many, it is an investor’s haven.
Reasons to invest in Cuba
If you are an investor wondering why start a business in Cuba, here are the main reasons:
1. The country recently faced a reorganization of its policies, based on the renewal of the economic model. These policies will set the frame for foreign investments and highlight their more aggressive promotion in Cuba.
2. A regulatory framework and renewed foreign investment strategy which presents guarantees and incentives for entrepreneurs. Our Cuba company formation advisors can provide more details on what these guarantees and incentives consist of.
3. Social, legal and political stability.
4. The country disposes of extremely qualified workers.
5. It has an advantageous geographic location.
6. It has plenty of natural resources.
7. The country has a special development zone with up-to-date port for ships with maximum draft of 17,0 m and modern technology.
8. It has access to maritime transportation by the most important international shipping corporations.
9. Cuba has signed multilateral and bilateral trade and investment agreements.
10. It disposes of an investment promotion agency (Center for the Promotion of Foreign Trade and Foreign Investment, by its Spanish initials CEPEC) which is regulated by the Ministry of Foreign Trade and Investment (by its Spanish initials MINCEX). CEPEC has connections and agreements with counterparts.
11. It has a Chamber of Commerce which connects with similar businesses from other countries and has undertaken investment promotion actions.
12. Cuba has embassies and commercial representative offices internationally.
Good news for U.S. entrepreneurs looking to invest in Cuba
One of the main reasons why investors are looking to start a business in Cuba is that in 2015, U.S. President Obama used his executive authority to lift some of the U.S. sanctions in the country, which has concentrated the attention on the practical feature of investing in here. These actions, which proved to be very popular in the U.S., are likely to go on while political opposition to the embargo reduces. These changes, among others, make it easier for citizens of the U.S. to travel and get to know the local business environment, therefore are welcomed by U.S. entrepreneurs and it is likely that more U.S. companies will soon be eager to open a company in Cuba.
If you wish to know more about the reasons why you should start a business in Cuba, please contact us.