Doing business in Cuba can be a complicated affair, but it’s not impossible. There are mountains of bureaucracy and legal requirements to take into account. It can be said that running a business in Cuba is not for the faint of heart.
As talks continue with the United States, it’s probably a good idea to start getting your ducks in a row if you’re planning on setting up shop in Cuba. You’ll find that everything takes time and more time than you’d ever expect it to take. Best advice, be patient and work through the process.
Best advice to take heed of is, if you don’t speak the language, it’s advisable you hire experts who speak both languages fluently. From attorneys, to assistants, this is going to be one of your foremost requirements when hiring. Another quality you are going to have to enforce during the hiring process for your “boots on the ground staff,” is they have a strong working knowledge of business in both Cuba and the United Stat es.
Businesses and corporations can and already have established themselves in Cuba. Canadian and Spanish business corporations are operating in partnership with Cuba and successfully doing so. Currently Cuba is in desperate need of foreign investment to assist in developing its economy. In 2014, the Cuban government passed a law to facilitate foreign investment.”
“Cuba’s National Assembly passed a new foreign investment law on Saturday that aims to bring badly needed capital to the communist economy by offering steep tax cuts and promising a climate of investment security.” Reuters
Developing the economy is one of the prime motivations of the government – to improve the lives of its citizens and develop infrastructure.
Cuba needs all kinds of services, products and commodities. Business opportunities are plentiful. From telecommunications, to housing, to infrastructure, the only limit for entrepreneurs and corporations is the imagination.
If you are considering opening up a business in Cuba, you will need to obtain a business visa. Find out how you can obtain a business visa and contact information in our article on the subject.