More than 5,000 private companies were created in Cuba in one year

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The Ministry of Economy and Planning (MEP) of Cuba approved this Thursday 93 applications for the creation of micro, small and medium-sized enterprises (MSMEs), reaching more than 5 thousand private organizations since the regulations that allowed it came into force a year ago.

Of the total companies, 5 thousand 149 are private MSMEs, 51 MSMEs state and the other 58 non-agricultural cooperatives.

52 percent of them are reconversions of business pre-existing and 48 percent corresponds to new ventures.

These results are reported one year after the regulations entered into force. legal rules that included the end of the experiment of non-agricultural cooperatives, and that allowed the creation of private companies for the first time since 1968.

The Cuban government defines these companies as “economic units with legal personality, which have their own dimensions and characteristics, and whose objective is to develop the production of goods and the provision of services that meet the needs of society”.

Likewise, it establishes that MSMEs in Cuba They may be state-owned, private or mixed. The small ones can have a maximum of ten members, the small ones, 35, and the big ones, up to 100 people.

The companies will also be authorized to export and import in accordance with the provisions of current legislation and set the prices of their services and goods, except those that are centrally approved.

The measures were framed in the growing economic crisis of the Caribbean country, which experienced a contraction of 11 percent of GDP in 2020 as a result of the pandemic.

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