Page 67 - Caribbean-Central America Profile 2018

CUBA

CARIBBEAN-CENTRAL AMERICA PROFILE 2018

with an option to renew. Concession holders will 3. The required economic and legal the State Council is both Chief of State and
be responsible for developing and maintaining documentation for the proposed association Government. At the recommendation of the
infrastructure and services, and may rent and is prepared during the negotiation process. President, the National Assembly appoints a
sell facilities and services. There are four free These documentations should be submitted Council of Ministers, which holds Executive
trade zones within the island: Havana in Bond to the Ministry for Foreign Investment and and Administrative authority. There are
Economic Cooperation. The Ministry will
municipal, regional and provincial assemblies
(East Havana), Ciudad Habana (not far from the carry out a preliminary evaluation of the in Cuba. There is a Supreme Court, known as
Havana port), Wajay’s zone (near the airport) proposed investment project. the People’s Supreme Court, in Havana and
and Mariel’s harbour zone. seven Courts of Appeal (one in each provincial
4. Granting (or denial) of approval for the
National Office of Free Trade Zones investment project by the Executive capital and one in Holguin). The provinces are
divided into judicial districts, with courts for
Ministry of Foreign Investment and Committee of the Council of Ministers or a civil and criminal actions, with municipal courts
Economic Cooperation Commission thereof. for minor offences.
18 St. and First Avenue 5. To facilitate and speed up the required
Miramar, Cuba arrangements to start the operations, a ELECTIONS
“One-stop Shop System” is available at the Raul Castro took over as president in February
SPECIAL DEVELOPMENT ZONE OF National Foreign Investment Office. 2008, succeeding his ailing brother Fidel Castro,
MARIEL - DECREE-LAW NO. 313 who had been in power for five decades. President
The Special Development Zone of Mariel, The Investment Promotion Center Fidel Castro had temporarily ceded power to
located at the Port of Mariel, east of Havana. (CPI) his brother Raul in 2006 while he underwent
The objectives of this Special Development The Investment Promotion Center (CPI) surgery. The most recent elections of the National
Assembly were held on 3 February 2013. The
Zone are: of the Ministry for Foreign Investment is next elections are due to be held in 2018.
• To contribute to national development responsible for promoting the existing business
opportunities for foreign capital involvement in
• Generate exports and promote import Cuba, as well as overseas investment by Cuban GOVERNMENT LEADERS
substitution companies. President of the Council of State
Raúl Castro Ruz
• To promote the transfer of advanced The Investment Promotion Center Plaza de la Revolución
technology and know-how and skills Calle 1ra. No 2203, entre 22 y 24, Miramar Havana, Cuba
relating to business management Playa,Ciudad Habana. Cuba First Vice President of the Council of
• Attracting foreign investment Tel: (537) 223873, 235151, 230181 Ministers
• Generate new sources of employment and Fax: (537) 242105 Miguel Díaz-Canel Bermúdez
long-term financing Second Vice President of the Council of
• To promote environmental sustainability TAXES Ministers
• Develop the necessary infrastructure to • Corporate tax rate of 15%, for companies Gladys Bejerano Portela
contribute to economic progress with totally foreign capital.
• Create a logistics system that allows high • Taxes on profits in mining, oil and other MINISTRIES
Ministry of Basic Industries
levels of efficiency in the processes of raw material ventures are limited to 22.5 Avda. Salvador Allene No. 666 Entre
import, export and distribution percent. Oquendo y Soledad,
• Encourage the establishment of national or • Investors are exempted from paying a profit Havana, Cuba
foreign companies tax for eight years upon the signing of an Tel: (53) 7 78-8585
• To ensure coordination with the rest of the agreement. Fax: (53) 7 33-5345
economy • Investors are exempted from income tax Ministry of Construction
• Rights on the Transfer of Property Tax of Avda. Carlos M. de Céspedes y
PROCEDURES FOR INVESTING IN 1% to 4%. Calle 35 Plaza de la Revolución
CUBA Havana, Cuba 106000
1. Identify local companies interested in TRADE AGREEMENTS AND Tel: (53) 7 79-1513
developing joint investment projects with INVESTMENT TREATIES Fax: (53) 7 33-5244
foreign natural or legal persons. To this end, • Member of WTO E-mail: Despacho@micons.cu
it is possible to: • CARICOM/Cuba Trade and Economic Ministry of Culture
• Contact MINVEC´s Investment Promotion Agreement Calle 2 No. 258, entre 11 y 13 Plaza
Center de la Revolución Vedado
• Hire the services of a Cuba-based GOVERNMENT Havana, Cuba 10400
Tel: (53) 7 33-9945
Consulting Firm Under the 1976 Fundamental Law (constitution), Fax: (53) 7 33-3013
the Cuban Government is organized in a party-
• Contact the relevant Ministries and government-state structure. The National E-mail: atencion@min.cult.cu
business groups Assembly is vested with legislative powers. Ministry of Domestic Trade
There are 614 deputies in the National Habana No. 258 entre Empedrado
2. In the event the parties are interested in Assembly elected by general suffrage every y San Juan de Dios,
developing a foreign investment project, five years. From among its members, the Havana, Cuba
the parties will sign a Letter of Intent or a National Assembly elects a Council of State Tel: (53) 7 62-7616
Framework Agreement. as its permanent organ. The President of Fax: (53) 7 33-8016

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