News: Registration of company in Cuba

Registration of a company in Cuba

The Republic of Cuba is an archipelago, numbering about 1600 islands, differing by area. The state is often called the "gates to the Gulf of Mexico", and even more often - "Island of Freedom". The capital of the country is the city of Havana. The total territory of Cuba is approximately 11 thousand km2.

The Caribbean Sea washes the southern territories of Cuba. The Atlantic Ocean plashes near the northern shores of the country. A large number of bays and small creeks are in the coastal zone of Cuba. The number of natural beaches is striking, because the nature gave to Cubans almost 300 of them along the entire coastline.

Only one third of the country's territory is mountainous (the Array of Sierra Maestra). Cuba is characterized by predominantly flat terrain.

Cuba is populated by Spaniards (about 60%), mulattoes (about 20%), and natives of African republics. The Chinese are the least in number in Cuba. The total population of the republic is about 11 million people.

Spanish is predominantly spoken in Cuba. Although it is considerably different from the classic Spanish by its sound. This is due to the impact of the languages of other peoples who are emigrants in Cuba.

Religion, which is confessed by the largest number of people in Cuba, is Catholicism.

The monetary unit of the republic is the convertible Spanish peso.

According to its state structure, Cuba is socialist republic. The head of the country is the Chairman of the State Council.

Moderate subtropical climate is dominant on the islands. The rainy season is traditionally replaced by the drought season. Humidity in Cuba is high throughout the year. It should be noted the exposure of the country to the constant passages of tropical cyclones.

If one decade ago the registration of offshore companies in Cuba was not prevalent phenomenon, nowadays the government of the country is taking active measures for registration offshore company in Cuba to become prestigious and profitable. Now foreign entrepreneurs can register business in Cuba as non-resident company and take advantages of low tax rates.

Some positive structural changes in the Cuban economy has begun in 2008, when Raul Castro came to power. The most popular become such spheres for investment as real estate market, agriculture, construction, sugar production on the basis of processing of sugar cane, nickel mining.

Due to the adoption of innovative law on investment, starting from June 2014, the owners of offshore companies in Cuba obtained the ability to use the zero corporate tax rate within 8 years. The basic rate will be 15% instead of the current 30%. But such innovations will be useful only for companies with Cuban equity contribution. There will be no changes for non-resident companies in Cuba.

Forms of doing business in Cuba

Buying or registering company in Cuba is preferred in such forms:

-Joint Venture;
- Company with 100% foreign capital.

The legislative framework for the activities of offshore companies in Cuba is civil law.

Peculiarities of offshore company in Cuba.

There is requirement for minimum number of shareholders. There should be two of them, either natural persons or legal entities. And at least 1 shareholder of the company shall be resident of the Republic of Cuba.

The company shall have at least one director, either natural person or legal entity.

Taxes on business in Cuba

The standard rate of tax on income of the company in Cuba is 35%.
Cuba has signed 10 treaties on the avoidance of double taxation.

Accounting for business in Cuba

The company is not required to submit financial statements.

Buying or registering offshore company in Cuba is now easy. Let registration of business in Cuba be confident start for You! Registration of companies in different jurisdictions is one of the most important directions in our work.