1. First, local companies possibly interested in developing joint investment projects with foreign natural or legal persons should be identified. To reach this goal, available possibilities are:

• Contacting MINVEC's (Cuban Ministry for Foreign Investment and Economic Collaboration) Investment Promotion Center;

• Hiring the services of a Cuba-based Consulting Firm;

• Contacting relevant Ministries and business groups.

2. If parties are interested in developing a foreign investment project, a Letter of Intent or a Framework Agreement should be signed; afterwards, the negotiation process starts.

3. The required economic and legal documentation for the proposed association is prepared during the negotiation process. It includes, mainly: a) Draft of Association Agreement and By-laws; b) Economic Feasibility Study.  In addition, the foreign investor should produce a document attesting to his/her identity and solvency, and the attorney powers confirming his/her legitimate representation in the event of any legal persons as well.

Services of Cuba-based Consulting Firms can be hired to undertake the above-mentioned tasks.

4.  The investment application form signed by the concerned parties, and the above-mentioned documentation, should be submitted to the Ministry for Foreign Investment and Economic Cooperation.  The Ministry will submit them for consultations to any relevant agencies and institutions. Once these consultations are made, the Ministry will channel the documentation to the Executive Committee of the Council of Ministers (ECCM) or the Government Commission.

5. Approval (or denial) of the investment project by the ECCM or the Government Commission.

6. Government Agreement or Resolution authorizing the establishment of the Association.

7. Incorporation of the Association through Public Articles of Incorporation at the Special Notary of the Ministry of Justice.

8. Registration of the Association in the Foreign Investment Registry of the Chamber of Commerce. Initial registration should take place within 30 days following the date of the Government Agreement or Resolution referred to in item 6 above.

Investors are suggested to choose the “One-stop Shop System” in order to apply for permits, licenses, authorizations, certification and protocolization, migratory permits and all other requirements to start up the IEA, in a 30-day time. 

In the last few years new foreign investment modalities have been implemented in different sectors and branches of Cuban economy, constituting more flexible and agile contractual forms, which offer favorable economic results for each contracting part. Among these forms we can mention the contract for Cooperated Production of goods or services benefit and the Contract of Hotel or productive Administration.

These investment modalities are ruled in Resolution 37/2001 (text at present in Spanish)  through which the norms for registry and control of contracts for Cooperated Production and of Productive Administration, as well as the ruling for issuing of statistic information for hotel administration contracts between Cuban and foreign entities were put into effect.

A number of projects sponsored by the United Nations Industrial Development Organization (UNIDO) are currently being developed in Cuba, which are pending of financing or equipment provision for its completion.

Promotion and protection of investments as part of the economic relations frame established among the parties is well revealed in the subscription of Agreements for Promotion and Mutual Cover of Investments between Cuba and a large number of countries.