Cuba Enacts Mixed Enterprise Law to Boost "Increased Exports"
Cuba has enacted a law allowing the creation of mixed enterprises between the state and the private sector, in an attempt to revive the economy and increase exports amid the crisis.
TL;DR
- Cuba has implemented Decree-Law 114, enabling the formation of mixed limited liability companies (S.R.L. mixtas).
- This initiative aims to reactivate the economy, increase production, substitute imports, and boost exports.
- The law allows state entities and private actors to form new legal entities by contributing assets or rights.
- Mixed S.R.L.s can engage in any lawful activity, with exceptions for health, education, and armed forces-related services.
- The Ministry of Economy and Planning has a ten-day period to approve or deny the creation of these mixed companies.
- This reform follows previous measures, including allowing private micro, small, and medium-sized enterprises (mipymes) and permitting overseas Cubans to invest in private businesses on the island.