Havana/The Government published this Thursday a set of rules to modify the regulations of the Foreign Investment Law of 2014. Most of the modifications are of a technical nature and affect the deadlines and formalization of documents, in order to “streamline the processes of evaluation, approval and operation of the modalities of foreign investment.”
Decree 153/2026 modifies the procedure for the presentation of foreign investment opportunities and updates the rules for the promotion of foreign investment. It also establishes new requirements for the presentation of business proposals with foreign investment, regulates association agreements for the creation of joint ventures, and establishes deadlines for the evaluation and approval of foreign investment applications.
The rule, signed by Prime Minister Manuel Marrero, eliminates some intermediate procedures by repealing articles that regulated additional steps of consultation and documentation, which will mean, in principle, less bureaucracy and agility in the process.
The rule eliminates some intermediate procedures by repealing articles that regulated additional consultation and documentation steps, which will mean, in principle, less bureaucracy
The regulations indicate that applications admitted by the Ministry of Foreign Trade and Foreign Investment are sent for consultation to the Commission for the Evaluation of Businesses with Foreign Investment, which must evaluate them within a period of seven business days.
In the event that the Commission requests adjustments, the applicants will have seven calendar days to incorporate them and present the modified proposal.
The applications are subject to approval by the Council of State, they are presented by Mincex, through the Council of Ministers, and the decision denying or authorizing the applications is issued within a period of 60 calendar days.
Other decisions such as those to increase or decrease capital without a change in shareholding are determined in fifteen business days and the stimulation fund is approved or denied in seven business days.
The proposals of those interested in establishing businesses must include a request for approval with endorsement of the business plan, bylaws, business plan, proposal of Cuban directors for the management bodies, nomenclature of import and export products, and other document required by the Ministry of Foreign Trade and Foreign Investment.
The business plans of foreign investors must include, among other documents, certification of the commercial registry of their country of origin with no more than one year of issuance, current bank guarantees, financial statements of the last accounting year certified by an independent entity; letter of sponsorship from the parent company if it is a branch or subsidiary, and legalized powers of representation.
In the case of national investors, a certificate from the management or governing body of the investor is required, a certification that accredits the registration regarding its constitution and its corporate purpose, as well as financial statements from the last accounting year.
Decree 153 contemplates the third modification of the regulations since its approval in 2014, after those of 2018 and 2019, and is related to the recent package of economic reforms
Decree 153 contemplates the third modification of the regulations since its approval in 2014, after those of 2018 and 2019, and is related to the recent package of economic and social reforms that bring together 176 measures in order to liberalize and decentralize the Cuban economy.
This Wednesday, in an analysis by the consulting firm Augewho for years has been dedicated to advising foreign investors interested in Cuba, stated that, according to his experience, the announced reforms represent a good opportunity for those who have been on the Island for years.
However, he advises that those who do not yet have businesses in Cuba wait attentively to what happens in the coming months, since there is uncertainty in the current panorama. “The context of reinforced sanctions and the energy crisis means that the risk-return equation remains unfavorable. Waiting for the environment to improve is not a bad strategy; it is a prudent strategy,” warns Auge.
