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1.
To identify local companies interested in developing joint
investment projects with foreign natural or legal persons.
To this end, it is possible to:
Contact MINVEC′
s Investment Promotion Centre;
Hire the services of a Cuba-based Consulting Firm;
Contact the relevant Ministries and business groups.
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2. In the event the parties are interested in developing a
foreign investment project, to sign a Letter of Intent or
a Framework Agreement and start the negotiation process.
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3. The required economic and legal documentation for the
proposed association is prepared during the negotiation
process. It includes, mainly: Draft Association Agreement
and By-laws; Economic Feasibility Study. In addition, the
foreign investor should produce a document attesting to
his/her identity and solvency, as well the powers of attorney
confirming his/her legitimate representation in the event
of any legal persons.
The services of Cuba-based Consulting Firms can be hired
to undertake the above-mentioned tasks.
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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
Co-operation. 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
a Government Commission.
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5. Granting (or denial) of approval for the investment project
by ECCM or a Government Commission.
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6. Government Agreement or Resolution authorises the establishment
of the Association.
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7. Investors are suggested to choose the "One-stop Shop
System" to apply for permits, licenses, authorisations,
certification and protocolization, migratory permits and all
other requirements to start up the IEA, in 30-day period of
time. If such services were ruled out, then the following
steps are to be taken.
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8. Incorporation of the Association through Public Articles
of Incorporation at the Special Notary of the Ministry of
Justice.
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9. 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.
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