The Central Bank of Cuba issued a new procedure for monetary contributions used to establish micro, small and medium-sized enterprises, private companies with more than 100 workers and nonagricultural cooperatives. Prospective founding partners will initiate the process through a designated platform rather than visiting a bank branch, after which the relevant bank will automatically open an account for depositing share capital. Banks will issue a capital deposit certificate for submission to a notary. Once the entity is established and entered in the Commercial Registry, it may request a current account, receive the transferred capital and close the initial demand deposit account. Eligible entities may also operate expense, income, interest-bearing fixed-term deposit and card-linked accounts, with the card-linked account added under the new framework. The procedure takes effect seven days after publication and will fully repeal the Central Bank’s previous 2024 rules.
2026-09-02Central Bank of Cuba
Central Bank of Cuba digitizes capital contribution process for forming private businesses and cooperatives
The Central Bank of Cuba has digitized the process for depositing capital to establish specified private businesses and nonagricultural cooperatives, removing the need to initiate applications at bank branches. Banks will automatically open deposit accounts after receiving online applications, while the framework also permits additional account types, including card-linked accounts. The rules take effect seven days after publication and replace the 2024 framework.