Businesses in Cuba have benefited in recent years from new policies adopted by the Cuban government. Not only has the space been created for the opening of new forms of management that contribute to overcoming the economic crisis that the country is going through, but it has also provided certain facilities for the development of these new forms of production and provision of services.
Within this framework, new policies have emerged to promote Cuba’s non-agricultural businesses and cooperatives, which are currently playing a greater role and sharing protagonism with traditional management.
In order to maintain and perfect this development, the State allows Cuban companies and cooperatives access to internal resources, exports, the creation of bank accounts and other benefits.
Although their freedom of action is similar, the operation of Cuban companies and cooperatives is not the same. In the case of the latter, it is very important to comply with the requirements established by the Central Bank of Cuba at the time of registration.
Application for opening of a cooperative bank account
First of all, one of the members of the Cooperative must request the opening of the Cooperative. At this stage, he/she must present the documents (proofs) required for this procedure. This is done at the bank branch of the municipality where the cooperative will be registered.
Documentation Needed
- Incorporation authorization:
This is a document that certifies the authorization of a local body of the popular power and another level of this organization.
- Information about the founders:
This document must include the founders’ personal information and the amount they are contributing to create the account.
- Representation mandate:
In the event that not all members of the Cooperative are able to appear, the person appearing on behalf of the others must have a mandate ratifying him/her as the legitimate representative of the rest.
Once the documents have been provided, and if applicable, an initial deposit must be made in Cuban Pesos.
The bank will issue a certificate confirming the existence of your new cooperative account if your application is approved.
Closure of cooperative accounts in Cuba
The funds in the bank account of a non-agricultural cooperative in Cuba, after its dissolution, must follow a logical and legally established distribution direction:
- Settling debts (if any) with the bank and other suppliers or buyers
- Distribution of the balance in the proportions established by law or by internal agreements previously drawn up and signed by the parties.
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