Cuban entrepreneurs are scrambling to understand the opportunities and challenges ahead after a landmark change in the rules governing the island’s economy
that would allow small- and medium-sized ventures to formally incorporate as businesses and access state financing, ending decades of classifying them as 'self-employed'.
It does have important limits - for instance, people can own no more than one business and cannot contract foreign partners or carry out direct foreign trade. The measure forms part of a package of market-oriented reforms undertaken by Cuban President Miguel Diaz-Canel over the last year, as the coronavirus pandemic and tougher U.S. sanctions tipped the shaky economy into a tailspin and led to shortages of food, medicine and other basic goods.
The private sector, excluding farmers, has expanded since the 1990s to encompass more than 600,000 self-employed license holders. It includes small-business owners, non-agriculture cooperatives, their employees and members, tradespeople and taxi drivers. Diaz, in her workshop crowded with bicycles, was also enthusiastic about the prospects for growth, adding that she would be cautious and consult her lawyer and accountant every step of the way.
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