The ISO code of Cuba is CU according to the ISO 3166 standard. The local name of the country is the same as its English name. Cuba capital city is Havana. People in Cuba speak the Spanish language. On 20 May 1902, Cuba emerged as a sovereign political entity. In the year 05/20/1902, Cuba emerged as a sovereign political entity. The largest city in Cuba is Havana.
Cuba is located in the UTC -05:00 time zone, which is also called Cuba Standard Time or CST. The internet country code top-level domain (ccTLD) for Cuba is .cu. The International dialing code for Cuba is 53. People in Cuba drive on the right side of the road. Total land area of Cuba is 110,860 km² (approx. 42,803 mi²). Cuba is not a landlocked country. It means that is is bordered by at least one major body of water.
Cuba is located in North America. Cuba is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Cuba faces various issues, including air and water pollution, biodiversity loss, deforestation.
Doing business in Cuba
We offer various corporate services in Cuba jurisdiction. These services can serve both, people coming from Cuba and foreigners. If you plan on doing business in Cuba you might be interested in contacting us.
To find out about starting your business in Cuba click on company formation in Cuba.
To find out how to open a bank account in Cuba and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Cuba.
Choose preferred service below or continue reading to find out more about Cuba.
Demographics of Cuba
The total population of Cuba is 11,489,082 people. In Cuba, the population density is 102 people per square kilometer (265 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is rather diverse according to a fractionalization scale which for Cuba is 0.5908. Cuba has approximately 13336 foreign immigrants. The median age is approximately 39.9 years. In Cuba, 25.64 in every 100 people use internet. Cuba has a Human Development Index (HDI) of 0.815.
The majority religion of Cuba is Christianity, Cuba is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Cuba.
Culture of Cuba
People in Cuba speak the Spanish language. According to data on inbound tourists in Cuba, 2,829,000 tourists arrive in the country each year. The first McDonalds in Cuba was opened on 24 April 1986, and it was located in Guantanamo Bay. One of the most popular national dishes of Cuba is ropa vieja. To read more click on culture of Cuba.
Geography of Cuba
Cuba is considered to be a large nation because of its total area. Its total land area is 110,860 km² (approx. 42,803 mi²). Cuba is located in North America. Its capital city is Havana. Total length of land borders of Cuba is 28.5 kilometers (~11 miles).
The highest point of Cuba is Pico Turquino, with its official height being 1974 m (6,477 ft). Including land mass and EEZ, the total area of Cuba is approximately 461,611 km² (~178,228 mi²). The most notable natural resources found in Cuba are cobalt, nickel, iron ore, chromium, copper, salt, timber, silica, petroleum, arable land.To read more click on geography of Cuba.
Economy of Cuba
The currency of the country is Cuban peso. The symbol used for this currency is $, and it is abbreviated as CUP. 2.6% of population in the country are unemployed. The total number of unemployed people in Cuba is 298,716. Each year, Cuba exports around $6.25 billion and imports roughly $13.6 billion. The Gini Index of the country is 38. Cuba has a Human Development Index (HDI) of 0.815.The Global Peace Index (GPI) for Cuba is 1.988. Cuba has a government debt of 127.9% of the country's Gross Domestic Product (GDP), as assessed in 2012. Cuba is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are petroleum, nickel, cobalt, pharmaceuticals, tobacco, construction, steel, cement, agricultural machinery, sugar.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Cuba is $234 billion. Each year, consumers spend around $83,013 million. The ratio of consumer spending to GDP in Cuba is 0%, and the ratio of consumer spending to the world consumer market is 0.2393. The corporate tax in Cuba is set at 30%. Personal income tax ranges from 15% to 50%, depending on your specific situation and income level. VAT in Cuba is 20%. In 2013, Cuba received 87.8 million USD in foreign aid.In 2014, the foreign aid amounted to 86.8 USD.To read more click on economy of Cuba.
Infrastructure of Cuba
Infrastructure quality in Cuba is rated to be at 1.84. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Cuba, 100% of the population has access to electricity. There are 3,244 internet hosts in Cuba. Cuba has 133 airports nationwide.
The logistics performance index of Cuba is 2.18. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 1.99. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
The number of road motor vehicles per 1000 inhabitants in Cuba is 5. To read more click on infrastructure of Cuba.
Politics of Cuba
Cuba, is a marxist–leninist single-party state. With regard to political and civil freedoms, Cuba is 3. Citizens in Cuba experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Miguel Mario Díaz-Canel Bermúdez.
According to the World Bank Group, the government effectiveness index of Cuba is -0.06. This indicates that the government of Cuba is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Cuba before considering any business maneuvers.In Cuba, the legislative power is vested in a National Assembly of People's Power. The Global Peace Index (GPI) for Cuba is 1.988. In 2013, Cuba received 87.8 million USD in foreign aid. In 2014, the foreign aid amounted to 86.8 USD. Cuba is a member of the United Nations (UN). On 24 October 1945, it joined the UN at it inception date as a full member state. Cuba is one of the original UN member states who founded the organization. To read more click on politics of Cuba.
Environment of Cuba
Cuba emits 3.2 metric tons per capita of CO2. 27130 km² of Cuba's territory is covered in forests. and forest land comprises 24% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Cuba is 5. To read more click on environment of Cuba.
Company formation in Cuba
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Cuba.
When establishing a company in Cuba, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Cuba that will affect the establishment and growth of one's business. Contact us or click on company formation in Cuba to read additional information when setting up a business.
Bank account opening in Cuba
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Cuba. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Cuba, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Cuba or contact us.