The Biden administration is implementing new regulations for Cuban entrepreneurs

MIAMI — The Biden administration is implementing new regulations that will impact thousands of business owners in Cuba.

The change will allow businesses in Cuba to import food, equipment and other goods.

Owners of companies employing up to 100 employees will have online access to social media platforms and video conferencing. What is most noteworthy, however, is that American banks will be able to offer accounts to companies.

“The Administration is fully implementing the May 2022 commitments made to the Cuban people. We believe that developing an independent, entrepreneurial private sector in Cuba is fully consistent with our values ​​and represents our best hope for generating economic development and jobs in Cuba,” the senior official said administration. “The development of this sector is also consistent with the president’s directives to implement measures that will benefit the Cuban people while continuing to minimize resources for the Cuban government

“Young Cubans prefer to earn money in the private sector rather than work for the state. A class of independent business leaders is emerging. I know this because our team, including myself, both in Havana and Washington, is meeting with these people,” the second official said. “These entrepreneurs look to the United States for inspiration and to develop the skills they need to run successful businesses.”

The changes exclude any entities that include members of the Cuban Communist Party, members of the Cuban National Assembly, Cuban military officers or certain propagandists of the ministries and staff regime, officials say.