Regulation of the Single Window for Foreign Investment
On September 10, Decree No. 15/2020 “Regulation of the Single Window for Foreign Investment” was published in the Extraordinary Official Gazette No. 47.
The Single Window for Foreign Investment (VUINEX) is managed by a functional department belonging to the Ministry of Foreign Trade and Foreign Investment (MINCEX). Its fundamental objectives are:
• provide information and advice on foreign investment,
• promote business opportunities,
• facilitate the constitution of foreign investment modalities, the realization of its investment processes and the processing of permits, licenses and authorizations.
The implementation of the VUINEX constitutes an indirect incentive to foreign investment, since it allows speeding up and facilitating the procedures, giving interested parties the possibility of accessing a single place, where representatives of the different responsible agencies and authorities can be found. The service provided by VUINEX is completely free.
VUINEX is permanently integrated by the following institutions: Ministry of Justice (MINJUS), Ministry of Construction (MICONS), Ministry of Science, Technology and Environment (CITMA), Institute of Physical Planning (IPF), National Office of Statistics and Information (ONEI) and National Office of the Tax Administration (ONAT). It also interacts with other bodies, agencies of the State Administration, national entities and with local bodies of People’s Power.
One of the specific functions of VUINEX is to implement a computerized management system that allows individuals and legal entities to be kept informed about the status of the procedures they are carrying out through VUINEX.
To this end, a computer system interconnected at the national level with all the provinces of the country and the special municipality of Isla de la Juventud and with access from abroad is being developed in conjunction with the University of Computer Sciences (UCI). This computer platform allows a large part of the procedures of national and foreign investors to be carried out virtually, using the facilities of information and communication technologies, as part of the country’s computerization strategy.