We study the Cauchy problem associated with a new integrable twocomponent system with cubic nonlinearity, which was recently proposed by Song, Qu and Qiao. We establish the local well-posedness in a range of the Besov spaces. Moreover, for analytic initial data, we show that its solutions are analytic in both variables, globally in space and locally in time, which extend a result by Danchin, and Himonas et al. to more complex equations.