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Local business incentives - Legal forms of companies - Registration and licensing procedures - Legal framework - Foreign exchange control - Regulations concerning equity investment - FDI inflows - Expertise of the political risk

Local business incentives

There are 2 free-trade zones in Tunisia : The Cepex provides full information about trade procedures and legislation in Tunisia.

The Agricultural office for investment (APIA) publishes some advices about agricultural investments in the country.
The agency Invest in Tunisia provides full information about investment procedures in the country.


Legal forms of companies

Form Number of partners/shareholders Minimum and/or maximum capital Liability Registration fee Release of financial documents
Sole proprietorship 1 person. No minimum capital. The owner is liable for the company's debts on his personal assets. No
SARL is Private Limited Company Minimum 2 partners. Minimum TND 1,000.
Minimal nominal value of one part has to be TND 5.
Liability is limited to the amount contributed. No
SA is a Public Limited Company Minimum 7 partners. No minimum capital.
1/4 of the capital must be released at the incorporation. The remainder must be paid within maximum 5 years.
Liability is limited to the amount contributed. Yes
General partnership. Minimum 2 partners. No minimum capital. Liability is unlimited. No
Limited partnership. 2 types of partners: active partners and sleeping partners. No minimum capital. Liability of active partners is unlimited. Liability of sleeping partners is limited to the amount contributed provided that they do not take part in the company management. No

Registration and licensing procedures
The setting up of a Private Limited Company or a Public Limited Company requires the preliminary delivery of a business' card and the registration with the Trade Register. Formalities are rather flexible, in particular for public market companies.

Foreign exchange control
The exchange regime is now more flexible since the application of the law of May 3rd, 1993, modifying the 1st article of the Code of Exchanges and the enforcement texts. In particular, this law has implemented free transfers related to external payments of current transactions (profit, dividends and payment transfers generated in Tunisia) and to the net proceeds of the sale or the liquidation of invested capital through currencies imports.

Regulations concerning equity investment
A majority holding interest in the capital of a local company is legal, provided that a business' card is issued by the Direction of Foreign Trade.  

Foreign Direct Investment inflows in Tunisia

FDI inflows 2003 2004 2005 World rank (*)
FDI inflows (USD million) 584 639 782 77/141
Source : UNCTAD - World Investment Report
Note : (*) World Rank = UNCTAD Inward FDI Performance Index. It is a measure of the extend to which a host country receives inward FDI relative to its economic size. It is calculated as a ratio of the country's share in global FDI inflows to its share in global GDP.


Last modified in January 2008
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