Doing business

Tunisia

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Local business incentives

There are 2 free-trade zones in Tunisia :

The Bizerte Free-trade zone,
The Zfzarzis Free trade zone

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.	Certificate stating that the company's declaration of constitution was filed: TND 15 / page; Registration of the documents by the Court: TND 15 ; Publication in the Gazette (Official Bulletin): TND 200 ; Inscription to the Trade Registry: TND 5 by extract (3 are needed); Registration for social security: TND 5 ; Stamp / seal of the company: TND 5.	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.	Certificate stating that the company's declaration of constitution was filed: TND 15 / page; Registration of the documents by the Court: TND 15 ; Publication in the Gazette (Official Bulletin): TND 200 ; Inscription to the Trade Registry: TND 5 by extract (3 are needed); Registration for social security: TND 5 ; Stamp / seal of the company: TND 5.	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.	Certificate stating that the company's declaration of constitution was filed: TND 15 / page; Registration of the documents by the Court: TND 15 ; Publication in the Gazette (Official Bulletin): TND 200 ; Inscription to the Trade Registry: TND 5 by extract (3 are needed); Registration for social security: TND 5 ; Stamp / seal of the company: TND 5.	Yes
General partnership.	Minimum 2 partners.	No minimum capital.	Liability is unlimited.	Certificate stating that the company's declaration of constitution was filed: TND 15 / page; Registration of the documents by the Court: TND 15 ; Publication in the Gazette (Official Bulletin): TND 200 ; Inscription to the Trade Registry: TND 5 by extract (3 are needed); Registration for social security: TND 5 ; Stamp / seal of the company: TND 5.	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.	Certificate stating that the company's declaration of constitution was filed: TND 15 / page; Registration of the documents by the Court: TND 15 ; Publication in the Gazette (Official Bulletin): TND 200 ; Inscription to the Trade Registry: TND 5 by extract (3 are needed); Registration for social security: TND 5 ; Stamp / seal of the company: TND 5.	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

Majority of holding interests in the capital of a local company is legal, provided that a business' card is issued by the Direction of Foreign Trade.

FDI inflows

Foreign Direct Investments		2007	2008	2009
FDI inflows	(million TND)	2,071	3,127	2,442
FDI inflows	(million USD)^(*)	1,618	2,175	1,688

Source : Central Bank of Tunisia

Note : (*) Evaluated from average exchange rate of the year