Country Trading Profiles Tunisia

Setting up a company | FDI in figures | Why you should choose to invest | Procedures relative to foreign investment | Finding assistance for further information

Setting up a company

Types of companies and capital (max/min)	Number of partners/shareholders and liability
The individual company. No minimum capital.	1 person. The individual businessman is liable for company debts on his personal property.
Limited liability company SARL 1,000 TND minimum. The minimum nominal value of a share must be 5 TND.	2 partners minimum. Their liability is limited to the amount of capital contributed.
Public limited company SA. No minimum capital. 1/4 of the capital must be paid up at the creation. The balance must be paid up within a maximum of 5 years.	Minimum 7 partners. Their liability is limited to the amount of capital contributed..
General partnership. No minimum capital.	Minimum 2 partners. Their liability is unlimited.
Limited joint-stock partnership. No minimum capital.	There are 2 types of partner, the active partners and the silent partners. The liability of the active partners is unlimited. The liability of the silent partners is limited to the amount of capital contributed as long as they do not participate in the management of the company.

Business setup procedures

Setting up a company	Tunisia	Middle East & North Africa
Procedures (number)	10.0	8.1
Time (days)	11.0	20.0

Source: Doing Business.

For further information: Consult Doing Business Website, to know about procedures to start a Business in Tunisia.
Trade Register
The competent organization: Trade Registry of Tunisia

FDI in figures

Foreign Direct Investment	2008	2009	2010
FDI inward flow (millions USD)	2,758	1,688	1,513
FDI stock (millions USD)	29,083.4	31,457.9	31,366.7
Performance Index*, ranking on 141 economies	42	46	-
Potential Index**, ranking on 141 economies	68	-	-
Number of Greenfield investments***	58	49	-
FDI inwards (in % of GFCF****)	27.0	8.2	-
FDI stock (in % of GDP)	70.3	77.1	-

Source:

Note: * The UNCTAD Inward FDI Performance index is based on a ratio of the country's share in global FDI inflows and its share in global GDP. ** The UNCTAD Inward FDI Potential index is based on 12 economic and structural variables such as GDP, foreign trade, FDI, infrastructures, energy use, R&D, education, country risk. *** Green field investments are a form of foreign direct investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up. **** Gross fixed capital formation (GFCF) measures the value of additions to fixed assets purchased by business, government and households less disposals of fixed assets sold off or scrapped.

Why you should choose to invest Tunisia

Strong points: The country's credit-worthiness guarantees its access to international capital markets. The growing diversification of the economy reinforces its resistance to economic crises. Tunisia enjoys a strategic location on the Mediterranean. Tunis is on average, at a 2 hour flight from the major European capitals. A well developed social system and an ambitious education policy aim to reduce the social cost of adjustment and to reinforce the modernization of the country. Tunisia has a qualified, productive workforce at competitive salary levels.
In addition, the 2007 Finance Law, together with measures in favor of technological innovation and economic competitiveness, provide a very favorable environment for SMEs. Two tools were created at the end of 2006 in order to facilitate the emergence of new companies, the Bank of financing Small and Medium Enterprises (BFPME) to finance innovative projects, and the Tunisian Guarantee Company (SOTUGAR) to reassure backers and guarantee the profitability of projects.
Weak points: Bureaucracy.
Government measures to motivate or restrict FDI: Over the last few decades, Tunisia has chosen to liberalize its economy even more and to integrate it in the world economy. The list of measures established by the government to encourage FDI is available on the Foreign Investment Promotion Agency (FIPA) website.
Bilateral investment conventions signed by Tunisia: Tunisia is a signatory to agreements on guaranteeing and protecting investments with several countries.

Procedures relative to foreign investment

Freedom of establishment: Yes
Acquisition of holdings: Possible but you must obtain a business card from the Foreign Trade Services.
Competent organization for the declaration: Agency for the promotion of foreign investment
Requests for specific authorizations: The agency for the promotion of foreign investment in the country gives information about the authorizations necessary for setting up business.

Finding assistance for further information

Investment aid agency: Agency for the Promotion of Investment
The Tunisian Export Exchange
Other useful resources: Economic Developments and Prospects in Tunisia - African Economic Outlook