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    Invest in Tunisia

    Uploaded by

    Oussèma Souissi

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    © All Rights Reserved
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    } INVEST IN THE NEW TUNISIA y Saintes Pica [a = ss ee §) It takes energy to.create energy. ) Weunderstand the growing demand for energy. That's why we're working with our partners:to drive efficiency for producers ond constinnens like. With energy efficiency a top priofityiwe're working with our partners in the region- towards the future. Join the conversation hitpymiddleeast geblags.comy/an @ imagination at work, Prime Minister, Republic of Tunisia U.S. Ambassador to the Republic of Tunisia Ambassador of Tunisia, Washington DC AmCham Tunisia, President Country history, profile & relationship with US Tunisia: A promising Business Landscape 1- Strategic position in the region 2. Promising economic restart 3- Qualified and competitive labor force 4- Competitive business environment metrics 5 - Ready to use infrastructure 6- Pleasant and affordable living environment Business Framework 1- Investment framework 2- Tax Legislation 3- Stock Market & Finance place 4- Accounting and Auditing 5 - Labor & Social Security legislations 6 - Exchange regulation 7- Intellectual property & Personal data protection 8- Immigration 9- Dispute settlement and arbitration 10 - Entities’ legal forms and registration Saar 20 23 26 28 30 33 37 4l 47 49 50 51 52 INVEST IN THE NEW TUNISIA AMERICAN CHAMBER ‘OF COMMERCE IN TUNISIA Moving forward. Mehdi Jomaa Prime Minister, Republic of Tunisia Foralmost 3000 years, Tunisia has been shaped by the capacity ofits entrepreneurial people to build on history. Weaving togethera rich tapestry of inspiration and influence from Phoenicians ‘to Romans, Byzantines to Ottomans, Berbers and Arabe fo Europeans Tunisian: continually drawefrom the strengthsand challenges oftheir past to build an even more promising future. “Today, Tunisia’ entrepreneurs are building on again. After a historic revolution that expressed ‘the will ofa people to live under democratic freedom the countryadopted, late January 2014, anewliberal and modem constitution, and welcomed a new government of competentand independent technocrats equipped with thesis to build, action based and result-oriented, Asthe head of this new government, believe itis important toencourage broad investment and participation in the next chapterof our exciting history, from both. Forforeign imestors, strongly encourage you to join us in our building effortsas! am corwinced thst thetiming ismowright for you to reap strong retus,and remind yourthat you ‘wil find in Tunisia a country with + Aunique trategic geographical stuation, making it azpring-board to European, Avican, a= wellasthe Middle Eastern markets, +Newdemociatic institutions enshrining a modern, secureand flexible business environ- ‘ment. + Afunetional infrastructure continuously undergoing improvement. ‘And more specifically, Businesses will beneft from. + Adlear and investment-ffendly legidation ina single code + Aone-stop windave to simplify all administrative procedures ‘An independent judicial system providing the rule of Lawand good governance ‘Amore transparent business envircrment ‘Numerous advantagestor totally exporting companies ‘Welrmite youto learn more about this exiting historical moment: We invite you to participate in ourhistoric rebuilding. and contribute to shaping ournascent cemacracy and to cresting po- sitive dynamics for Tunisia. We welcomeyoU to inves in the New Tunisia, democracy start-up. Mehdi Jomaa Prime Minister, Repubtie of Tunis Jacob Walles U.S. Ambassador to the Republic of Tunisia Since | arrived in Tunisas the American Ambassador in July 2012, have witnessed dramatic developments as Tunisia has progressed through its demacratic transition. The Tunisian people ‘werethe first in the region to-demandl new freedoms in 201 1, and they have also led the wayin establishing the basisto sustain a viable democracy. In January 2014, Tunisias National Constituent Assembly voted to approve a new constitution ‘that protects the rights of the Tunisian people and establishesa framework fora democratic system of government. At the-sametime,a new independent government under the lea- dership of Prim Minister Mehdi Joma was installed to guide the country until parliamentary and presidantial elections are held later this year Fram the time of the January 2011 revolution, the United States has supported the Tunisian eoplein their efforts toestablish a new democracy. The United States welcomes theratiica- ‘tionof the Tunisian constitution, and we laok forward to working closely with Prime Minister Joms‘aand his team in masting the challenges ahead. Pevitalizing the Tunisian economywill be critical element in achievinga successful conclusion ‘oTunisias democratic transtion, With hislong experience inthe private sector, Prime Minister Joms‘a has committed to taking concrete ction to promote economicdevelopment and entie- preneurship. Hehasaso expressed a strong desire to inctease economic and business ties with ‘the Unites States. The United States shares this goal and President Obama’ invitation to the Prime Minister to visit Washington provides an important opportunity to broaden and deepen ur economic cooperation. ‘The US. Embassyin Tunisis proud to partner with the American Chamber of Commerce in Tu- risia in promoting greater economic ties between the two countries, and believe you will find ‘this investment guide produced by the Charnber to bea valuable resourceto explore business ‘opportunitiesin Tunis. Tunisia is about to enters new phase i ft long history with new hope forthe future. lunge you to tale fresh look Jacl Walles US. Ambsssador tothe Republic of Tunis M‘hamed Ezzine Chelaifa Ambassador of Tunisia, W Wi ashington DC lam proudto be associated with the endesvorsundertaken by AmCham Tunisia to promot= further business relations and to explore new avenues for cooperation and partnership between Tunisia andthe United States of Ametica, Asa standard-bearer of business communities interests from both countries, AmCham Tunisia has beena staunch advocate of solid strateaic pattnership-and a pioneer in shaping a new vision forthe future. Ithas been instrumental in raisingawareness about the need fora renew agenda and in highlighting the new potential Tunisia offers ‘The moment i ripe for arubition, boldness and inventiveness. Tunisiss investment assets andl comparative advantages its democratic promise and its reinvigorated friendship and enhanced understanding with the United Statescf America call fora new win-win business paradigm. ‘The adoption of aconsttution enshrining the rule of lawand the principle of good governance isan additional guarantee for the business community anda new comparstiveadvantage for ‘the Tunisian site. Tunisia has prepared the ground to set forth rules for businesses. that they now what is expected of them in their dealings and transactions and to reinforce the govern- iment effectiveness, enaure regulatory quality, protect businesses fram government infrin- ‘gementon property rights, provide peaceful and predictablemesnsto lesolvedisputes and controleorruption. ‘Anew momentum is at work in Tunisia, This mornentura will deterrnine Tunisiss ability to shift ‘wa stronger, sustainable and job-rich growth path. Ongoing efforts to. overhaul the macros conomic policy framework, to strengthen the key public institutions and services, and to fully stablih an openand business fienaly enviconment amount to building @ new "tegime! for ecenomicgrowth. US support and engagement is crucial in sustaining and reinforcing the refcrrn mormenturn in “Tunisia. The strategic dialogue lsunched between the two countrias willbe instrumental in for Ging @ long-term visionand in elaborating a road map for a new partnership driven by values, baseclon programsand oriented toward results, | would argue in particular that the establishment of free tracleareaisaicentral component of the sought-after partnership. With negligible cost on the US economy, 3 fee track: area will help achievea mutually beneficial mornentur,willgenerate fresh opportunities for our respec ‘tive countries and businesseammunities and will sen a patent message to business circles all cover the world, Uke AmCham Tun‘ia, [haven unwavering fath in Tunisa’spromise-and immense possibilities. Departing ftom this premise, [am determined to work hand in hand with AmCham Tunisia and ther businessactorsin Tunisia and inthe United States to achieve tangible outcomesandl deliverables. Mthamed Ezine Chetalfa Arrbassador of Tunbla, Washington DC Amel Bouchamaoui Hammami AmCham Tunisia, President ‘Tunlsahas proven thats aland of constructive dlalague, capable of fnding solutons to complex stuatlons n a heterogeneous werld with dlergentarfentatlans The National Didogue engaged by the New Turis’ political parties with the help ofthe cial sociey, with diverse and even opposed Ineologles, has gen birth to a consensus whose auteamehas been lauded by the Intemational community Chambers of commerce such at AmCham Tunisia, which was founded a quamteraf a century 296, In 1988, rlnfoece the country’s economy by acting 233 catahstfacitating Mteractians with the relevant authornias, ssssting inestabilshing sectoral and regional parmerships 3¢ well 3s lobbying. Assoon as thevist of LE, Mahal Jomad te Washington DIC, on the ination ef Present Obama, wwas announced, AmCham Tunis’ Board of Directors decded to simultaneausly conducts bu siness delegation to confirm the prWate Sector suppor ta the current Goverment’: efots, Drafting this investment Guide is AmCham Tunis way te contribute to promoting the past ‘olution Tunis 3s. destnation, help patentil US Investors beter appreciates attractive and vwekoming business envrenment and-canvince them that vestingin Tunisia, whlch they can use asa baseto taget the local European riddle eastern and African markets, s the night cholee. It \n2s elaborated jst ater the adoptton af the new Constitution which has consolidated democratic Insttutong and sddvonal guarantees tc individual and collaceye-rghts, thus nsving the way to economic andisacta stabihy necessary to reassure avery invest The International community i no expected to further support this democratic Impulse which remains short offull completion, ‘severe Invesiment dacslonis based on objective data and realstic expectations, AmCham Tunisla considered Its ts duty ta elaborate document providhg an updated database underlying good reasons toselect Turis as an Investment ste, Letme single out Tunlsas major assets: Asrotegie gecoraphied positon, makng its perfect hub to Eurape, the Middle East & Aft Ahighly qualited, mutdlscipinary, and compennive manpowes; | developed infastructure which san impartant enablng facto to business highly attractveand simple fiscal ester, See you all scan In aur welcoming New Tuna ‘Amel Bouchamaoul Hamman ‘Amcham Tunisia, President SS Ta rel Sear Cee eget herr Disstaimer This publication contains information in summary for anclis therefore intended for general quidance ‘only. tt isnot intended to be. substitute for detailed research or the exercise of professional judgment. AMC Emst & Young can accept no responsibilty for less occasioned to any person acting ar refraining i from action asa resutt of any material inthis publi cation.On any specific matter, reference should be made to the appropriate advisor. —— About EY EY is a global leader in assurance, tax. transaction and arivisory services. The insights and quality ser- vices we deliver help build trust and confidence inthe capleal markets and in economies the world cover We develop outstanding leaders who team to deliver on our promises to all of our stakeholders, Insadoing we play critical role in bulcing a better ‘working world for our people, forour clients and for cour ccrmmunites. = EY referstothe globalorganization of member frrns cf Est & Young Global ‘each af which is a separate legal entity: inst & Young Global Limited —_ does not provide services ta clients. AMC Emst & Young isthe Tunisian chent-serving member frm of Emst & Young Global Limited For more information about our owanization, pase vist eycor. Tunisia &US, over of Fiendship richest African country based on GDP per capita ‘African country in terms of Middle class size ‘Accessto a market of more than 860 million consumers (Free Trade Agreement with Arab countries, the EU &Turkey) One ofthe highest in the world export to GOP Ratio [An expected growth of §,5tin real GOP No entry visa for Americans ‘of foreign companies are manuficturing industries {A Flight of 2h from Tui 0 Pacis Intellectual property rights are strongly protected by domestic and intemational lave ‘Atalented Labor force Ranked 224 on availabilty of scientists and engineers, 2013-2014 WEF ‘counties protected by an investment protection agreement More than 0 double tax treaties including with US Avec nous, vos projets ont de l'avenir. Part | Country history, profile & relationship with US En véritable partenaire, la BIAT vous accompagne dans chaque étape de votre vie pour vous offrir ce quiil y a de meilleur en matiére de produits et de conseil bancaires. Srmen rr ane a Country Profile 163,610 kr (63,170 sq miles) Arabic (official) Languages French (used) English (3rd language) Time Zone GMT+1 Population 10780 000 (2012) Aland of history and cults Paris —Tunis 2420, Rome ~Tunis 115 roads of the Mediterranean Berlin — Tunis 2440 = Geographical proximity (Fight) ae eae Dubai —Tunis SH Dakar- Tunis 6H Capital city Tunis Home to ancient civiisations from 3,000 years, 9 melting pot Primary Port Tunis between East and West, Tunisia has always been at the cross- roadsof history. The culture diversity ofthe country isa result of Primary Airport Tunis Carthage Intemational a major civiization crossing through history: different ciilzstions and mutiple successive dynasties (Phoenician, Roman, Byzantine, Currency Tunisian Dinar (TND) Arab, Turk and French). PerCapita Income 4194 (USD) Flourishing trade during the Roman parted until the 5® cen- Exchange Rate EUR/TNO = 2187, tury made Tunisia thesbreadbaskets of Rome Fram the Punic (March 2014) USD/TND = 1,571 period through six centuries of Raman presence, Tunisia produced ilustricus thinkers and majerhistorical figures such as Hannibal and Magon and Ibn Khaldoun, ‘Source: CHS Global lnsight7014 Central Bark of Turi, MationalInsicutef Settee While perfectly combining modemity and tradition, TUNISIA has always been pioneeringin its choice of society. Thisis the ‘9h | + Abolish slavery (1846) — + Drafta constitution (18611 | 2h F + Guarantee womens rights through the enactment of the Perso- nal Status Code (1956) + Give-women the right to vote (1957) sAdopta new modem constitution (January 2014) after being the starting point of the Arab Spring Tunisia and US Relationship Over 200 Years of Friendship Along standing relationship... March 1799 Iagreementof friendship and trade concluded betweenTunisia and the United States March 1957 {agreement for American economic and tech- nical aid signed, the first in a long series, was signed (the first in a long series). March 1961 Tunisia became the fist Arab country to request and receive Peace Corps Volunteers, starting a partnership that spanned 34 yearsand enabled 2.382 Americans to join forces with the people of Tunisian a common endeavor to improve the human condition. October 2002 TIFA (Trade and investment Framework Agree~ ment) was signed in Tunis. «. but not reflected enough in the numbers $ 748 million since 1994 in U.S. invest- ment with 65 US companies. employing over 18,000 em- ployees $ 700 million in US imports from Tunisia and $ 700 million in US ex- ports in 2012 $4 million assistance under USNEAP — US North African Economic Ties needs to be strengthened... Part || Tunisia: A promising Business Landscape Strategic position in the regic Tunisia, is well integrated to its region... an country 10 ee ree = ee oo a I Bilateral agreements BE Multilateral agreements COMPANY Mission A global, scalable, high quality HR Services business providing differentiated integrated value added solutions for talent management, human resources, [payroll to mid-market customer on an intemational scale with a high level of customer satisfaction. Activities HR Access provides michmarkt to Inge erterpriseswth alabol ‘capably in inleprated human capial management that arovides cost elect HR ads dnd ensies wer eass talent managerert, IR Access designs, cavelops.igeenéets anc divers 3 complete set af slutons (Payroll HR adminstatin, Stalag’: HR management) sexgned fo a counts, intros an cxpanizatens delveres via "insureing” and "outs oure ma ‘Thies stiles arcane 2 naa of Business HIR Access Eniployer Senvices’ a broad range of outsourcing servieas taged on the reeds f each market segment. HiRa Suit 8 compels radu eile, sealable, user-iadhy ‘and powerful elon covering Talent Management, Inston Manogenaet, Pavel & HR:Agminiavaton, Tene & Atendanee CUSTOMERS Over 6 50 ‘customers 54 COUNTIES trom ‘oul luge mulinabonal eaisabonnin avery incur, swceeen 12, 7 million sapeyue ‘and pensioners managed ecery day. A HR Access a Sepracompany Promising economic restart a Back to business. .. REFERENCES @5 Finance ‘Alona France, Bonco de Espana, ‘Banco Espo Santo, Banecto, Barkin, ‘Bariia, Basle Verseherveg, BOWA, Crest ‘Agee Maree, CIM (Ceti immebiter et ‘Potaber du Marve, Cataa di Reparmne & .2 Oias Saupe, Cruupe Ui, MOEN. tatlewam 9CP, Santance, Unesja Vy Manufacturing so ita Covariance (inoppoer erly AGRATL suc Unde CAP EDF C5. Lato oe Michelin Spain, Pfeifer & Langen. PEA, Pouina, SagemEam Retail ‘Acampo, Auchan Franco, Cacrtout, ‘Geuggo Dia, IOBreup, Hab, KIKO, PAN, Sabace, Stine Services ‘Air Franes, BULL, Cinque Univaetaires Sab Lue, Era § “Young, Fou Vert, jt, Gao, MUSA, MES PI, lini, Marve Telecom, tect Tlacom, ‘One, RACC. RATE. Royal Air Moe. SSICF Public Sector ‘ACI, Algirie Teiecom, AMUE. [AP-HE: BNE, Cortes oe Portugal Direction Générale des Douanes, 1s Poste, Le nat, Lomb Infermatea, iistve des Finances. Mivatie de tere Macéedu Lowe, Pele Erno, Universi de ones www.hraccess.com Slow recovery will continuein 2014 a Tunisia’ GDP growth decreased in 2011 due to the Arab Spring...But, Tunisian economy have shown resilience and managed to get back to 3 GDP growth fram 2012, reaching 2.7% annual rate in the third quarter of 2013. i Vea Services held up remarkably wel, with re- A cent indicators on tourist activity pointing to some resiliency during the fourth quarter. The 2014 growth projection has been trim- a1 madito 3.385 asthe transition process maves 200 = 1122 2014 Gent eeoauee ena el and glckal economic conditions 1 Nominal GDP Evolution (US$ bil.) ee ee eee Leas i 7" ct oer z Se eas 2 Real GDP & Inflation Evolution Consumer inflation will ease to 5.5% in 2014, fram 6.1% in 2013 Inflation is expected to decrease but to re- main elevated in 2014, with upside risks re- volving around further measures to reduce the govemment’s fuel-subsidy bill. Softening global oil and commodity prices should provide some relief on the inflation front in 2014, 593 6,03 20102020201 OH oe cansumer Price Index (ehaege) eee GOP (i charge) Source i: Hatonal Istinste of Statice, 2014 Source 2:CHSGlobel Insight 2014 cere Perera a Tunisia has witnessed an average GDP growth rate of ~4.5% in the last decade (2000- 2010), with industry and services emerging as the largest segments of the economy 1 Real GDP growth compared to other markets 8 6 nd G2 =o ._,! _, 06 2007 2008 ‘wagé 2010 2012 4 — — World ——Middle East& North Alfica —— Tunisia ‘Source: Wer Bank Group, 2013 Estimation of GDP, economist << Seto Zoom on key sectors... 2 Sector-wise GDP split (2012) & Mining, olf and Gas 3% y distributed in torm Agriculture > The farm sector (inclusive of fisheries) is relatively large (9% of GDP). = Olives are the biggest export crop. = Tunisia is emerging as a major exporter of fruits and vegetables to Europe, Russia and the Middle East. Tourism ‘=> Tunisia’ tourism industry has grown ra- pidly since 1992, when tourism receipts rose by more than 35% and helped the country achieve a 7.8% growth in GDP, > The tourism sector is the largest em- ployer, ater labor-intensive agriculture, and visitor spending is one of Tunisias top foret- gn-currency earners... « Industry The industrial sector comprises more than 5,500 firms with 10 or more employexs, of which about 2,700 are companies dealing with exports. 5 Major products in Tunisia’s industrial sec- tor are simple manufactures, notably do- thing and leather Energy Tunisia has one of the largest global re- serves of phosphates. Other minerals present in the country include iron ore, salt, lead, zinc, potash, and = Oil reserves are estimated at 400-million barrels reserves are small and dwindling. SeureesCHE Glabal raight-2014 A remarkable exporting country 1 Exports of goods and services (%GDP) 2 Exports Evolution (TND) 27701 23519, ‘Source: World Bank Groups 2012 ‘Tunisia is one of the mast competitive economies in terms of Exports of goods and services (% oF GIP) 3 num Tuni of foreign businesses in 3135 3102 3068 2008 2010 2011 2012 ‘Source: nestin Tura Web ite, 2014 After a slight decrease in 2011-2012, the number of foreign businessesis expected to grow in 214 thanks to the positive evolution of the social and economic ‘environments 2010 2011 2012 2013. Source ational ncitute of Statistics 2014 Despite the revolution effect and political issues, inter- national tradewas not affected and Tunisian exports showed continuous evolution positivetrends A Soresteser or econ ne sectorin 2012 Source: Incest in Tunisia Wb site, 2014 ‘With the lions share part, manufacturing industries is the most attractive sector for foreign firms in Tunisia SM itap career ssemary by GOR ger Capita ($),2013 Source Intemational Monetary Furd,2012 Tunisia is one of the wealthiest African countries positioned as the seventh richest country in Africa based on GDP per Capita. tt is the second richest African ‘Arab country after Libya 3 Population by agein 2011 60 years and more 10% Source: Mtn institute of Statistics, 2014 Tunisian population Is very young with age range of less than 30 yea representing %51 of the total population Adynamic and young ell tion 2 Human Development Index Growth in Tuni cen 9688 Source: United Nations Developmert Progr 2012 Tunisi’s Human Development Indexshows continuous evolution through the 3 past decades.In 2011, it exceeded the average HDI Arab country (.6) and equaled the European &Central Asian developing countries (07). 4 srotthe population connected to Internet in 2012 sam a a ae ee [din | om a | = — Ei are connected to social networks ( Source (1): renee Centing Sour Madore Techn clog Services 2012 f fees A wide pool of suitable talents i Messetron ee versace per specialty 2012 Pros research and higher Medicine 4,708 petra ad nee asia We ee rd Language Par) cn pee Engineesing BODO eed other 1 ee 639 Labsand ew Perera "Other 1 Social Services, Social Science and behavior, trainina.of trainers, ** Other 2: Health, Arts, Physical Sciences, Barking, Transportation, Veterinary Science ‘Source: Miniary of higher ications 2012 2 Ranking on Quality of Higher Educa- 3 Ranking on Availiability of scientists ‘tion and Training 2013-2014 (WEF) and engineers 2013-2014 (WEF) ‘22% of the state s A worldwide recognition Teme tne] Ler Ranking on the impact of FDI competitiveness Index (2012) regulations on business (2012) SC 5. J Morocco NEN 63 y Trey a 5° . a eo eS Tukey MM 76 Eayot Ml 94 P Egyet M98 Source: Werld Bank Group, Deing Dusivess 2013 Seuren Wierd Banke Group, Doing Business 2012 Ranking on the ease of doing Ranking on the corruption 8 business (2013) perception Index (2013) A US EE 19 DARING INNOVATION cayet 1 100 Egypt Mmm 114 > Sources World Bank Grup, sing ines: 2012 Seance Comuption Perception Ine, 2012 by emt Cs me Cie eae ae ice ei cay ic aC gee) aCe) Factor Cost (2013) Minimum month fates ty 301,808 TND Electricity (High Voltage) 0,129 TND/keWh Natural Gas (High aaa 0029 TND/th Momeco MINN 73 Super Gasoline Diesel |Z TND/Mter Egypt ml 94 19 TND/Liter Source: Werld Economic Forum 2013 Source Iestin Turis Website 2014 Tunisia Is fairly well positioned In terms of ease of doing business Cee u 8T3CH © — | acy to use infrastructure ( Tunisia infrastructure is of a generally high standard, with an efficient transportation network and adequate utilities coverage Telecom infrastructure : Three Submarine Cables (Bizerte-Marselle and Kelibia-Matlaj for a total connectivity of 80 Gbps (gigabyte persecond) © Mobile phone penetration rate : 117%6 (higher than the average warld- wide) Li “ Intemet penetration rate :33%6 3 submarine cables (amass Real estate mega-projects: Bussiness areas entirely rearranged, fitting international standards, in close praximity of the main connections (airports, motorways) A large number of ongoing projects that will be developed in the coming years ‘ Enfidha deep water port estimated to ~? billion USD) * Logistic areasin the ports of Radés ‘ Enfidha and Jbl el Oust, rapid rail network (estimated total cost of 2.8 billion USD) © Extension of the highway network to 1,500 km in 2020, high speed rail road connecting Tunis. Alger and Tunis-Tripoli Source: OMMnati Tunisia has a number of ports facilitating trade links with European and Middle Eastern nations Bizorte Menzel Bourguiba - Handles Rades approximately 39 million tons of Specializing in container traffic ‘argoannually, mainly hydrocar- {more than 420K container -20Ft. bons (56%) and cereals (19%). Equivalent Units -annually) and a roling units ichandles apprax.6.3 Jendouba r iillion tons of cargo annually LaGoulette Mainly intended forthe trans- pport of passengers, itis equip- ed for handling most types of vessels It handles 0.8 million Sousse Handles approximately 22 million tons ofcargo annually Stax consists of three harbours — typically used for tankers and handles approximately 1,700 vessels and 5.5 million oftonnes annually Shira Used exclusivelyfor the exportof enide oll and some phosphoric acid Handles approximately 06 milion tonnes of cargo annually (mainly sea salt, crude oil and pure oil products) Gabes. Handles approximately 700, vesselsand 4.1 million tonnes of cargo annually Source: OMMPrattn 8 Commercial Ports(Radas, Bizerte- Menzel Bourguiba, La Goulette, Sousse, BCE SES eae Rades Is the port with the largest container traffic In Tunisia and Is the best connected to European and Middle Eastern ports Rades handles ~91% of total containers a a Ready. to use infrastructure ( Tunisia’s industrial make-up: clusters Biotechnologies! SidiThabet Agribusiness Bizerte Goulette Energy, Water... Bor| Cédria ‘Agribusiness Jendouba Mechanical/Electrical Industries Sousse Temtile/Clothing ‘Monastir Mechanical Hectrical industries (0) currently operating technoparks @ Pinned Technoparks for 2016 ighwrays Planned highways, Seurce: Minty oflnformation and Commurication Techacke jez Peete icy Elghazela Technopark 12 additional ety = Peery eae eee rit) OMNIAC®M = — Microsoft a bee Cs enum) 7 ae ree | eee SUNGARD’ + Renting an apartment of 80m?in Tunis Downtown within a good neighborhood costs about 5005 + Aconsumer would spend about 66 a day to eat Zoom on the Purchasing power Index DW EE | Ge es Source: Mumbo, 2012 Cost of living Index Quality of life index 2 Source: National Incttute of Statistics, 2014 Zoom onthe Safety Index Source: Mumbes, 2012 Zoom on the Property Price to income ratio 0 0 | a rs ic re =— peas Source: Mumibeo, 2012 5 Business& Decision Business & Decision is an international Consulting and Systems Integration company (CSI) . Leader in Business Intelligence (Bl) and Customer Relationship Management (CRM), a major player in E -Business, Enterprise Information Management (EIM ) Solutions business management as well as Management Consulting, Business & Decision contributes to the success of its customer projects by driving maximum business performance. The company has a reputation for functional and technological expertise and has forged partnerships with all of the key technology vendors. Business & Decision Tunisia we with 200 collaborators providing: s created in 2000, A competitive cost structure - A high-quality workforce, well educated people with strong experience and skills certifications: Microsoft, IBM, SAS, Oracle, lik View, JAVA, ete .. Accessibility to Europe, Africa and the Middle East (28000 man days of offshore projects) ‘Our customers are large companies in Europe, USA, Middle-East and Africa. www.businessdecision.tn contact @businessdescision. com /Phone ; +(216) 71 963 001 - Fax ; (+216) 71 963 144 / Address : Immeuble de larésidence du Lac, Bloc H - rue Tanganyika. Tunis, 2085 oe 221,9Me ean Oc. i an Uy baa Peed 3 2500 (oro) Teel) Lu H o at on z Lu oo wo EU eis =i gels} in countri Part Il| Business Framework Devoted to facilitate business Investment framework 50 countries protected by an investment protection agreement a vets icin Leary 2 ~ nal wr Poland Limi Romar ns 5 fe at ost ine . atts dove a wo - ei co son woe one xn @ ram: ‘Burkins fs22 Indonesia Cote divecire Sys ‘Mali ras Niger apt = ef = or a orn in athe Hh Countries having investment protection agreement with Tunisia Foreign Investors‘protection ‘> Tunisia has entered with several countries into investment protection agreement. |} The main purpose of these agreements isto ensure: +The protection of investments made by nationals of contractual countries. +The stimulation of private economic initiative and in- vestment growth. +The encouragement to invest in the other country by giving the same treatment as local nationals. +The advantage of a prompt and adequateindemrity in case of prejudice, + The free transfer of capital and any other payment re- lated to investmentsin convertible currency and at the offical applicable exchange rate, Business Ownership and licenses Free activities + Foreign investors may freely invest in all sec- tors provided bythe Tunisian investment code swhen the activity is export-oriented. + This liberty is also provided for non exporting projects for a large list of industrial and set- vices activities. + They need to introduce a simple dedaration to the concerned authority (API, APIA, CE- PEK...). Share Capital Ownership + Foreign investors can hold full share capital ‘when ceating new entities in industry and in most of services. + Investing in commerce and aariculture still requires local partners. + Acquisition of already existing companies re- ‘quires pre-approval shall the seller (share capi- ‘tal owner) be a Tunisian resident. Activities subject to pre autho- rization + Investment in certain sectors which are not totally exporting are subject to prior authori zation for both Tunisian and foreign investors. + The participation of foreign partners in some service activities other than wholly exporting is subject to the approval of the High Invest- ment Committee when that participation ex ceeds 50% of the capital. Real Estate Ownership + Lands (except for agriculture) and buildings ecessary for the business (plants, ho- be owned by foreign investors. + Private personal ovmership (houses, ..) is subject to the prior authorization of the gover nor oftheregionwhere the property is located. Investment framework Commercial activities and franchising Commercial Activities |= From legel point of views, commercial activities are restricted for foreign entities and persons. ° In this respect it is required from foreign entities and persons to obtain a "Trade Card” commonly called "Carte de Commercant”to be entitled to cary outsuch kind of activity in Tunisia itis a specific authorization from Ministry of Commerce. = Commercial activities such as distribution, advertising...) require that: + Atleast 50% of share capitalis held by lacal partner + Managementis assured by Tunisian nationals. Franchising > The lawr no, 2009-69 of 12 August 2009 intraduced the franchise concept treated until that date on a case-by-case basis. > Franchise contracts need toindude provisions provided by lacal regulation and stil e- Quire pre-approval from Ministry of commerce, > Royalty transfer cannot occur as long as franchise contract is not approved by Tunisian Authorities. > Since the revolution there has been an acceleration in providing new franchises tointer- rational players espedally in the food and textile sectors. " Investment framework Current Tunisian Incentives ' The 1993 Investment Incentives code is the main point of reference, both for domestic and foreign investors. > Itgovems most activities, with the exception of certain sectors such as finance, mining and energy, which are covered by specific legislation. => The most importantincentives are related to: + Exportation which is subject toa reduced tacrate of 108% starting 2014 and compa nies established before that date could benefit fiom a full exemption of 10 years in addition to the VAT exemption + Regional Development Zone investments which could benefit from 10 years Full exemption then mare 10 years 50% exemption + Agriculture: benefit from full exemption for a period of 10 years + All activities related to industry, services, culture, energy, tourism... could bene- fit from a lot of incentives related to customs duties exemption on their imported equipment needed for their investment and a reduced VAT rate of 12% or the exemption from VAT on their purchases of equipment locally «The State could bom the employer contribution to the Tunisian social sacurty fora limited period that could reach S years. Tunisia has planed subsequent deep reforms ‘> With the support of the World Bank there aretwo on-going studies intending to moder- nize both the investment legal framework and the tax system. ‘> The expected investment legal framework aims to bring move flexible rules to register and conduct business in Tunisia by: ~ Cutting down as much as possible the ‘negative’ list of activities needing authori- zation + Simplifying the investment launches and business sat up + Matching the incentives with efficiency and added value ofthe project The expected reform of the tax system aims tohhave : + More transparent system + Less complicated procedures + Falrtax cost + Effident tax collection. aE Microsoft Growing the startup ecosystem in Tunisia: A commitment led by the private sector The new Tunisia has witnessed a remarkable transformation towards a more open business climate driven by:unexplored potential markets, new and varied investment opportunities, and a developing entrepreneurial culture inspired by neve ideas. ‘Assuch, this new context has Iedtean explosion of innovation from Tunisian entrepreneurs as they seize the unprecedented opportunity to innovate, take risks and create their oven businesses. In order for new startups tathrive and create real econo- value, the private sector hasan important roleto play in investing inand supporting these startups so that contributions are both impactful in terms of growth and sustainable in thelr success. A Growing Ecosystem \We aresstarting to witnessthis engagement of the private sector through initiatives led by ICT industry champions like Microsoft, Tunisiana, and Vermeg. These complementary programs allow a start-up to grow from an idea te implementation through access to training, coaching, technology, networks, and funding. AT Microsoft, our priority has always been to enable the creation and development of new start-ups as an engine for inno- vation and job creation throughout Tunisia. In recent years, the Microsoft innovation Center has hosted the Annual Start-up Program dedicatedto providing 10-15 IT starts-ups ith one year’ worth of incubation services to ensure that they are mar- ket-ready by graduation, Bisspark is our online global platform that offers young companies access to all Microsoft software and development tools at no-cost forthree years: Lastly, our Build Your Business curriculum, designed in partnership with leading international organizations, allows mirco and small entrepreneurs throughout the country to transform a simple idea +o a valid business model. With the support of the Micresoft4Afrika Initiative launched in 2013, we are taking these programs furtherto invest in skills, access and innovation across borders. Rising Stars ‘These initiatives have led to successstories such as: + Saphon Energy:a revolutionary clearetech company reinventing the way we hamess wind energy through a patented, bladeless wind turbine; + Chifeo:creators of the inner! boxthat allows ane to monitorand manage energy consumption in real time through a mo- bile and web application; + Disrupt Ckedlesigners ofa second-screen application thatallows a consumer to identify and purchase products seen in video content and; + Grant Fit architects of a mobile application that aims at reversing the strategy to deal with type 1 diabetes by adapting insulin injections according to meals. Soon these technologies will be more than just local success stories, and will take their place on the intemational stage Microsofts commitment to investing in the local startup ecosystem isa testament to the potential of Tunisian talent to create lobal innovation. We irwite the private sector, bath local and intemational, to take partin this exciting entrepreneurial revo- lution and support tomorrow's global success story. Tax Legislation «vs Corporate Income Tax = Alllimited companies, limited partnerships and co-operatives are subject to corporate income tax at the rate of 2505 on their profit generated in Tunisia. This is the standard rate of corporate income tax applicable on benefits reslized starting 2014, Branches of foreign companies are assimilated to private Limited Liabilities Companies ‘= Financial institutions, oil companies and telecommunication companies are taxable at arate of 35%. ' For certain income such as export earnings the rate will be 10%starting from 2014, = The minimum corporate income taxis of 0.2% of the total annual grosstumaver of IND ‘S00 whatever is higher Entities have to pay their taxin three installments each represen ting 30% ofthe total corporate income tax liability during the last year. Tax installments are payableduring the 28 first days of thet, @* and 12* months respectively. "= Dividends paid for legal entities residentor established in Tunisia are exempted from ad- ditionaltax. However, dividends paid to entities that are neitherresident norestablished in Tunisia aresubjecttoa final withholding tax atthe rate of 5%, Capital gain and interests taxation for non resident entities > Paid interests are subject to a final withholding tax at the rate of 20% unless a reduced rate is provided by the relevant tax treaty. In case the beneficiary is a bank the rate is reduced to 59%, = Capital gain related to the disposal of real estate property made by foreign entities neither resident nor established in Tunisia is subject to a withholding tax at the rate of 11596 levied on the selling price. Seller after presentation of support documents, can opt for taxation at 259 of the capital gain. > Capital gain elated to shares made by foreign entities neither resident nor established in Tunisia is subject to a withholding tax at the rate of 2596 levied on the capital gain amount without exceeding 5% of the selling price. a Tax Legislation ; The New Reform Determination of Taxable Income = Common accounting methods (Tunisian accoun- ting principles) are used to determine the taxable income, > Provisions are deductible, under some condi- tions, up to 50% of the taxable income. In some sectors like (financial services), deductible provi- sions ate up to 100%. = Inventories area evaluated at cost or realizable net value whichever is lower. % interest fiom foreign currency investments is deductible from taxable income. Interests on re- ceived loans are fully deductible. ‘= Interest on shareholders deposits are deductible from the taxable income provided that the inte- rest rate does not exceed &%levied onan amount equal ta a maximum of 50% of the share capital amount. ‘= Dividends received from Tunisian companies are deductible from the taxable basis. = Losses recorded during a business year using Tu- nisian accounting principlesis deducted uptesthe fifth following year. Deferred depreciation in defi- sit periods are indefinitely carried forward. Depredation/Amortization maximum deductible Tax Legislation Value added tax (VAT) = industrial activities are generally subject to WAT. Other activities subject to VAT include professional services, wholesale trade, and retail trade, exchuding foods, medicine, phar- maceuticalsand products subject to administrative approval tris. =} Agriculture & fish products are VAT exempted. => The following are the WAT rates in Tunisia: + Standard rate: 189 for most of goods and services, “Transportation, services rendered to hotels, services rendered by hotels, IT services, fees and some other limited supplies: 12% + Activities caried out by doctors, materials and supplies for pharmaceutical products and certain otherlimited supplies: 6% "> Certain goods and services are exempt fom VAT such as supplies of philanthropic asso- ations, school education, aicraft transport services and maritime transport. Other applicable taxes => Real estate acquisitions are subject to stamp duties at the rate of Sti on the purchase price (induding VAT).In addition, a real estate ‘property duty” of 1% on the purchase price (including WAT) is applied. = Vocational Training Tax (TFP) and Housing Tax contribution (FOPROLOS} are respectively applied at the rate of 2% and 196 levied on the total gross wages including bonus and benefit in kind. Manufacturing sector has reduced TEP rate of 1%. = Local collectivity Tax (TCL) is due at the rate of 0.2% levied on the salesin the domestic market and at the rate of 0.1% levied on the exported sales, Double tax treaties IE) amrels)-1ee ane) The New Reform Personal Income Tax |= The basisof personal income tax indudes revenues from commerce and industry, non¢trading professions, agricultural and fishing activities, land income, dividends and interest from the detention of securities and bonds, wage, salaries, pensions and life annuitiesare lable for personal income tax. Deductions and allowances are applied when calculating taxable income. ‘= Tax payer hasto compute his tax liability file taxcreturn and pay taxaccordingly on a calendar year basis. {= Revenues from foreign-source realized by individuals and which were subject to tax paymentin the country of origin arenot taxableiin Tunisia. ‘= starting 2015, dividends distributed by Tunisian companies are subject toa final withholding taxat the rate of 59% for residents or non-residents individuals. ‘Taxation of individuals is made according to the following schedule: and interests taxation for non resident indi Capital g uals "= Paid interests are subject to afinal withholding tax at the rate of 20% unless reduced rate is provided by the relevant taxtreaty. ‘=> Capital gain related to the disposal of real estate property made by non resident persons is subject to taxation at the rate of 15%6if the period of detention is less than 5 years and 10%sif more. ‘= Capital gain related to shares made by non resident persons is subject to a withholding tax at the rate of 10% levied ‘on the capital gain amount without exceeding 2.5% of the salling price, Tunisia, has entered into double tax treaties with than 50 countries Since the seventies Tunisia hac started to conclude double tax treaties with mast of countrias and the networkcertinue to tow year after yearin order to facilitate the establishment of investorsin Tunisi Sample of countries having entered into double tax treaty with Tuni Algeria Austria Belgium Gameraon Canada Denmark Egypt France Germany ttaly Jordan Korea (South) Kuwait Morocco Netherlands Norway Qatar Romania Senegal Spain Sweden Switzerland Turkey UAE UK USA. -lealaac Tunisia has concluded a double tax treaty with the US since 1985 and has entered in force in 1990 Royalties: a rate of 10% on eq 15% for other royalties, ment rentals and payments for technical studies and technical assistance and a rate of Interests taxation shall not exceed 15% percent of thegross amount of the interest, And Interest shall be exempt fram tax if the loan ie granted by the State, apolitical subdivision or local authority thereof; arifit is granted by a bank or similar financial institution with respect to an obligation having a maturity of at least 7 years; Dividends: rate shall not exceed (a) 14 percent of the gross amount of the dividends if the beneficial owner is a compary (other than a partnership) which owns directly at least 25 percent ofthe share capital of the company paying the divi- dends; b) 20 percent of the gross amount of the dividends in all other cases.) Nevertheless, since domestic withholding tax rate on dividends (starting 2015) is of 5%, itisthis latter rateto beapplied. With regard to the Tax reliefthe income tax paid to Tunisia is used as credit against the US taxon income, Sure: USATunicn double ax testy Stock Market & Finance place The New Reform Stock Market | The main indicators of activities of the Tunis Stock Exchange have raised strongly in February 2014 following the gradual recovery of the investors confidence in the market, after the completion of the constitutional and governmental process. “=> The Tunisian Exchange Stockwas crested since 1969.ndiis counting more than 60 listed stocks, = Twelve new companies have been admitted within the Stock market during 2013, the highest number ever, ‘= The Financial Market Council, as market requiator, oversees the protection of the inves- tors and the goad funetioning ofthe Stock Exchange market, Financial Sector = The Tunisian financial sector is dominated by banks, with assets equal to about 115 percent of GDP As of March 2014, there are 22 onshore banks induding 9 foreign-owned private banks. => More than half of total bank credits is granted to the industrial, trade, and tourism sec- tors => Themonbani financial sector is relatively smell with 19 insurance companies primarily focused on nonlife activities. Accounting and Auditing Accounting GAAPs "5 Tunisia Law on the Enterprise Accounting System in 1997 enabled Tunisia GAAPs and creates greater harmonization with the earlier version oF IFRSs. ‘> Usted companies must prepare financial statements in accordance with Tunisia’ GAAPS and submit copies to the Financial Market Council (CMF). ‘> Financial year is generally the calendar year and a¢counting records are required to be maintained in Tunisian Dinar. Derogation to these two rules could be granted by the Ministry of Finance, = Accounting records and supporting documentation have to be retained for at least 10 years. Auditing requirements ‘The Institute of Chartered Accountants (OECT) is the main professional accountancy body established since 1988. The OECT adopted the ISA of IFAC in addition toits Code of Ethics "> Joint stock companies should appoint, compulsory, a statutory auditor since the frst year of incorporation. However, private LLC companies do not require a statutory audit for their first year of incorporation. Starting the second year, a statutory auditor is ap- pointed only fat least two.of the following criteria are met (Total assets >= 100 0O0TND; Total revenue >= 300 000 TND; Total employees >= 10} 5 No statutory auditor is required for branches Flexible employment rules Basics of The Social Security System 5 Every individual working in Tunisia should have local social coverage. ‘=> Exemptions from local contributions can be granted to expatriates either in view of totalization agree mentor as per specific Tunisian legislation such as for hydrocarbon or for fully exporting activities. seam ay — uw ® urity legisl. Labor Law "= Tunisian labor law authorizes the use of interim ser- vices instead of direct hire, => Temporary employment contracts are possible and could be renewed up to4 years and probationary pe- riod could reach 12 months = The standard working volume provided by labor law is of 48 hoursa week Neverthelass, 40 hoursis a common practice especially in services > Sunday is the rest day. eo vol _ yn Bcc on DP 7. 4... Totalization Agreements Social Contribution rates Exchange regulation Basic principles & Restrictions = The Tunisian currency*Dinar“is not yet fully convertible, which explains some of the res- trictions that are still existing +The following are freely transferable: * Vendor invoices that ate related to operating activities avr material, equipment, ser- vices.) + Net real proceeds and the capital gain from sale or liquidation of participation as faras initial share capital (and increases) where financed by foreign currency. * Totally exporting entitics,oil &egas ones and foreign entities that registor to carry out spe cific contractsare authorized to freely hald and manage foretan currency bank accounts, + Non resident entities with regard to exchangeregulation are not obliged to repatriate their proceedsinto Tunisia, + Expatriates have the right to transfer abroad up to 10086 of their salaries eamed in Turis = Social security contribution rates are like follows: = Employer contribution: 16.57% of gross salaries and wages ‘= Employee contribution: 9.1896 of grass salaries and wages ‘= Work accident contribution: from 0.5%6to 5.2 % of gross salaries and wages depending on the activity sector Laws protect privacy and copyrights Increasing Protection '= Tunisia is a memberof the World Intellectual Property Organization (WIPO).The country has signed the United Nations (UNCTAD) Agreement on the Protection of Patents and Trademarks The National Institute for Standardization and Industrial Property (INNORPI) is responsible for patents and trademarks. Foreign patents and trademarks have tobe registered with INNORPL > The country’s patent and trademark laws cover owners duly registered in Tunisis only. The updated legislation currently meets the requirements of the WTO agreement on Trade-Related aspects of intellectual Property (TRIPS). the Tunisian Copyright Pratec- tion Organization (GTPOA is responsible for copyright protection in the country. This re- presents foreign copyright organizations alsa. In cases of suspected copyright violation, customs officials can inspect and seize goods. ‘= The amended Tunisian Copyright Law No. 2009-33 of 23 June 2009 coversliterary works, art scientific works, new technologies and distal wrks. ‘> Despite the intellectual property protection being in its infancy, Government is making conscious efforts to create awareness among the public and enhanced its enforcement efforts. Enhanced Legislation ‘= The right to the protection of personal datarelated to privacyis one of the fundamental rights guaranteed by the Constitution. ‘=> The State is engaged to protect the privacy, correspondence, communications and per- sonal data, |= Personal data refers to any information whatever its origin or its means relating to an individual who can be identified, directly or indirectly, with the exception of any infor- mation related to public life or considered public life by lave. “=> Protection of personal dats has been enacted since 2004. Immigration No entry visa for Americans Entry visas '= Foreign nationals must obtain entry visas from Tunisian embassies or consulates. Never- theless, thisis not required for many nationals such as from European Union countries, USA, UK, Switzerland, Japan and citizens of countries that have signed treaties of reci- procity with Tunisia 5 Nationals of France and the Union of the Arab Maghreb may enjoy certain special work and residence privileges Residence permits "= Foreign nationals intending to stay in Tunisia for longer than three continuous months must apply to the Ministry of the Interior for residence permits. ‘> Residence permits are usually granted to foreign nationals who obtain work permits. A residence permit is usually vad for one year and may be renewed after an employee secures a renewed work permit. Workpermits Foreign nationals wishing to workin Tunisia must cbtain work permit before beginning employ- ment. The Ministry of Training and Emplayment requires specific documentation before permit- ting a foreign national to workin Tunisia. The ministry ensuresthat all employment opportunities are made available to Tunisian citizens before offering employmentto foreign workers. Meverthe- less, totally exporting companies can recruit up to 4 expatriates without prior authorization but ‘through simple information, Dispute settlement and arbitration Easy doing business Arbitration Main legal forms Easy Business Registration "= Tunisia has established the arbitration procedure officially since 26 April 1993, by pro ‘= The most common forms of legal companies are: =} A limited liability company can be registered wit- mulgating a code largely inspired from the Model Law of the United Nations Commis- hin 1-day. sion for Intemational Trade Law (UNCITRAL}. “> The development of domestic and intemational arbitration, is considerably used as a +No minimum share capital amount is required rratural and flexible mean of resolving disputes likely to arise between economic ope- Atleast 2 shareholders rators. = Its also possible to register a branch of a foreign + Share capital has toe fully paid-in at theset-up company in Tunisia. The branch can operate as such indefinitely and does not need to: be converted to a company. > Main requirements for Joint Stock: tion, Tunisia is a member of the intemational Center for the Settlement of Investment FS Se arenes Disputes and isa signatory to the 1958 New York Convention on the Recognition and Be aE eens Enforcement of Foreign arbitral Awards. Senarescaid ras ERs niartthera ‘= Tunisian legal system is based on French civil law system and Islamic law. It provides adequate means to enforce property and contractual rights. Although the Tunisian constitution guarantees the independence of the judiciary institutions, ‘= Private Limited Liability Company; = Joint stock company, also refered to as 2 Public Limited Liability Company. 1 Main requirement for LUC: ‘= The contracts for trade and investment projects should always contain an arbitration = A Joint Stock companys registered within 15 days clause detailing how eventual disputes should be handled and the applicable jurisdic- => The Tunisian Code of civil and Commercial Procedures does allave the enforcement af foreign court dedsions under certain circumstances. ieeces de study lenioaes (2013) Egynt I 109 Source: orld Group, Doing Business 2012 aE) cnc Bitte ele) re] business compared to 189 Pte Ted 2 2 Easy doing business Main steps to register entities 1 the procedures to start a company are done at a one-stop shop that gathers all the concemed administrations Involved in that process, 2 the one-stop shop thats located.n the Agency for Promotion oFIndustry and the Innovation (API) recelvesallthe formalities required toset-up a company. Services ae avalable toTunisten and foreign promoters, etherresident ornonresident. 3 A declaration of investment has to be submitted at the one-stop shop at APIL a mechanism dest nated to facltate administrative and legal formalities Fy the aptt one-stop-shops rapidly allow for companies incorporation, They arg stafed with oficial representatives of the Following institutions» +The office where 6 company legal establishment is registered: articles of incorporation. r=- ports and administrative bodies resolutions +The tax offices where tax identification cards are issued +The court clerks office where registration numbers are given to companies + The Customs Authority General Management where customs registration numbers for companies and necessary cards are issued. +The State printing office for publication on the Official Gazette Al The Agency for Promotion of Industry and Innovation 63, rue de Syrie 1002, Tunis-Beluéde Tek: 216) 71792144 Fave: (216) 71 782482 e-mail :api@apicom.in web: wnvatunisianindustry.natitn AMCHAM TUNIISIA Tunisian American Chamber of Commerce ‘Avenue Mosbah Jarbou, Rue 7116 Manar I= 2092 Tunis Tel: (216) 71 883226 Fax: (216) 71.88 9820 mail:executivedirectonatacc.orgin web: wawamchamtunisiaorg in CEPEX The Export Promotion Center Centre Urbain Nord, 1080, Tunis Tel: (216) 71 224200 Fax: (216) 71 237 325 e-mail :infogcepexnat.tn web: wwvacepexnatin NSS The Social Security National Fund 449, avenue Taleb Mhiri1002 Tunis-Belve- dere Tel: (216) 71.796 744 Fax: (216) 71 783.233 e-mail:cnss.dg@emalLtitn web: wwwaenss.natin CUSTOMS The Customs General Di Rue Asdrubal 1002 Tunis-Lafayette: Tek: 216)71 799 700 Fax: (216) 71 791.644 e-mail :breadouane.gov.tn web: wwew.douane.gov.tn INORPI Standardization and Industrial Property n°B ruede assistance, Alain Savary 1003 Cité- El Khadra Tel: 216171 806 758 Fax: (216) 71 807 071 e-mail :innorpigplanetin web: vaw.innorpi.tn OTPDA The Tunisian Copyright Protec- tion Organization 227, nae Mikhadl Nouaima 1005 Tunis-El Omrane Tol: @216)71 840668 Fax: (216)71 847 125 25 rue Hédi Nowira BP 777, 1080 Tunis Cedex Tel: @16)71 340 588 Fax: (216) 71 254 214 e-mail :boabetgoun web: wewbetgovin oxla NOTES He NG FINANCE . 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