For most people, Tunisia is only associated with a beach break and a visit to the ancient ruins of Carthage. But today the North African country is working hard to develop the start-up industry.
Tunisia's economic base for many years is tourism and agriculture. However, because recently, the authorities in the country have been very interested in the development of technology business. Over the past two years, Tunisian officials have been actively consulting with entrepreneurs, investors, and community leaders. The result of the discussion was a unique adoption of African legislative action - a special law on start-up, Quartz said.
In it, Tunisian lawmakers try to formulate criteria in which a company can be called a beginning. In total, 5 points obtained: the company should not be more than 8 years; In it should work no more than 100 people; founders, angel investors and hedge funds must have more than two-thirds of their shares; it should work on an innovative business model (based on modern technology); and, ultimately, its activities should contribute to economic growth.
Startups that meet these five criteria will benefit significantly. In particular, the law promises their assistance in attracting financing and obtaining an international patent, and is also exempt from paying income tax. In some cases, the founders of the company can even calculate the salaries to be paid at the expense of the state budget.
After a wave of riots and revolutions hit many Arab countries (including Tunisia) in 2011, the economy of Tunisia is experiencing difficult times. Making bets on start-up development, state authorities hope to tackle poverty and high unemployment. But one law alone is not enough for this.
According to the American non-governmental organization Freedom House, state-owned Tunisia is "partially free," whereas for business development (primarily focused on digital technology), greater freedom is required.
In addition, Tunisian entrepreneurs face the same problems as their counterparts from other African countries: bureaucratic red tape, elaborate tax systems and financing difficulties. Even in Nigeria, the continent's leading economy, there are ancient laws - for example, in this country banned crowdfunding, and very difficult to use drones.
With regard to start-up industry development, Tunisia is still very far from South Africa, Nigeria, Kenya and Egypt. But if the state authorities do not limit themselves to adopting a single law and can create a lucrative business atmosphere, Tunisia will have all the chances to approach African leaders from the newly started industry.
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