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Here are the 20 measures the Tunisia Startup Act aims to promote
MAGNiTT News ventureburn.com - 2 years ago - Thu, May 31, 2018, 6:54 AM
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By Daniel Mpala / Ventureburn
SOURCE: Ventureburn - Here are the 20 measures the Tunisia Startup Act aims to promote
Tunisia’s news startup act — passed earlier last month — could propel the north African country to become the region’s next entrepreneurial hotspot. Here’s why.
The act (the Tunisia Startup Act) includes 20 measures that aim to encourage entrepreneurship, make it easier to start and end a business, as well as easier to access funding and international markets.
The act is structured around five main theme areas. These themes are: defining startups; encouraging entrepreneurship; creation of an environment that allows for the formation and liquidation of companies; access to funding; and access to international markets.
The law still needs to be applied to the various measures in the act.
Below, Ventureburn details each of the provisions of the act (taken from a document Ventureburn had sight of from Tunisia’s Ministry of Communication Technologies and Digital Economy).
Label and governance
The act defines a startup as any company that is: no more than eight-years old; has an annual revenue, and total balance sheet of less than 15-million Tunisian Dinar (about $6-million) and fewer than 100 employees.
The act also defines startups as companies that have an “innovative business model, and significant growth potential”.
The startup label will be assigned to companies by Tunisia’s Ministry of Communication Technologies and Digital Economy, based on the advice of a Labelling Committee. The committee will consist of 10 members including a president, five venture capitalist (VC) fund, and startup accelerator representatives, as well as two public sectors officials.
Companies that have secured funding from approved VC funds will be fast-tracked through the labelling process.