For Tunisian startups, the country has long been a paradoxical space: a fertile ground for innovation shackled by restrictive financial regulations. But a recent legal change, allowing residents to open foreign currency accounts without the Central Bank’s prior approval, has rekindled hopes for an easier path to international expansion. However, the measure also raises questions about whether it goes far enough to address systemic barriers.
The new provision, part of the 2025 finance bill, enables Tunisian residents to open foreign currency accounts through authorized intermediaries without needing approval from the Central Bank of Tunisia (BCT). These accounts can be funded by transfers from foreign currency accounts, convertible dinars, interest earned under specific conditions, and even the annual tourist allowance.
But the Central Bank isn’t giving up control entirely. Cash deposits are forbidden, and accounts must remain in credit. Any interest generated will be taxed at a symbolic rate of 0.01%. The Ministry of Finance opposed the measure, citing concerns over potential abuses, but the Finance Committees of the Assembly of People’s Representatives and the Council of Regions and Districts pushed it through.
Proponents argue this move could simplify currency access for startups and individuals, but skeptics say it’s a small step in a marathon of regulatory reform.
Startups vs. the Currency Conundrum
For years, Tunisian startups have struggled with the country’s rigid currency regime. The much-lauded Startup Act offers benefits like monetary grants, patent cost incentives, and access to the Tunisian Startups Guarantee Fund for financial turbulence. But one critical promise — facilitating foreign currency accounts — has proven nearly impossible to deliver in practice.
“Going international for a Tunisian startup is almost impossible,” laments Yahya Bouhlel, co-founder of GoMyCode, a Tunisian edtech startup now operating across Africa and the Middle East. “The startup label gives us the right to a foreign currency account, but getting one approved by the BCT can take months.”
Bouhlel’s frustration indicates a broader systemic issue. Tunisian startups need foreign currency to expand globally, but navigating the labyrinthine approval process has left many seeking workarounds.
GoMyCode took matters into its own hands by setting up its headquarters in the Netherlands. The choice was pragmatic: the Netherlands offers a business-friendly environment, streamlined bureaucracy, and no discrimination against foreign shareholders. This strategic move allowed GoMyCode to raise funds in euros from investors in Dubai, the UK, and France, bypassing Tunisia’s currency constraints.
Despite its foreign base, GoMyCode maintained its Tunisian identity through a branch registered locally under Tunisian Companies Law. This dual structure enabled the startup to channel international funds back into Tunisia, where it now operates a training center in Tunis and branches across eight countries, employing over 85 full-time staff and 150 part-time trainers.
The latest amendment relating to ownership of foreign currency accounts is a step in the right direction, signaling a willingness to address long-standing issues facing Tunisian startups.
Whether this legal tweak marks the beginning of a new era or a fleeting attempt at reform will depend on its implementation — and the willingness of Tunisia’s institutions to adapt to the demands of a globalized economy.
