Tunisian Exchange Law - Transfert abroad by resident commercial corporations

Pursuant to the provisions of Article 1 of the circular N°93-16 (as amended by the circular N°2005-03 and the circular N°2007-01) relating to foreign loans resident companies may for the purpose of their activities, obtain foreign currency loans or other forms of financial assistance such as obtaining buyer credits, supplier credits, bank credits, leasing, partner's current accounts, etc. from non-residents of up to 3 million TND per calendar year. Additionally, resident companies may for the purpose of their activities obtain any financial products or derivatives from non-residents in order to hedge currency risk or interest rates or to guarantee the loans from the non-residents.

Resident companies are entitled to contract with non-residents for foreign currency loans up to 10 million TND and any derivatives related to such loans, on the condition that these companies:

(a) are subject to voluntary assessment by a rating agency chosen by the Central Bank of Tunisia for public notation (currently these rating agencies are Fitch Ratings, Rating & Investment Information (R&I), Standards & Poor's (S&P) and Moody's); or

(b) such companies are listed on the Tunisian stock exchange.

Furthermore, Article 2 of the Circular n°2009-09 of 14 May 2009 of the Central Bank of Tunisia relating Authorized Intermediaries, provides that resident exporting companies can transfer abroad, in the line with their foreign currency turnover from the previous financial year (which must not be less than fifty thousand dinars (50,000 TND)), the following capital acquisition amounts:

[Exchange value of the turnover in currencies previously declared to the Tax authorities (in TND)]	Capital Acquisition ( in TND)
From 50,000 to 100,000	100,000
From 100,001 to 300,000	200,000
From 300,001 to 600,000	300,000
From 600,001 to 1,200,000	600,000
From 1,200,001 to 2,500,000	800,000
Upper than 2,500,000	1,000,000

The mentioned companies financing the above stated capital acquisition through the debit of their professional accounts in foreign currency may carry out transfers abroad, in this respect within the limit of 3,000,000 TND per year regardless of the type of investment and of the foreign currency turnover of the company.

Funds available in professional accounts for financing capital acquisitions shall be fully available in the account when the transfer abroad is carried out.

Non-exporting resident companies or those having recorded foreign currency turnover of less than 50,000 TND can transfer abroad annually:

[Exchange value of the turnover in currencies previously declared to the Tax authorities (in TND)]	Capital Acquisition ( in TND)
From 150,000 to 300,000	100,000
From 300,001 to 900,000	200,000
From 900,001 to 1,800,000	300,000
From 1,800,001 to 2,700,000	400,000
Upper than 2,700,000	500,000

According to the provisions of Article 1 of Law No. 76-18 dated 21 January 1976 which relates to the reform of the Exchange and Foreign Trade legislation as amended by Law No. 93-40 of 3 May 1993:

“the transfers relating to abroad payments are free from restrictions if they are related to current transactions in accordance with the Tunisian legislation governing the aforementioned transactions, or to the Real Net Product of the transfer or the liquidation of the invested capital by means of an importation of currencies even if this product is higher than the capital initially invested. ".

Pursuant to the above-mentioned Article 1, any export of capital and all operations which may arise out a transfer, as well as any compensation between debts with foreign countries are subject to the prior authorization of the Minister of Finance given after consultation with the Central Bank of Tunisia.