With the advent of the digital age, many countries have decided to take the bold step toward startup ideas knowing the colossal benefit to an economy. In Africa, the Tunisia parliament after 2 years of deliberation has finally passed the ‘Startup Act’.

Image: menabytes.com

A bill which will drive the economy of Tunisia in diverse areas of endeavors, namely ecommerce, constructions, aviation etc by empowering Tunisian entrepreneurs to start and run their ventures.

Excerpts from menabytes.com

Backed by exemption for startups from corporate taxes for up to eight years, special custom procedures, exemption from capital gains tax on investments made in startups, up to one year of time off from their current jobs (for both private and public sector employees), and salary for up to three founders during the first year of operations.

The Tunisian startup community that has played a very active role in the legislation, has welcomed passing of the bill. Adam Chebbi, founder of a Tunisian startup Vynd, speaking to MENAbytes, said, “It is a great example of a collaboration between civil society, private and public sector.”

“The startup community was waiting for this legislation for years now and is very excited to see it become a law,” he added.

Below is a tweet from the Tunisian Prime Minister Youssef Chahed, about  the good news.