In order to be eligible for the benefits that come with making foreign investments in Algeria going forward, those investments will now be required to be registered with the Algerian Investment Promotion Agency.
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A recently adopted piece of law known as “Presidential Decree No22–296” was responsible for giving birth to the Algerian Investment Promotion Agency specifically for this purpose.
According to the law, everything that is associated with the registration of foreign investments in Algeria (including the transfer of such investments) will be carried out through a one-stop shop that will be established by the Agency or via the digital platform of the investor by submitting an application in accordance with the prescribed forms.
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The investor or the investor’s representative is required to register the investment themselves or have it registered on their behalf using a power of attorney drafted according to the prescribed forms.
In line with the stipulations of the legislation, the registration of start-up investments is contingent upon the presentation of a valid form of identification either by the investor himself or by his agent who has been appropriately delegated authority.
FOR THE FULL TEXT OF THE NEW LAW CLICK HERE.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexpert