Algeria has eliminated initial public offering (IPO) fees for startups until 2028, a move aimed at boosting capital access for early-stage companies. The decision, announced by the Ministry of Finance in early February 2026, removes a financial barrier that has long discouraged small and medium-sized enterprises (SMEs) from listing on the Algiers Stock Exchange (SGBV). According to We Are Tech, the exemption covers all registration, listing, and underwriting fees typically charged by the Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB), the country’s stock market regulator.
The policy targets startups incorporated under Algeria’s 2022 Startup Act, which defines eligible firms as those under five years old, with annual revenues below 2 billion dinars (approximately $14.5 million) and fewer than 250 employees. The exemption aligns with broader government efforts to modernize the SGBV, which has struggled with low liquidity and a limited number of listed companies—just five as of 2025. The Algiers exchange’s market capitalization stood at 1.2 trillion dinars ($8.7 billion) in 2025, a fraction of the country’s $220 billion GDP, according to the 2023 Investment Climate Statements published by the U.S. Department of State.
Why the exemption matters for founders
However, challenges remain. The SGBV’s low trading volumes—averaging just 50 million dinars ($360,000) daily in 2025—may deter startups from listing, even with fee exemptions. Investor skepticism about Algeria’s business environment, highlighted by the country’s drop in the 2025 Index of Economic Freedom (ranking 165th out of 176 economies), adds to the hurdles. Morocco, by contrast, rose to 87th in the same index, reflecting its more open market policies.
The broader push to revive the Algiers Stock Exchange
State-owned enterprises (SOEs) are also being encouraged to list minority stakes. In January 2024, the government announced plans to privatize a portion of CPA Bank, Algeria’s largest public bank, though progress has been slow. According to The Africa Report, investors remain cautious due to concerns over transparency and regulatory uncertainty.
What the diaspora needs to know
The exemption also signals Algeria’s willingness to experiment with market-friendly policies, despite its reluctance to seek external financing. President Abdelmadjid Tebboune has repeatedly ruled out IMF loans, as reported by Asharq Al-Awsat in 2021, instead prioritizing domestic reforms to stimulate growth. The IPO fee waiver is one such measure, though its success will depend on whether it can attract enough startups to list and generate investor interest.
Key takeaway for entrepreneurs
💡 Starting a business in Algeria? GlobalStart guides you step by step: procedures, real costs, company forms (SARL, EURL, SPA) and CNRC registration.