Investment in other financial services activities requires local incorporation. 
"TITLE II - MUTUAL INVESTMENT FUNDS (F.C.P)
Chapter I - Definition and purpose
Art. 13. — The mutual fund, hereinafter referred to as F.C.P, is a co-ownership of transferable securities whose units are issued and redeemed at the request of holders at the net asset value, plus or minus, as the case may be, fees and commissions. The F.C.P does not have legal personality.
[...]
Art. 28. — The manager of the FCP is a natural or legal person who manages the fund in accordance with the regulations and in the exclusive interest of the unitholders. It must have its registered office or residence in Algeria
[...]
TITLE III - COMMON PROVISIONS [...]
Chapter II - Asset Management
Art. 36. — The custody of the assets of an OPCVM must be ensured by a single depository institution separate from the S.I.C.A.V or the manager of the FCP, chosen from a list of legal persons drawn up by the Minister responsible for finance.
[...]
Art. 37. — The depository institution must have its head office in Algeria. [...] (Order No. 96-08 of 19 Chaâbane 1416 corresponding to January 10, 1996 relating to undertakings for collective investment in transferable securities (O.P.C.V.M) (S.I.C.A.V) and (F.C.P) [google translation])
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"CHAPTER 1 - AUTHORIZATION OF STOCK EXCHANGE INTERMEDIARIES
Section 1 - Definition
Art. 2 - The intermediary in stock market transactions designates any authorized intermediary who intervenes on the stock market to negotiate on behalf of his clients, or for his own account, transferable securities and other listed financial products and rights relating thereto [...]
Art. 4 - Commercial companies whose main purpose is intermediation in stock market transactions, as well as banks and financial establishments, can receive the approval of the commission, to carry out the activity of IOB.
Art. 5 - Companies, other than banks and financial institutions, requesting IOB approval must: [...] have their registered office in Algeria [...]" (COSOB Regulation n°15-01 of 15 April 2015 on the licensing conditions, obligations and supervision of stock market intermediaries [google translation])
Ordinance No. 96-08 of 19 Chaâbane 1416 corresponding to January 10, 1996 relating to undertakings for collective investment in transferable securities (OPCVM) (S.I.C.A.V) and (F.C.P) [google translation]
COSOB Regulation No. 15-01 of April 15, 2015 on the licensing conditions, obligations and supervision of stock market intermediaries [google translation]
[<a href="https://www.cosob.org/wp-content/uploads/2018/11/Recueil-de-textes-l%C3%A9gislatifs-et-r%C3%A9glementaires-MAJ-03-2018.pdf">Rules</a>]