Company Formation in Morocco
Why Company Formation in Morocco?
Morocco is one of the most active cities in the continent of Africa blessed with a strategic location that is well connected to three of the main European cities. There are many reasons as to why Morocco is a desirable destination to carry out business activities. Morocco has a well-educated and flexible workforce, business-friendly laws and regulations, a stable political environment and infrastructure that supports trade and efficient movement of goods.
While many countries grappled with the global economic downturn in 2009, Morocco proved resilient to the crisis and expanded by more than 4%. In the same time, unemployment fell to 9.1% even as foreign demand slid and capital transfer slowed. This was largely due to strict control on currency exchange and the capital market limited interrelation with the world economy.
Among the UE; France and Spain assume the most prominent roles, in parts due to their colonial legacy and proximity. Some 500 French companies have established subsidiaries in the kingdom, employing more than 1, 14,000 people and ten thousands of French citizens have taken up residency in the country. Hundreds of Spanish businesses operate in the country making it the second largest supplier of Moroccan goods. Furthermore, Morocco enjoys good diplomatic ties with the US.
Procedure to Incorporate a Company in Morocco
- Reserving a company name with the CRI (Centre Regional d’Investissement)
- Obtaining a stamp duty from the Municipal Council
- Declaration of Fiscal Existence
- Legalisation of Legal Books
- Registering with the Ministry of Finance for patent tax
- Deposit of bylaws and registration at the Tribunal of Commerce and the company registrar
- Social Security Affiliation (CNSS Registration)
- Official Gazette Announcement, one in legal journal and other in the official bulletin
- Opening a bank Account
- Obtaining a declaration with the Ministry of Labour in Morocco
- Filing an incorporation deed to register with the registrar of Companies at the CRI
Requirements for Business Set up in Morocco
- Minimum 1 Shareholder (any nationality)
- Minimum 1 Director (any nationality)
- Registered Office Address
- No minimum share capital requirement
- Complete application form (certificate négatif) available at CRI
- Proof of payment of stamp duty
- Notarized and Apostilled copies of Certificate of Incorporation, Memorandum & Articles of Association, details of directors and shareholders of the company
- Copies of the Shareholders passport
- Certificate from the bank stating the share capital has been deposited
- Checking for name availability and reserving the same
- Drafting the Articles of Association / Statutes
- Preparing the documents and registering with the Ministry of Finance for Patent tax and with the tribunal of Commerce and for social security and taxation
- Common seal and legalising company books
- Certificate of Incorporation
- One year registered agent service
- Publishing on a newspaper (as required by law)
- Publishing on the official gazette (as required by law)
- Delivery of documents by courier
- Service for local registered address
- To arrange the appointments with the Local Bank for opening of a corporate Bank Account
- One set of certified true copies for opening of Bank Account
It generally takes about 10 – 12 days for company formation in Morocco.