Opening a Fintech Company in Morocco: A Comprehensive Guide

Morocco is recognized for its openness to foreign investment, holding the third position in
Africa in the World Bank’s “Doing Business 2019” ranking. Setting up a company in
Morocco is relatively straightforward, typically requiring just a few days to submit the
incorporation file and register a private or public limited company. This advantageous
environment enables both local and foreign investors to quickly commence operations and
concentrate on available business prospects in Morocco.

Incorporating a company necessitates thorough preparation and customized support to
mitigate potential complications during the procedure When starting a business in Morocco,
it’s recommended to conduct a preliminary study of the legal, social, and tax implications of
your project. For foreign investors to freely transfer profits generated by their investments,
the initial paid-up capital must be transferred in foreign currencies.

Step-by-Step Guide to Company Formation in Morocco

Choosing the Legal Structure in Morocco

Identify the most suitable legal structure for your Fintech company.

The two most common legal forms in Morocco are:

Limited Liability Company (LLC)

An LLC requires a minimum of two founding partners (except for single-shareholder LLCs). There’s no minimum share capital requirement, though a share capital of at least 100,000 MAD is preferable for credibility The director(s) of the LLC need not be residents of Morocco or shareholders in the company. An auditor must be appointed if the turnover
(excluding tax) exceeds MAD 50,000,000.

In this structure, shareholders possess negotiable securities (shares), and their liability for losses is limited to their

Obtaining a Negative Certificate contribution

Secure a negative certificate.

Signing a Commercial Lease or Domiciliation Contract

Execute a commercial lease or opt for a domiciliation contract. Domiciliation is a popular, cost-effective option, with 72% of new companies in Casablanca using it during their start-up phase.

Opening a Bank Account and Transferring Share Capital

Open a temporary bank account in a local bank to transfer the company’s share capital This step is mandatory for PLCs and LLCs with paid-up capital exceeding MAD 100,000. The bank will then issue a capital blocking certificate once the transfer is complete.

Drafting the Articles of Association

The drafting of the company’s articles of association is a critical stage in the formation of a company in Morocco.

Filing Incorporation Documents with the Regional Investment Centre (CRI)

Submit all incorporation documents to the Regional Investment Centre (CRI) in
the city where the company’s registered office is located. The documents include:

• Negative certificate.
• Final Articles of Association of the company.
• CRI single form.
• Copies of the identity cards or passports of the directors and shareholder
• representatives.
• Articles of Association and extract from the commercial register of the parent company, if applicable.

The CRI acts as a one-stop shop for company incorporation, bringing together services
from the commercial court, tax authorities, OMPIC, and CNSS.

The company is typically incorporated within one week to 10 days from filing professional tax.

• A declaration of existence issued by the tax administration.
• A certificate of registration from the National Social Security Fund (CNSS).
• Original copies of the duly registered articles of association.

The Trade Register issues the Model J extract within a week of the company’s constitution.

Completing Legal Publication Formalities

Complete the necessary legal publications in a newspaper and the official bulletin.

Submit a report of the foreign investment in Morocco to the Office des Changes to transfer dividends abroad.

Order a seal for your company and choose an accounting firm for bookkeeping and tax compliance.

Consider exploring resources such as the Morocco FinTech Accelerator (MFA) program by
UM6P, which supports early-stage startups in financial technology. This program empowers entrepreneurs with essential skills and connects them with a network of mentors
and investors.