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Welcome to Morocco, dear international investors! Congratulations on taking the bold step of setting up your company in our vibrant and opportunity-rich country. Now that you’ve laid the groundwork by registering your business, there are a few important steps you’ll need to follow to keep everything running smoothly and in line with Morocco’s regulations.
Let’s dive into a simple guide on what you should do next after your company registration is complete.
The first step after setting up is to open a bank account in the name of your company. This operation is essential for financial management and will be used to carry out all commercial transactions.
Once the bank account is operational, you must deposit the share capital. For foreign investors, this operation can be carried out from abroad. This is an important step that demonstrates your commitment and the solvency of your enterprise.
After depositing the capital, it is imperative to inform the Moroccan Foreign Exchange Office of this operation. This ensures that your business complies with Morocco’s exchange control regulations.
If your activity is subject to authorization, you must obtain the necessary licenses before starting your operations. This step can vary depending on the sector and often requires specific procedures.
It is strongly recommended to entrust the accounting and tax compliance management of your company to a chartered accountant. This will ensure compliance with Moroccan accounting standards and tax laws.
If you plan to hire employees, consult your chartered accountant to implement the necessary measures to comply with Moroccan labor regulations. This includes employment contracts, social declarations, and other legal obligations.
Your company must declare and pay VAT quarterly during the first year. Subsequently, if your annual taxable turnover exceeds 1 million dirhams, you will switch to a monthly declaration.
At the end of each fiscal year, typically December 31, you have three months to close the accounts. For an LLC, this responsibility falls on the manager.
Within three months following the end of the fiscal year, your company must file its tax return, including financial statements and appendices. A corporate tax payment may be required, with significant penalties for late submission.
No later than six months after the end of the fiscal year, an ordinary general meeting must be held to approve the accounts. Shareholders may decide to distribute dividends or reserve them. Minutes of the meeting and financial statements must be filed with the Commercial Court within 30 days.
If dividends are distributed, the company must apply a withholding tax of 10% (rate applicable until 2026, unless a more favorable rate is specified by a double taxation treaty). This withholding must be paid to the tax administration within one month after distribution.
By following these steps, you will not only ensure your company’s compliance with local regulations but also lay the foundation for healthy and successful management in Morocco. Welcome to the Moroccan entrepreneurial adventure!
Navigating through the Moroccan regulatory and tax landscape can seem daunting, especially for foreign investors. At BH Adviser, we understand the challenges this poses and are here to support you at every stage of your company’s development in Morocco.
Our team of chartered accountants and tax advisors offers personalized support to ensure your business not only meets all legal and tax obligations but is also positioned for sustainable and successful growth. From setting up your initial accounting structure to managing tax declarations and optimizing your tax burden, BH Adviser is your trusted partner.
We pride ourselves on our local expertise and tailored approach that meets the specific needs of each client. Whether you are just starting your entrepreneurial journey in Morocco or looking to optimize the operations of your existing business, we are here to assist.
Interested in learning how BH Adviser can turn regulatory and tax challenges into opportunities for your business?
Contact us today for a personalized consultation. Let’s explore how we can support your success in Morocco. Visit our website or directly reach out to our team to start your journey towards entrepreneurial success with confidence and clarity.
