Morocco is a country in North Africa which boarders the North Atlantic Ocean and the Mediterranean Sea. Morocco has capitalised on its close proximity to Europe and relatively low labour costs to build a diverse, open, market-oriented economy. Key sectors of the economy in Morocco include agriculture, tourism, phosphates, textiles and apparel. CompanyRegistrationsWorldwide.com provides an efficient, professional service in all aspects of company formation in Morocco.
Registering a company in Morocco – what is involved?
- All Moroccan companies must have a registered office in Morocco
- A bank account must be opened prior to the incorporation to provide evidence that the share capital of the proposed SARL has been deposited
- A minimum of one director is required
- Accounts do not have to be filed annually
- Minimum share capital of MAD100,000
- 100% of the minimum share capital must be paid up in advance
Setting up a Limited Liability Company (SA) – what are the main features?
- Limited liability companies (SA) must have a minimum of five shareholders who can be either legal entities or individuals
- The shareholders’ liability is limited to the amount of share equity the shareholder hold
- Upon incorporation of the limited liability company, a quarter of the equity capital must be paid in advance if paid in cash contributions
- If it is paid in contributions in kind, it must be fully paid upon incorporation
- Both bearer and registered shares may be issued by the limited liability company
- The minimum share value is 50 MDh
- The company has no corporate name but a trade name, and there are generally no restrictions on the sale and transfer of shares to third parties
Setting up a Private Limited Company (SARL) – what are the main features?
- The private limited company (SARL) is an intermediate type between associations of persons and of capital
- It is always a trading company, regardless of its corporate name and its minimum equity capital is 10,000 MDh
- It may be formed by two or more members who are only liable to the amount of their share of the equity capital in the company
- Unlike a general partnership, members of a private limited company do not need to be registered merchants
- The private limited company must file a memorandum of association as part of its incorporation process
- The capital stock has to be fully described and paid up as the company is formed
Setting up a Branch Office – what are the main features?
- The branch affiliate or subsidiary of a foreign corporation is regarded as a separate legal entity
- The Moroccan branch, however, has to disclose certain details regarding its parent-company, its representatives and its delegated powers
Setting up a Sole Proprietorship – what are the main features?
- Foreigners may establish in Morocco sole proprietorships
- In a sole proprietorship, the business is conducted under the responsibility of an individual personally liable for the debts of the business to the extent of all business and personal assets
- The business must be registered with the Commerce Registry and with the tax authority
Contact CompanyRegistrationsWorldwide.com for more information on setting up a company in Morocco.