Corporate banking options
Healy Consultants will be pleased to open a Morocco corporate bank account in Morocco, without our Client having to travel. See below for further information on our corporate banking services.
Morocco banking considerations
- The Moroccan banking system has continued to expand steadily with banks now having a total of 1,750 branches all across the entire Kingdom. Currently, the percentage of Moroccan citizens with a bank account stands at 55%, a proportion twice higher than in 2002;
- That being said, opening a corporate bank account in Morocco can be a lengthy and tedious process. Most banks in Morocco have poor customer service and take long to respond to customer inquiries. Documents that are in English have to be translated by the customer to the bank’s preferred language and sent to be verified by the banks legal department before the account opening process begins;
- There is also a language barrier for English speaking customers seeking to open a business bank account in Morocco, since the official languages are Arabic and Berber languages, and French as the third official language. Good communication is hindered by the fact that many bank employees are unable to speak proper English.
Morocco corporate banking services
- To support Morocco company formation, banks in Morocco provide full range of corporate bank account facilities including multiple currencies, internet banking, telephone banking, checking accounts, savings account, debit and credit cards, brokerage services and wealth management services;
- To receive the best Internet banking and customer service, Healy Consultants recommends using the services of international banks for most corporate bank account solutions, following Morocco business setup. Local banks can be used where appropriate for the company. Local banks in Morocco include i) Attijariwafa Bank ii) BMCE Bank iii) Banque Populaire du Maroc iv) Credit du Maroc and v) BMCI Bank;
- Healy Consultants can open an international corporate bank account within four weeks. There is a small probability that the Client will have to travel in order to open the account, though we make every effort to minimize it. Following bank account approval, the preferred bank will directly email our Clients the corporate bank account number.
Legal and compliance considerations
- There is no limitation on the inflow or outflow of funds for remittances of profits, debt service, capital, capital gains, and returns on intellectual property or imported inputs. There can be however be foreign exchange controls.