Casablanca Financial Company in 2024

The Casablanca Finance City (CFC) is known as the large financial centre in Northern Africa. The CFC was initiated by Moroccan government as a financial hub for investors looking opportunities to access fast-growing markets in Africa. Since Healy Consultants Group has assisted our Clients to register their business in the Casablanca Finance City by supplying the following services: i) company registration services ii) company secretary and registered address services iii) opening a multicurrency corporate bank account iv) sourcing qualified resident director v) preparation of AML/CFT programmes and other required documents vi) securing a CFC status with CFCA;

Advantages of registering a CFC company:

• A Casablanca Finance City company can be registered with only i) one shareholder ii) one director and iii) a paid up capital of US32,000;
• Healy Consultants Group will supply CFC company numbers within 1 week from submission of an application to the CFC authority
• CFC companies enjoy a 5-year tax holiday on all sales and capital gains realized in global currencies including US$, €, £ and so on. Only sales closed in Morocco dinars are subject to local corporate income tax. After 5 years, the corporate income tax rate on such income is set at only 8.5%;
• CFC companies are legally exempt from all foreign exchange and capital controls applicable to other businesses in Morocco;
• CFC companies have also easy access to multicurrency corporate bank accounts in Morocco, whereas opening the same for a local entity can prove challenging and requires to file several forms and DD documentation with local banks;
• Employees of a CFC company are eligible for employment permits, without the need to hire locals. The work permits are issued within 3 weeks following submission of a quality application.

What are the main requirements?

In order to apply for the CFC status and a financial license, your Firm is required to:

• Appoint a qualified director: All directors and UBOs to have at least 4 years’ experience in the financial sector substantiated with legalized educational certificate, CV and 2 professional references and criminal records. Most of our Clients appoint their own staff to the position;
• Have a minimum paid-up capital of US$32,000 (MAD 300 K): Capital injection must be carried within 3 months from the date of notification of the CFC status granting decision.
• Casablanca Finance City zone office. All companies applying CFC status shall undertake to transfer by 2020 their head office, including all business operations and staff, to the Casablanca Finance City zone;

Steps to take for CFC Status

Application steps

1. Preparation of quality letter of intent. Healy Consultants Group will contact development team within CFCA and submit a letter of intent.
2. Preparation of quality CFC status application. Healy Consultants Group will assist our Client in preparing i) detailed business plan and company organization chart ii) group organization chart and information on the entity beneficial ownership and iii) employment contracts of all directors;
3. AML/CFT programme: Healy Consultants Group will prepare a detailed AML/CFT programme including i) reviewing the AML/CFT regulations of Morocco ii) liaising with our Client to understand their business model and specific KYC risks iii) supply a MS Word AML/CFT program including a) AML/CFT policy and procedure b) Risk Disclosure policy c) general terms and conditions and d) privacy policy for our Client’s review and iv) amending the document as per our Client’s request;
4. Submission of CFC status application: All going well, Healy Consultants Group will submit the license application to the CFCA;
5. Capital injection: Capital injection of US$32,000 must be carried within 3 months from the date of notification of the CFC status granting decision;
6. CFCA Review;
7. Approval. Final approval of the application by the CFC Commission (within a maximum deadline of 45 days) and granting of the CFC status.

Our service packages

Healy Consultants Group will project-manage your Casablanca financial company set up from the start to the end. Our standard package of services includes i) company registration ii) company secretary and registered address services iii) opening a multicurrency corporate bank account iv) sourcing qualified resident director v) preparation of AML/CFT programmes and other required documents vi) securing a CFC status with CFCA;

Additionally, our Firm can also offer multiple additional support services, including i) accounting and bookkeeping services ii) merchant account opening services iii) drafting of prospectus if your Firm is planning to issue structured products and iv) assistance to recruit employees.