Business entities in Morocco in 2025
The most commonly used corporate vehicle to do business in Morocco is the limited liability company (SARL). Entrepreneurs looking to establish larger investments may also set up a public limited company (SA). Foreign legal entities looking to set up permanent establishments in Morocco may also set up entities in the form of a branch office or a liaison office.
The Morocco limited liability company (SARL)
- The Morocco LLC is preferred mainly by entrepreneurs establishing small and medium sized businesses in Morocco. In accordance with the Moroccan Companies Act, this entity can be established by i) 2 shareholders and ii) 1 director of any nationality and who can either be an individual or a corporate body. The shareholder(s) and director(s) are also not required to be ordinarily residents in Morocco;
- Although there is no legal requirement for a minimum paid up capital, as common practice the standard minimum capital required is US$1000, 25% of which is to be paid at Morocco business setup.
The Morocco public limited company (SA)
- The Morocco public limited company is recommended for investors looking to establish larger investments in Morocco. This entity requires at least 5 shareholders and 3 directors who can either be individuals or corporate bodies. The directors and shareholders can be of any nationality and do not have to be resident in Morocco. A Morocco PLC requires a minimum share capital of US$30,000, 25% of which must be paid up at Morocco company setup. The investor is expected to pay the remaining 75% within the next 3 years of operations;
- If the Client intends to publicly list the company on the Casablanca Stock Exchange, the required minimum share capital at incorporation is US$300,000.
The Morocco branch (succursale)
- Foreign companies looking to do business in Morocco are permitted to set up branch offices in Morocco. The branch office is not considered a separate legal entity and must abide by the laws of both Morocco and its country of origin. The branch must also appoint at least 1 manager who can be of any nationality to represent the company in Morocco. This entity has no legal required minimum capital;
- The parent company’s articles of association and related documents must be translated into French and filled with the Commercial Court. Additionally, a branch office must publish its annual accounts, translated into French, and file them with the same government agency.
The Morocco liaison office (bureau de liaison)
Moroccan Commercial Code allows foreign entities to setup permanent establishments in the form of liaison offices in Morocco. A liaison office is not a separate legal entity and is not permitted to engage in any commercial or profit making activities in Morocco. This entity must be registered with the Morocco Trade Register and may only engage in activities limited to i) conducting market research and collecting data and ii) showcasing the parent company’s products.
Comparison table between Morocco business entities
LLC | PLC | Branch office | Liaison office | |
---|---|---|---|---|
Also known as | SARL | SA | Succursale | Bureau de liaison |
How long to set the company up? | 6 weeks | 7 weeks | 8 weeks | 6 weeks |
How long to open company bank account? | 4 weeks | 4 weeks | 4 weeks | 4 weeks |
Legal liability? | Limited | Limited | Unlimited | Unlimited |
Wholly foreign owned? | Yes | Yes | Yes | Yes |
Minimum capital required? | US$1,000 | US$30,000 | US$1 | US$1 |
File annual tax return? | Yes | Yes | Yes | No |
Tax registration certificate required? | Yes | Yes | Yes | No |
Recommended corporate bank account? | BMCE Bank | Attijaariwafa Bank | Arab Bank Morocco | Citibank Maghreb |
Does our Client need to travel? | No | No | No | No |
Resident director required? | No | No | No | No |
Resident shareholder required? | No | No | No | No |
Minimum directors allowed? | 1 | 3 | 1 | 1 |
Minimum shareholders? | 2 | 5 | NA | NA |
Tax identification code (TIN) needed? | Yes | Yes | Yes | No |
Morocco resident company secretary required? | No | No | No | No |
Corporate shareholders allowed? | Yes | Yes | Yes | Yes |
Corporate director(s) allowed? | Yes | Yes | Yes | Yes |
Morocco corporate tax rate? | 30% | 30% | 45% | 0% |
Annual financial statements required? | Yes | Yes | Yes | No |
Statutory audit required? | No | No | No | No |
Regulated by? | Ministry of Economy and Finance | Ministry of Economy and Finance | Ministry of Economy and Finance | Ministry of Economy and Finance |
Allowed to issue sales invoices? | Yes | Yes | Yes | No |
Allowed to sign contracts? | Yes | Yes | Yes | No |
Allowed to import and export goods? | Yes | Yes | Yes | No |
Can rent an office space in Morocco? | Yes | Yes | Yes | Yes |
Can buy Morocco property? | Yes | Yes | Yes | No |
Can own equity in other Morocco companies? | Yes | Yes | Yes | No |
Total Morocco business setup costs in Yr. 1 | US$14,105 | US$16,475 | US$13,825 | US$13,825 |
Subsequent annual costs (incl. accounting and tax fee) | US$4,730 | US$3,750 | US$3,450 | US$3,450 |
Sample engagement invoice | View invoice PDF | View invoice PDF | View invoice PDF | View invoice PDF |