How to Do Business In Morocco? – Super Business Manager

Doing business in Morocco involves understanding the legal process for setting up a company, identifying key growth sectors, and adapting to the local business culture, which is a blend of Arabic, Muslim, Berber, and French influences.

Here is a comprehensive guide on how to approach doing business in Morocco:

1. Setting up Your Business (Registration and Legal)

The process is generally streamlined through a “one-stop-shop” known as the Regional Investment Center (CRI – Centre Régional d’Investissement).

A. Key Steps for Registration

Identify Your Business Idea and Plan: Conduct thorough market research to understand the local market, target audience, and competition. Create a comprehensive business plan.
Choose Your Legal Structure: The most common form for small and medium-sized enterprises (SMEs), especially for foreign investors, is the Limited Liability Company (SARL – Société à Responsabilité Limitée).
- SARL (Limited Liability Company): Requires a minimum of 1 partner (SARL AU) and up to 50. There is no longer a minimum capital requirement, although a nominal amount like 1 MAD is often used.
- SA (Société Anonyme – Public Limited Company): Recommended for larger investments, requiring a minimum of 5 shareholders and a minimum capital of MAD 300,000 (or MAD 3 million if publicly listed).
- Branch Office (Succursale): Not a separate legal entity, but allows a foreign company to conduct business.
Obtain a “Certificat Négatif” (Company Name Reservation): You must check and reserve your company name with the Moroccan Office for the Protection of Industrial and Commercial Property (OMPIC).
Prepare and Legalize Documents: This includes drafting the Articles of Association (Bylaws) and having them signed and legalized. Foreign-issued documents may require certified translations.
Secure a Business Address: A registered Moroccan business address is mandatory. You will need to submit a lease agreement or a domiciliation agreement.
Deposit Share Capital (If Required): If capital is required (e.g., for an SA, or if a SARL’s capital exceeds MAD 100,000), it must be deposited in a Moroccan bank, and a certificate must be obtained.
File at the Regional Investment Center (CRI): The CRI acts as the one-stop shop to handle simultaneous registration for:
- Business Registration (Commercial Registry – RC)
- Tax Identification (Tax number – IF, Professional Tax – Patente, VAT)
- Social Security Registration (CNSS – Caisse Nationale de Sécurité Sociale)
Obtain Specific Licenses/Permits: Apply for any industry-specific licenses or permits required for your business activity.
Open a Business Bank Account: Once registered, you will need to open a permanent business bank account.

B. Foreign Investment and Repatriation

Foreign Ownership: There are generally no restrictions on foreign investment or ownership in most sectors. Exceptions exist in certain areas like agriculture, fishing, media, and some financial activities.
Repatriation of Funds: Morocco’s foreign exchange regulations are important. You must strictly comply with Foreign Exchange (FX) obligations when you bring capital in. If done correctly, repatriating investment capital, capital gains, and dividends is straightforward.

2. Key Sectors for Investment

Morocco’s economy is strategically diversifying, offering strong opportunities in several sectors:

Sector	Opportunity Highlights
Automotive	Africa’s leading car manufacturer; strong export industry. Focus on electric vehicle (EV) production, electric batteries (due to cobalt and phosphate reserves), and sub-supplier networks.
Renewable Energy	A pioneer in green energy (solar, wind). Major projects like Noor solar complex. Strong focus on becoming a major exporter of Green Hydrogen.
Aerospace/Aeronautics	Important industrial ecosystem with major international companies and high-value exports.
Tourism & Hospitality	A traditional strength, with ongoing development plans (Vision 2020) and opportunities in high-end real estate and boutique hotels.
Infrastructure & Logistics	Significant ongoing investments in ports (Tanger Med), high-speed rail, 5G network expansion, and World Cup 2030 preparations.
Agri-food & Agriculture	Modernization plans (Green Morocco Plan) and opportunities in food processing and high-value crops.
Healthcare	Undergoing modernization with growing demand for advanced facilities, specialized care, and medical manufacturing.

3. Moroccan Business Culture and Etiquette

Successfully doing business relies heavily on building personal relationships and respecting local customs.

Aspect	Business Practice & Tips
Relationships	Relationships come before transactions. Trust and rapport are paramount. Be prepared to engage in casual conversation about family, sports, or hobbies before getting down to business.
Patience and Time	Deadlines and schedules can be fluid (“looser sense of time”). While you should be punctual, be prepared to wait. Patience is a sign of respect. Meetings may start late and include a period of socializing.
Language	French is the primary language of business. Arabic is the official language. It is recommended to have your business cards printed in French and/or Arabic and to bring an interpreter if you do not speak French.
Greetings	Handshakes are common among people of the same gender. Allow a person of the opposite sex to initiate the handshake. A nod and smile are polite alternatives if unsure. Use formal titles (Monsieur, Madame) until invited to use first names.
Dress Code	Formal and conservative attire is expected. Men should wear suits and ties. Women should dress conservatively, ensuring legs and arms are covered, as a sign of respect.
Hospitality	Accepting mint tea or food is a crucial part of building rapport and accepting hospitality; declining is often seen as a rejection of the person.
Communication	Communication can be indirect. Pay close attention to non-verbal cues and “read between the lines” to gauge a partner’s true feelings or disagreement (which they may avoid expressing directly to save face).
Taboo Topics	Avoid discussing the Royal Family, religion, and sex. Safe topics include family, sports (especially soccer), and the weather.
Gifting	Not common at the first business meeting. If invited to a Moroccan home, a small gift like flowers, pastries, or fruit is a thoughtful gesture. Avoid gifting alcohol unless you know your host drinks.
Decision-Making	The business culture is hierarchical. Decisions are typically made by the person at the top, often after consulting with stakeholders. Be patient as this process can take time.