Foreign investment in Morocco refers to transactions leading to the creation of financial or tangible assets in Morocco. Where such transactions are financed in foreign currency, they benefit from a convertibility regime which guarantees Moroccan nationals residing abroad (MREs) complete freedom to transfer the income generated, as well as the proceeds from the liquidation or disposal of their investments.

The forms of investment falling within this framework include the establishment of companies, the acquisition of shareholdings and the subscription to a company’s capital increase, the establishment of a branch, a representative office or a liaison office, the acquisition of financial instruments, contributions to a partners’ current account in the form of cash or trade receivables, the granting of related-party loans, the acquisition of immovable property or associated rights of use, the carrying out of construction and/or refurbishment work on immovable property, as well as fixed-term deposits with a bank.

Funding arrangements

In accordance with general standards of financial management for a company, its equity, in particular its share capital, must be commensurate with its activities and growth.

Funding for foreign investment projects in Morocco must be provided by:

• Payment made in accordance with the provisions in force (bank transfer received from abroad, debits from accounts held in foreign currency or dirhams, international postal orders, etc.);
• Consolidation of members’ current accounts funded in accordance with the provisions in force, capitalisation of reserves and capitalisation of retained earnings;
• Consolidation of claims arising from the importation of goods carried out in accordance with the provisions in force and which have not yet been settled;
• Consolidation of receivables arising from patents or manufacturing licence rights granted by foreign companies and which have not yet been settled;
• Contributions in kind financed in foreign currency or in convertible dirhams;
• Use of the funds held in convertible term accounts by the original account holders and the purchasers of those funds. Investments financed in this way are eligible for the convertibility scheme within two years of being made.

• INCOME, DISPOSAL, LIQUIDATION AND DEVESTMENT UPON DEATH