Exporting is not always enough: to get closer to their customers, many Moroccan companies set up in Africa, Europe or elsewhere. These operations involve a transfer of foreign currency, so they fall under foreign exchange regulations, set by the Office des changes’ General Instruction on Foreign Exchange Operations.
Possible forms of investment
A resident legal entity may, in particular:
- set up a company abroad;
- acquire a stake in a foreign company;
- open a branch, a liaison office or a representative office.
The annual ceiling without authorisation
Since the 2022 instruction, a resident company may invest abroad up to MAD 200 million per calendar year without prior authorisation from the Office des changes. The transaction is carried out through the bank, on presentation of the required supporting documents.
Above this amount, or when the conditions are not met, authorisation from the Office des changes is required.
The conditions
The liberalised regime is aimed at established companies. The usual conditions concern in particular:
- at least three years of activity;
- accounts audited by a statutory auditor;
- an investment linked to the company’s business in Morocco.
The start-up regime
The 2026 instruction provides a more flexible regime for start-ups labelled by the Digital Development Agency: they may invest abroad up to MAD 10 million per year, in projects linked to their business, without showing three years of activity or audited accounts. See our article on the 2026 relaxations.
Obligations after the investment
Investing abroad is not a one-off transaction. The company must in particular:
- repatriate to Morocco the income from the investment, such as dividends, and the proceeds of its sale or liquidation, under the conditions set by the regulations;
- keep the supporting documents for the transaction and its follow-up available to the Office des changes;
- report transactions as required by the instruction.
The Office des changes regularly steps up its checks on these flows. An incomplete file or unrepatriated income exposes the company to penalties.
Tax questions to anticipate
- Dividends received from the foreign subsidiary: taxation in Morocco, tax credits and tax treaties.
- Flows between the Moroccan company and its subsidiary: services, recharges, loans. They must comply with the arm’s length principle.
- Branch abroad: its profits may be taxed in the host country; their treatment in Morocco depends on the tax treaty.
In short
- Up to MAD 200 million per year without prior authorisation, for established companies.
- MAD 10 million for labelled start-ups, with lighter conditions.
- An obligation to repatriate income and sale proceeds.
- Tax questions to deal with upfront: dividends, transfer pricing, tax treaties.
Ascensu helps companies structure their international projects from a tax, accounting and regulatory standpoint.
Official sources
This article is provided for general information, as at its publication date. It is not personalised advice: the rules change and every situation must be reviewed on its own facts.