The second largest economic power in Africa, with a strong internal market, Morocco has a population of 33,5 million inhabitants. The country offers a cultural openness, political stability and economic dynamism which attract many investors.
The legal and tax requirements of the country are no less complex and require a level of expertise that our firm has due to its significant experience, by virtue of which we meet the requirements of our clients who run successful businesses in a variety of sectors.
- An adapted legal and fiscal environment which has been continually evolving for nearly 10 years (50 non-double taxation treaties in force, personal data protection laws, anti-money laundering laws, the creation of a Competition Council, market authorities with CDVM, etc.);
- A beacon of the Maghreb area at the crossroads of Africa (the sub-Saharan zone: ECOWAS,CEMAC), the Gulf countries and Europe;
- Special investment zones (near shoring parks - Casablanca Finance City) for service exporters(BPO, ITO) which provide, not just quality commercial real estate, but also cost advantages;
- Tax free export Zones (EPZs) which are industrial in nature and target the carrier sector(automotive, aerospace) and have particularly attractive tax and regulatory regimes;
- Internationally recognized State enterprises (OCP, CDG, ONEE, MASEN, ONCF, etc.) which are in demand, in terms of projects and services offered to foreign and domestic groups;
- A significant level of infrastructure and services with international airports (including the Mohamed V airport, the leader within the African continent in terms of numbers), three mobile phone companies, major European and U.S. banks and national banks with international standards, and excellent road infrastructures and a strong network of public transports, including the high speed train project.
In such an environment, with such rapid evolution, it is essential for investors to receive appropriate support adapted to the Moroccan context. It must be responsive enough to deal with more complex issues in terms of structuring projects, financing, costs controls in relation to taxation (and optimisations or potential benefits), secure their contracts and understand the foreign exchange regulations (to avoid “cash-traps“ and streamline the flow of capital).
Morocco - Band 3: CMS’ Casablanca-based team is well known for handling tax-related matters on behalf of a prominent Moroccan client base. It also operates a strong transactional and regulatory practice, and advises a range of international companies on labour and employment matters. One source said: «They were responsive and gave very good advice; everything was done very clearly and we got a very good result.»
Chambers Global 2014: General Business Law