The Kingdom of Morocco is located in North Africa. Over the past decade, this country has made outstanding progress in the field of economy. Global investors have been attracted by GDP growth and a different perspective that Morocco got over the years. Nowadays, tourism and textiles are not the main things that Moroccos' economy relies on. It got industrialized and diversified.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Morocco
Sole proprietorships are suitable for small businesses and startups. The owner takes full responsibility for debts and profits. There is no difference between the owner and the manager of the business.
How to register a sole proprietorship in Morocco
First, you will need to get in touch with the Commercial Register of Morocco and get the Negative Certificate that implies that the trade name you suggested for your business is not used by anyone else. The application for a Negative Certificate can be issued online via the Moroccan Office of Industrial and Commercial Property (OMPIC). Requested documents for the application are:
- Fee 230 MAD
- Three notarized copies of ID or Passport
- Formal letter of request
- Three possible trade names
All businesses in Morocco must have a registered address of the business, so you have to options:
- Sign a lease agreement for rent
- Register under your home address
Don't forget to open a bank account through which you will make all money transfers on behalf of the company.
A very important thing in the procedure of registration is creating the Article of Association, which means creating a document that will define the company's rules. For this, you should consult a legal advisor.
The business could be incorporated within ten working days.