Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the AMMC's decision, including banking and payment rails.
Get an investment license in Morocco.
One regulator, four doors. The Autorité Marocaine du Marché des Capitaux grants the agrément of a société de bourse under loi n° 19-14 - 1,500,000 DH of capital for execution and advice, 5,000,000 DH once the firm deals as counterparty, holds securities, manages under mandate or places issues - and decides within two months of a complete file. Fund managers are licensed under loi n° 03-25, promulgated on 14 November 2025 and published in the Bulletin officiel of 4 December 2025, which replaced the dahir of 1993. Advisers register as conseillers en investissement financier with no capital floor at all. Sixteen sociétés de bourse, 48 sociétés de gestion and 24 CIF served a market of 36,828,330 people at the end of 2024.
27 yrs
on the international marketon the market
60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Morocco in brief
Four doors, one authority, two months on the clock.
Morocco's securities intermediaries answer to the Autorité Marocaine du Marché des Capitaux, the AMMC, created by loi n° 43-12 to replace the CDVM. The société de bourse - the only intermediary allowed to execute on the Bourse de Casablanca - is governed by loi n° 19-14, promulgated by dahir n° 1-16-151 and in force since 2017, which repealed the dahir of 21 September 1993. Its capital floor is 1,000,000 DH, fully paid at incorporation (art. 43), and the ministerial tiers of arrêté n° 3827-94 still apply: 1,500,000 DH for execution for clients, advice and canvassing; 5,000,000 DH where the firm also deals as counterparty, keeps securities in custody, manages portfolios under mandate or takes part in placements. The agrément is granted by the AMMC's president after the opinion of the comité d'agrément, within two months of a complete file (art. 38). The application fee is set by décret, confirmed before filing.
The fund side changed in late 2025. Loi n° 03-25 on OPCVM, promulgated by dahir n° 1-25-64 of 14 November 2025 and published in Bulletin officiel n° 7462 of 4 December 2025, replaces the dahir of 1993: a société de gestion must be a société anonyme seated in Morocco (art. 120), licensed by decision of the AMMC before it manages a single fund (art. 122). The 1994 arrêté put the manager's capital at 1,000,000 DH; the figure under the new law is confirmed with the AMMC before quoting. OPCC managers hold their own agrément under loi n° 41-05 at 1,000,000 DH, decided within two months (art. 26). The lightest door is the conseiller en investissement financier: a registration under circulaire n° 01/20, reserved to legal persons, with no minimum capital - 24 were on the register at the end of 2024. Corporate tax is 20% below 100 million DH of profit and 35% above.
The AMMC licenses sociétés de bourse under loi n° 19-14 - 1,500,000 DH or 5,000,000 DH by activity, two months from a complete file - and OPCVM managers under the new loi n° 03-25 of 14 November 2025; advisers register as CIF with no capital floor.
Corporate tax 20%, 35% from 100 MDH of profit, 10% dividend withholding. 16 sociétés de bourse, 48 sociétés de gestion and 24 CIF at end-2024 for 36.8 million people. Built from Casablanca.
The two builds
The CIF registration - or the société de bourse.
Two ends of the same statute: loi n° 19-14 registers the adviser with no capital floor and licenses the broker at 1,500,000 DH or 5,000,000 DH by activity. We fix the activity list first, because the list sets the tier.
The CIF registration with no capital - or the 1.5M / 5M DH société de bourse.
01 - CIF REGISTRATION
The adviser
The conseiller en investissement financier is registered, not licensed: loi n° 19-14 (arts 56-57) and AMMC circulaire n° 01/20 open two categories - Category 1 advises investors on portfolios, wealth and the purchase or sale of instruments, with ancillary reception and transmission of orders; Category 2 advises issuers on financial engineering, public offerings and listings. No minimum capital is specified. The CIF may not manage under mandate, hold client money or instruments, execute orders or take part in placements.
The conseiller en investissement financier is registered, not licensed: loi n° 19-14 (arts 56-57) and AMMC circulaire n° 01/20 open two categories - Category 1 advises investors on portfolios, wealth and the purchase or sale of instruments, with ancillary reception and transmission of orders; Category 2 advises issuers on financial engineering, public offerings and listings. No minimum capital is specified. The CIF may not manage under mandate, hold client money or instruments, execute orders or take part in placements.
- ✓Category 1 - advice to investors, ancillary RTO
- ✓Category 2 - advice to issuers and IPOs
- ✓No minimum capital - AMMC guide
- ✓Legal persons only, seat in Morocco
- ✓Directors: degree plus 5 years' experience
- ✓2 months' instruction · 24 registered at end-2024
02 - SOCIÉTÉ DE BOURSE
1,500,000 / 5,000,000 DHThe broker
The only intermediary that executes on the Bourse de Casablanca (art. 35), with reception and transmission of orders, placement, custody of securities, management under mandate, advice, market-making, buy-back programmes and financial analysis as connected activities. A société anonyme seated in Morocco (art. 37); 1,500,000 DH for execution and advice, 5,000,000 DH once it deals as counterparty, keeps custody, manages under mandate or places; licensed by the AMMC's president within two months of a complete file.
Execution on the Bourse de Casablanca with custody, mandates and placement - 1,500,000 DH or 5,000,000 DH, two months from a complete file.
- ✓Execution on the Bourse de Casablanca - art. 35
- ✓1,500,000 DH - execution, advice, canvassing
- ✓5,000,000 DH - counterparty, custody, mandate, placement
- ✓Société anonyme with its seat in Morocco - art. 37
- ✓Own funds ≥ minimum capital · risk ratio < 100%
- ✓2 months from a complete file - art. 38
Costs and timelines are confirmed for your case before any work begins. The application and licence fees for a société de bourse or a CIF are set by the décret on AMMC commissions; the charge is confirmed with the AMMC before filing. Article numbers of loi n° 19-14 are checked against the promulgated text before the file is drafted.
Why Morocco
The gateway market with a printed clock.
Six reasons a regional intermediary builds in Casablanca - one of them a caution.
✓
Two months, in the statute
Loi n° 19-14 gives the AMMC two months from a complete file for a société de bourse (art. 38); loi n° 41-05 gives OPCC managers the same (art. 26); the CIF guide prints two months' instruction.Art. 38, in the statute.
✓
A tier for every model
1,500,000 DH buys execution and advice; 5,000,000 DH adds counterparty dealing, custody, mandates and placement - arrêté n° 3827-94, still in force.1.5M or 5M DH by activity.
✓
An adviser door with no floor
The CIF registration under circulaire n° 01/20 has no minimum capital: a legal person, a seat in Morocco and directors with a degree and five years' experience.No capital floor.
✓
A fresh fund law
Loi n° 03-25 of 14 November 2025 puts the OPCVM manager's agrément in the AMMC's hands (art. 122) - 589 funds and 653.2 billion DH of net assets at the end of 2024.Loi 03-25, November 2025.
✓
A market of 36.8 million
36,828,330 people at the 2024 census, 752.4 billion DH of market capitalisation, 16 sociétés de bourse - a concentrated intermediary bench.Concentrated bench of 16 brokers.
✓
No passport, French-language files
The caution: the agrément carries no right to serve any other market, and the authentic texts are Arabic with official French translations - no English version exists.French files, domestic scope.
How it compares
How Morocco differs from other routes.
The honest comparison: a statutory clock and printed tiers - against African peers that publish more fees or less law.
Morocco vs other jurisdictions
| Feature |  Morocco | Other jurisdictions |
|---|---|---|
| Regime | Loi n° 19-14 · loi n° 03-25 - AMMC | Cap. 485A Kenya · Law 01/2011 Rwanda · Law 95/1992 Egypt |
| Capital | 1.5M / 5M DH · CIF none | KES 20M-150M Kenya · RWF 5M-200M Rwanda |
| Scope | Domestic · no passport | Domestic · no passport |
| Timeline | 2 months from a complete file | 30 days Rwanda · no clock Kenya or Egypt |
Regime
MoroccoLoi n° 19-14 · loi n° 03-25 - AMMC
Other jurisdictionsCap. 485A Kenya · Law 01/2011 Rwanda · Law 95/1992 Egypt
Capital
Morocco1.5M / 5M DH · CIF none
Other jurisdictionsKES 20M-150M Kenya · RWF 5M-200M Rwanda
Scope
MoroccoDomestic · no passport
Other jurisdictionsDomestic · no passport
Timeline
Morocco2 months from a complete file
Other jurisdictions30 days Rwanda · no clock Kenya or Egypt
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Morocco | AMMC agrément · CIF registration | 20% · 35% from 100 MDH | 1.5M / 5M DH · 2 months |
 Egypt | FRA licence per activity | CIT confirmed per case | EGP 10,000 fee per activity · capital per activity, confirmed |
 Kenya | CMA licence - 2025 Regulations | 30% CIT · 16% VAT | KES 50M stockbroker · 20M fund manager · no clock |
 Rwanda | CMA Rwanda licence | 28% CIT · 10% CGT | RWF 10M broker · 20M manager · 30 days |
MoroccoLicense typeAMMC agrément · CIF registration
Taxation20% · 35% from 100 MDH
Requirements1.5M / 5M DH · 2 months
EgyptLicense typeFRA licence per activity
TaxationCIT confirmed per case
RequirementsEGP 10,000 fee per activity · capital per activity, confirmed
KenyaLicense typeCMA licence - 2025 Regulations
Taxation30% CIT · 16% VAT
RequirementsKES 50M stockbroker · 20M fund manager · no clock
RwandaLicense typeCMA Rwanda licence
Taxation28% CIT · 10% CGT
RequirementsRWF 10M broker · 20M manager · 30 days
Before you apply
Requirements for the Moroccan agrément.Requirements for the agrément.
The AMMC's comité d'agrément reads the file before the president signs. The checklist below is what a passing file contains - with the articles.
01
Moroccan société anonyme - a company seated in Morocco for the société de bourse (loi n° 19-14, art. 37) and for the OPCVM manager (loi n° 03-25, art. 120); a legal person for the CIF, since individuals cannot register.
02
Capital by activity - 1,500,000 DH for execution, advice and canvassing, 5,000,000 DH with counterparty dealing, custody, mandates or placement (arrêté n° 3827-94, art. 1), fully paid at incorporation (art. 43).
03
Own funds - never below the minimum capital of arrêté n° 3827-94 (arrêté n° 1729-96), with the risk-coverage ratio of arrêté n° 1727-96 permanently below 100%.
04
Concentration - net positions on any one issuer or group permanently below 40% of net own funds (arrêté n° 1730-96 as amended by arrêté n° 722-14 of 1 August 2014).
05
Honourable managers - none of the prohibitions the 1993 dahir carried in art. 56 and loi n° 03-25 restates in art. 121 (criminal convictions, professional strikings-off); CIF directors with a higher-education degree and five years' relevant experience.
06
The fonds de garantie - contributions of 0.2% of the half-yearly average of clients' end-of-day cash positions and 0.04% down to 0.01% of securities by tier (arrêté n° 795-00), paid every six months.
07
Custody chain - client securities inscribed in accounts at a teneur de comptes affiliated to Maroclear (loi n° 35-96); a CIF may hold neither client money nor instruments.
08
Internal organisation - for a CIF, habilité advisory staff, IT keeping records for ten years, secure premises, an internal-control system, a code of ethics and a procedures manual covering AML/CFT under circulaire n° 02/2022 and complaints.
09
A complete file - the AMMC's general circulaire gives 30 days for the completeness check, with requests for information suspending the two-month clock; the CIF guide gives 30 days to complete a deficient file.
10
What the statute leaves to décret and practice - foreign-ownership percentages (décret n° 2-18-306), director residency, a minimum number of directors and a compliance-officer rule; we confirm each with the AMMC before structuring.
01
Société anonyme seated in Morocco.
02
1.5M / 5M DH paid in full.
03
Own funds ≥ minimum capital.
04
Single-issuer positions < 40%.
05
Managers cleared of prohibitions.
06
Fonds de garantie contributions.
07
Custody via a Maroclear affiliate.
08
Internal control and AML manual.
09
Complete file - 30-day check.
10
Décret points confirmed at source.
Reflects loi n° 19-14, loi n° 03-25, loi n° 41-05 and the arrêtés in force as of 2026; article numbers of loi n° 19-14 follow the SGG draft text.Loi 19-14, loi 03-25, loi 41-05 + arrêtés, 2026.
How it works
From first call to the AMMC's decision.
01
Door and tier
Société de bourse, OPCVM or OPCC manager, or CIF - the activity list fixed in writing, because it sets the capital tier.Activity list fixed.
02
Company and people
Moroccan société anonyme, capital paid in full, dirigeants cleared against the art. 121 prohibitions.Capital paid, managers cleared.
03
The file
Business plan, organisation, internal control and AML procedures in French - complete at filing.Complete, in French.
04
Committee and president
The comité d'agrément's opinion, then the president's decision within two months of a complete file (art. 38).Two months from complete.
05
Launch
Registered-letter notification, Maroclear and exchange access, fonds de garantie contributions live.Maroclear and exchange live.
Quick facts
RegulatorAMMC
Broker lawLoi n° 19-14 · dahir 1-16-151
Fund lawLoi n° 03-25 · 14 Nov 2025
Broker capital1.5M / 5M DH
OPCVM / OPCC manager1,000,000 DH (1994 arrêté · loi 41-05)
CIF capitalNone
Statutory clock2 months · art. 38
Corporate tax20% · 35% from 100 MDH
The AMMC publishes no processing statistics - so the two-month clock of art. 38 is the only timeline we quote, and the work before it starts is ours.
On the ground in Morocco
Run from our Casablanca office.
Prifinance - Morocco
Casablanca · Morocco
Casablanca, Morocco
01
Company and capital
A société anonyme seated in Casablanca, capital paid at the 1,500,000 DH or 5,000,000 DH tier the activity list requires.Tier by activity list.
02
The AMMC file
Application drafted in French to the comité d'agrément's expectations, complete at filing so the two-month clock starts once.French, complete at filing.
03
The CIF alternative
Where the model is advice, the registration under circulaire n° 01/20 - no capital, two categories, directors with a degree and five years.No capital, two categories.
04
Custody and the exchange
Maroclear affiliation through a teneur de comptes, Bourse de Casablanca access and banking sequenced with the agrément.Maroclear, Bourse, banking.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
Dubai
UAE
33 Level, Al Saqr Business Tower
London
United Kingdom
7 Bell Yard
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of investment firms in Morocco.
Loi de finances 2026 completes the convergence: 20% for most firms, 35% at the top, 40% for banks - which a société de bourse is not.
Corporate tax 20%
The unified rate for companies with net taxable profit below 100,000,000 DH, per the 2026 tax-expenditure report annexed to the finance bill.Below 100 MDH profit.
35% from 100 MDH
Profit of 100,000,000 DH or more is taxed at 35%; the 40% rate is reserved to credit institutions, Bank Al-Maghrib and assimilated bodies.From 100 MDH.
Dividend withholding 10%
Distributions bear 10% withholding on the income from shares and similar; fixed-income products bear 20% before VAT.20% on fixed income.
VAT 0 / 10 / 20%
Three reference rates; whether brokerage fees fall under the 10% banking rate or an exemption is confirmed with the DGI for your service set before quoting.Brokerage treatment confirmed.
The OPCVM commission
Funds pay the AMMC at most 0.25 per thousand of net assets a year, quarterly (arrêté n° 1938-04) - a cost priced into the management fee.AMMC commission.
The CFC status, apart
Casablanca Finance City status carries tax incentives, but it is separate from the AMMC agrément - the licence does not bring it, and we model it apart.Separate status.
Tax summary
Corporate tax20% · 35% from 100 MDH
Credit institutions40%
Dividend withholding10%
VAT0 / 10 / 20%
OPCVM commission≤ 0.25‰ of net assets
*Figures as of 2026 per Moroccan law and the loi de finances n° 50-25. Group and founder-level outcomes are modelled per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Moroccan société anonyme, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed firm.
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Morocco · AMMC
Launch your investment firm in Morocco with expert support.
Full-service assistance - from the société anonyme to the AMMC agrément or CIF registration, custody and exchange access - run through our Casablanca office.
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Our legal team will analyze your case at no cost and provide a written legal opinion: which jurisdiction, licence scope, or route fits your business.
Written assessment within 2-5 business days
Request a free conclusion →FAQ
The Morocco investment licence, answered.
Which licences does Morocco have for investment business?+
Four: the agrément of a société de bourse under loi n° 19-14, the agrément of an OPCVM management company under loi n° 03-25, the agrément of an OPCC manager under loi n° 41-05, and the registration of a conseiller en investissement financier - all with the AMMC.
What capital does a société de bourse need?+
1,000,000 DH is the statutory floor (art. 43); arrêté n° 3827-94 sets 1,500,000 DH for execution for clients, advice and canvassing, and 5,000,000 DH where the firm also deals as counterparty, keeps securities, manages under mandate or places issues - fully paid at incorporation.
Is there a lighter route for an advisory firm?+
Yes - the CIF registration under circulaire n° 01/20: no minimum capital, two categories (advice to investors, advice to issuers), legal persons only, directors with a degree and five years' experience. A CIF cannot execute, manage under mandate or hold client assets.
How long does the AMMC take?+
Two months from a complete file for a société de bourse (loi n° 19-14, art. 38) and for an OPCC manager (loi n° 41-05, art. 26); two months' instruction for a CIF. The AMMC publishes no processing statistics, so the statutory clock is the timeline we quote.
What changed with loi n° 03-25?+
The OPCVM law of 1993 was replaced by loi n° 03-25, promulgated by dahir n° 1-25-64 on 14 November 2025 and published on 4 December 2025: managers must be Moroccan sociétés anonymes licensed by AMMC decision (arts 120-122). The capital figure under the new law is confirmed with the AMMC before quoting.
Can a foreign group own the firm?+
No foreign-ownership cap is written into loi n° 19-14; holding percentages in sociétés de bourse are set by décret n° 2-18-306. We obtain the current text from the AMMC and confirm the position before structuring a foreign-owned applicant.
How are Moroccan investment firms taxed?+
20% corporate tax below 100,000,000 DH of net profit and 35% at or above it; 40% applies to credit institutions, which a société de bourse is not. Dividends bear 10% withholding; VAT runs at 0, 10 or 20%.
What protects clients of a société de bourse?+
A fonds de garantie for clients of firms in liquidation, funded by half-yearly contributions of 0.2% on cash and 0.04% to 0.01% on securities (arrêté n° 795-00). The 1993 law capped it at 200,000 DH per client; the current cap is set by regulation and confirmed with the AMMC before we quote client-protection terms.
Morocco or Kenya for a new firm?+
Kenya prints a fee schedule, KES 50 million for a stockbroker and KES 20 million for a fund manager, and has a market of 47.6 million - but no statutory clock and 30% tax. Morocco gives two months in the statute, 20% tax and 1,500,000 DH entry. Francophone North Africa: Casablanca. East Africa: Nairobi.
Why Prifinance for Morocco?+
A Casablanca office that drafts the file in French to the comité d'agrément's standard, confirms the figures the statute leaves to décret - fees, the loi n° 03-25 capital, foreign holding - with the AMMC at source, and sequences Maroclear, exchange and banking with the agrément.
Which licences?+
Four, all AMMC.
Capital?+
1.5M or 5M DH.
Adviser route?+
CIF - no capital.
How long?+
2 months, art. 38.
Loi 03-25?+
New OPCVM law, Nov 2025.
Foreign owners?+
Set by décret - confirmed.
Taxes?+
20% / 35% + 10% WHT.
Client protection?+
Fonds de garantie.
Or Kenya?+
Clock vs fee schedule.
Why you?+
French file, source-confirmed.
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the AMMC or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.