Introduction
Morocco is a strategic destination for Belgian entrepreneurs wishing to set up in Africa. Geographical proximity (a 3-hour flight), the French language, bilateral agreements: the advantages are many.
This guide presents the legal and tax framework for investing in Morocco from Belgium.
Why Morocco?
Economic advantages
- Hub towards Africa: free trade agreements with the EU, the USA and several African countries
- Free zones: Tanger Med, Casablanca Finance City, industrial zones
- Competitive costs: labour costs markedly lower than in Belgium
- Skilled workforce: many French-speaking graduates
- Political stability: stable constitutional monarchy
Belgium-Morocco bilateral agreements
- Tax treaty signed in Brussels on 31 May 2006, in force since 30 April 2009: it aims to avoid double taxation
Promising sectors
- Technology: IT nearshoring, call centres
- Automotive: manufacturers and parts suppliers
- Agri-food: local products, export to the EU
- Renewable energy: solar, wind
- Real estate: residential, tourism
Legal forms in Morocco
Moroccan SARL (equivalent of the SRL)
The most common form for foreign SMEs:
- Minimum capital: no longer mandatory since the reform of the law on the SARL
- Shareholders: one or more
- Management: one or more managers (Moroccan or foreign)
- Liability: limited to contributions
Moroccan SA
For large or regulated projects:
- Capital and governance: a more demanding regime than the SARL, to be confirmed by a colleague in Morocco
- Use: banks, insurers, listed companies
Branch
No separate legal personality:
- Advantage: speed of set-up
- Disadvantage: the Belgian company is directly liable for the branch's commitments
- Use: market test phase
Liaison office
For non-commercial activities (prospecting, representation):
- No commercial activity possible
Cross-border taxation
Corporate income tax in Morocco
The Moroccan corporate income tax scale has been reformed by recent finance laws. The regimes for free zones and Casablanca Finance City have also evolved. The rates are checked as at the date of the project, with a tax adviser in Morocco.
Belgium-Morocco tax treaty
The treaty of 31 May 2006 caps the tax that the source State may withhold:
Dividends (art. 10):
- 6.5% if the beneficiary is a company that directly holds at least 25% of the capital
- 10% in other cases
Interest (art. 11):
- 10% of the gross amount
- Exemption for certain public interest or interest covered by a public guarantee
Royalties (art. 12):
- 10% of the gross amount
Structuring through a holding company
Belgian law has a deduction regime for dividends received, an exemption regime for certain capital gains on shares and rules on the deductibility of intra-group interest. The rates, participation thresholds and holding periods change regularly and are checked case by case.
Taxation is outside the firm's scope. These points are worked on with your accountant or a tax adviser, and the legal structure is then built around the tax answer.
Incorporation steps in Morocco
1. Negative certificate
Reservation of the company name with the Moroccan Office of Industrial and Commercial Property (OMPIC).
2. Drafting the articles of association
Articles compliant with Moroccan company law:
- Corporate purpose
- Capital and allocation
- Governance
3. Paying up the capital
Blocking the capital in a bank account is no longer mandatory for a SARL whose capital does not exceed one hundred thousand dirhams. Above that, check the arrangements with your bank and a colleague in Morocco.
4. Registration
- Trade register (RC): registration number
- ICE: common enterprise identifier (tax)
- CNSS: social security affiliation
Timing depends on the city and the file: have it confirmed locally.
Points to watch
Exchange control regulations
The Exchange Office (Office des Changes) regulates currency flows: foreign investment, repatriation of profits, intra-group loans. The formalities and timing are checked before structuring the financing.
Employment contracts
Moroccan labour law is protective:
- Contracts under Moroccan law for employees in Morocco
- Dismissal: strict procedure
- Foreign employees: specific administrative procedure before hiring
Checking your contracting partners
Check your local contracting partners carefully:
- Financial situation
- Commercial references
- Reputation
IP protection
Register your trademarks in Morocco:
- OMPIC: the Moroccan IP office
- Madrid System: international extension
Arbitration or courts
Arbitration in Morocco is governed by law no. 95-17 on arbitration and conventional mediation. It can bring:
- Neutrality
- Confidentiality
- A procedure suited to the dispute
Conclusion
Expanding into Morocco offers real opportunities but requires rigorous legal and tax structuring.
Checklist before you start:
- Choice of the appropriate legal form
- Effects of the tax treaty checked with a tax adviser
- Protection of intellectual property
- Local contracting partners checked
- Arbitration clauses in the contracts
- Compliance with the Exchange Office
Legal scoping upstream, on both sides of the Mediterranean, avoids correcting the structure after the fact.
Planning an investment in Morocco?
I work on Belgian law and Moroccan law. Book a scoping call to frame your project.
Translated from the French original published on 5 January 2026. The analysis concerns Belgian and European Union law. Read the French original.