Leading accounting firm Upsilon Consulting has beefed up its services to assist investors looking to set up a company in Morocco.
While setting up a business in Morocco has become relatively simple, Upsilon Consulting said it requires personalized support throughout the process to avoid any disappointment.
“In this sense, the accountant is the privileged partner to help in the proper preparation of the future creation and its particularities. It is also strongly recommended to use local accountants,” a representative of the company said.
Upsilon Consulting said interested investors can tap its experts in accomplishing requirements, which include requesting a Negative Certificate (to secure their business name), drafting the Articles of Association, registration of deeds; creation and registration of deeds, registering for business taxes and obtaining the tax identifier, registration in the trade register, affiliation with the CNSS, and publication in the official bulletin and the legal announcement journal.
Upsilon Consulting said the investor has the choice between a diversified range of companies: Partnership, Limited Liability Company (SARL), and Public Limited Company (S.A.).
In terms of legal domiciliation, Upsilon Consulting said the creation of a company requires the declaration of a registered office address (headquarter) in the articles of association and with the authorities. This address will serve only for correspondence with administrations and third parties.
“Our experts can help you throughout these processes. We have developed expertise and in-depth know-how in tax, legal, and management advice for SMEs and large companies. Our partners have served multinational clients in complex regulatory environments. This experience gives us visibility in terms of best financial, accounting, tax, legal, and management practices, ” the representative said.
The foreign exchange regime for foreign investment in Morocco gives foreign (or non-resident) investors the option to convert their investments. It allows non-residents who have invested money in Morocco to recover their investments as well as the profits generated by them in their preferred currency.
To utilize the regime, Upsilon Consulting said businesses must prove the initial investment has been made in foreign currency (release of capital in foreign currency, payment of a current account in foreign currency, purchase of a foreign currency asset, etc.). Moroccan banks provide a certificate justifying the receipt of funds in foreign currency.
Upsilon Consulting, which is composed of auditors and statutory auditors recognized by the National Order of Chartered Accountants, said its professionals can help investors wade through the complexities of the administrative and legal formalities, as well as provide business plan and advice.
The company’s offer includes bookkeeping and support services, legal, tax, and financial advisory services. Upsilon Consulting said it is crucial to tap local accountants who can help them understand the taxation system.
The firm said Corporate Income Tax (CIT) applies to the profits made by companies (except for partnerships, which are entitled to opt-out of CIT.) It applies in particular to LLCs and public limited companies.
Over the last 20 years, Morocco has positioned itself as an emerging power in the world and as a key economic player on the African continent.
Through the establishment of modern infrastructure, sectoral strategies, high-speed industrialization, the development of green energy, and the signing of several free trade agreements with major global economic players, Morocco has become a prominent player in continental and international policies.