You’ve done the hard work. You have a registered Moroccan company. Here, your commercial license is on the wall. The next step is now the most important one, which is to open a corporate bank account. You will not be able to take payments, pay suppliers or operate your business without it. In Morocco, it is a simple process which needs to be prepared. Banks are extremely regulated. They must be familiar with who you are and what your business is. This manual will take you through all that you require. The reason why a Corporate Account is important.
First, let’s be clear. You can not operate your business in Morocco in a personal account. The tax and transparency reasons insist on separate company accounts as mandated by the law. Credibility is also achieved through a corporate account. The suppliers and clients give you a serious approach when the payment goes to a business name. A business account also has tools that you require, beyond being legal. You are provided with access to business loans, overdraft facilities and card payment merchant services. These are necessary when your company expands.
How to select the right bank for your business
Morocco possesses competitive banking industry. You have many options. The key players are Attijariwafa Bank, BMCE Bank of Africa, Banque Populaire and CIH Bank. Each has strengths.
The necessary paperwork: What to prepare
Moroccan banks abide by strict anti-money laundering laws. They require records that will authenticate your company and proprietors. These should be prepared in advance before you visit them:
To the representatives of each company
- Duplicate of national identification card (in the case of Moroccans) or passport (in the case of foreigners).
- Evidence of less than three months’ residence (utility bill or lease agreement)
- A business plan or a professional resume about the activities of the company.
- In the case of residents of a foreign nation, a copy of a valid residence permit (Carte de Sejour).
For shareholders
- In case people, duplicates of their IDs.
- In case of commercial registration and articles of association of the corporate shareholders themselves.
- Time is saved by the availability of an additional copy of all. Introduce originals to the bank officer to check.
The step-by-step process of account opening
It includes the following process:
Make an appointment
Business accounts do not respond to walk-ins. Make a call to the branch and ask to meet with the corporate relationship manager. How quickly and what type of business do you need? They will verify the documents to be carried.
The Initial meeting
Be at the office punctually with your prepared papers. Everything will be considered by the relationship manager. They will inquire about what you are doing in business, the volume of transactions to be made and where you are going to get the funds. Be honest and clear. This discussion assists them in risk evaluation and the provision of suitable services.
Submission of documents and checking
The bank will be taking the copies of your documents. They can retain originals to validate them and send them back. Other banks make physical verification visits to your business premises. This is normal, particularly in new companies.
Compliance and approval
Your file is sent to the compliance department of the bank. They check for any red flags. This may take a period of three days to two weeks. Enhanced due diligence, in the case of foreign-owned companies, causes them to endure longer reviews.
Opening and activating of an account
Upon approval, you will be required to sign the final contracts. You will:
- Sign the account opening contract.
- Give end signature samples.
- Make a first deposit (depending on the bank, between 1,000 and 5,000 MAD is the common minimum)
- Get your account number and RIB (Releve d Identite Bancaire).
- Order company bank cards and checkbook.
- Set up online banking access
Accept your banking kit
It will take you a week to get your chequebook, bank cards, and online banking credentials. These are offered by some banks immediately.
Key factors to foreign business owner
Unless you are a foreigner starting a Moroccan company, there are additional layers altogether. Banks will ask more questions about your status of residence and sources of funds. You will most definitely require a local residency permit (Carte de Sejour). With it, it becomes much more difficult to open an account. A passport with entry stamps might be accepted by some banks, but this depends on the institution.
You must record the source of your original capital. When the money is received asan international wire transfer, record the wire transfer details. In case you carry cash, declare it at customs and retain the declaration form.
It might be a good idea to hire a local lawyer or accountant. They are aware of more friendly banks to foreigners. They are also useful in creating a convincing business plan for relationship managers.
Account management after opening
It does not start and finish with opening the account. The compliance of Moroccan banks has to be sustained. You have to inform them of any changes in the structure, address or activities of your company. Register your commercial registration and tax cards with the bank. Check your bank statements once a month. Follow up fees and transaction costs. In case there is something that appears wrong, call your relationship manager at once.
Reviewing the annual accounts is common. The bank could demand revised company documents after every year. Act at once to prevent freezing of accounts.
Common pitfalls to avoid
Several business proprietors have to wait long due to unnecessary factors. Lack of signatures on documents is a common problem. It is advisable to make sure that all the necessary parties are signed and then go to the bank.
Rejections are a result of incomplete application forms. Fill everything carefully. Seek assistance when one has no comprehension of a field.
The selection of the wrong account type wastes time. Understand whether you require a current account, savings account or a foreign currency account. The majority of the businesses require a current account in Moroccan Dirhams and an optional foreign currency sub-account.
A gateway to business success
This is a ritual of opening a corporate bank account in Morocco. It makes your registered company a fully operational company. It is a process that requires time and a system, but that is by no means impossible. The best thing you have is preparation. Prepare all the documents in advance. Know what you need in your business. Select the bank that suits you. Having these things in position, you will not leave with just an account number. You will have a financial associate who will be willing to help with your Moroccan business process. Whatever you put in today will have a payoff in the future. There is access to financing, international trade, and sustainable growth through a strong banking relationship. Be serious, and your company will reward you.
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