Morocco's Investment Charter (framework law 03-22), in force since 2023 and extended by the 2026 Finance Act through 31 December 2026, offers investors a direct support scheme in the form of a cumulative grant up to 30 % of total invested amount. For an MRE entrepreneur planning to set up or expand an activity in Morocco — particularly in the 2026 context of capital reorientation away from the Gulf — this grant is one of the most powerful levers available. This guide details exact eligibility conditions, grant calculation, application procedure with Regional Investment Centres (CRI) or the Moroccan Agency for Investment Development and Exports (AMDIE), and pitfalls to avoid.
Costs & fees
| Minimum eligible investment | 1,500,000 MAD over 5 years | Below this, regional schemes apply but not the Charter's main grant |
| Main grant (jobs and capital) | 5 % to 10 % of invested amount | 5 % floor with 25-job minimum, 10 % cap from 100 jobs |
| Parity grant | 3 % | If female workforce > 30 % |
| Sectoral grant | 5 % | Industry, digital, renewables, outsourcing, logistics, etc. |
| Territorial grant | up to 10 % | Category A provinces: South, Oriental, Drâa-Tafilalet, etc. |
| Cumulative cap | 30 % of total invested amount | Hard legal cap |
| OEC chartered accountant fees | 15,000 to 50,000 MAD | For full file preparation |
| Notary fees (company articles) | 3,000 to 8,000 MAD | If share capital > 100,000 MAD |
| Business lawyer (recommended > 20 MMAD) | 30,000 to 100,000 MAD | Convention negotiation and drafting |
Timeline
Verify your project's eligibility
Four cumulative conditions must be met to claim the Charter's main grant. (1) Total invested amount must be at least 1,500,000 dirhams over a 5-year period, formalised in an investment convention signed with the State. (2) The project must be carried by a Moroccan-law company (SARL, SA, branch of a foreign company). An auto-entrepreneur structure is not eligible. (3) The project must create at least 25 stable jobs over 5 years for the employment-linked grant. (4) The investment must fall within a productive sector: industry, tourism, digital, agriculture, renewable energy, outsourcing, logistics, aquaculture, waste recovery, cultural activities. Excluded: pure retail, non-productive residential real estate, purely speculative activities.
💡 Tip — For an MRE, the Moroccan SARL remains the simplest and fastest structure to set up. An MRE residing abroad can be sole shareholder and non-resident manager. The company can be incorporated in 72 hours via the CRI portal then apply for the convention.
⚠️ Warning — Projects below 1.5 million dirhams may benefit from regional or sectoral schemes (TPE-PME programme, specific territorial grants) but not the Charter's main grant.
Calculate your cumulative grant percentage
The total grant is cumulative and built from several layers: (a) Main grant linked to jobs and capital: 5 % to 10 % of eligible amount. The exact percentage depends on jobs created and share capital. (b) Parity grant: 3 % additional if female workforce exceeds 30 % of total. (c) Sectoral grant: 5 % additional for priority sectors identified in the implementing decree (automotive, aerospace, electronics, technical textile, renewable energy, outsourcing, transport-logistics, waste recovery, aquaculture, cultural activities). (d) Territorial grant: variable depending on province, up to 10 % for Category A provinces (remote regions like Béni Mellal-Khénifra, Drâa-Tafilalet, Oriental excluding Oujda, Southern provinces). (e) Cross-cutting grant: may add for projects with high technological or environmental added value. Cumulative total is capped at 30 % of eligible amount.
💡 Tip — To optimise the grant, picking a priority industrial location (Kenitra, Tanger Tech, Atlantic Free Zone) often allows stacking sectoral and territorial grants. A well-structured project routinely reaches 22 to 28 % cumulative grant.
⚠️ Warning — The final percentage is negotiated with the ministry of investment, CRIs and AMDIE. Figures shown at filing are not guaranteed: they are a range based on decree 2.23.1 scales.
Choose the filing channel: regional CRI or national AMDIE
Two channels exist depending on project nature and amount. (1) Regional Investment Centre (CRI): for ordinary projects, generally between 1.5 and 250 million dirhams, without specific national strategic dimension. The competent CRI is that of the region where physical investment will occur. Casablanca-Settat, Rabat-Salé-Kénitra and Tanger-Tétouan-Al Hoceima receive the majority of MRE files. (2) AMDIE (Moroccan Agency for Investment Development and Exports): for strategic projects above 250 million dirhams or with structural impact on the national economy. AMDIE also acts as a single window for major foreign investors and can negotiate bespoke conventions validated by the National Investment Committee chaired by the Head of Government.
💡 Tip — For an MRE investing between 1.5 and 50 million dirhams, the regional CRI is the natural channel. Lead times are shorter and contacts more accessible. For projects above 100 million dirhams or involving technology transfer, AMDIE offers higher-quality follow-up.
⚠️ Warning — A file submitted to a CRI may be redirected to AMDIE during instruction if amount or impact changes. Prepare your file to AMDIE standards (impact analysis, environmental study) even for a CRI filing: this avoids back-and-forth.
Compile the convention application file
The complete file includes several mandatory documents: (1) Application letter to the CRI president or AMDIE Director-General. (2) Articles of association of the Moroccan company (or draft if company not yet incorporated). (3) Detailed 5-year business plan with target market, business model, management team, commercial strategy. (4) 5-year financial projections: P&L, financing plan, cash flow, year-by-year jobs computation. (5) Proof of equity engaged (MDM bank statement or transfer attestation from abroad). (6) Domiciliation certificate or lease of the registered office. (7) Environmental impact study for industrial projects. (8) Manager identity proof (passport for non-resident MRE). (9) Detailed CV of project leader and key team. (10) Signed commitment letter specifying jobs to be created and investment timeline.
💡 Tip — A chartered accountant registered with the Order of Chartered Accountants (OEC) supports on average 60 % of MRE files. Observed fees: 15,000 to 50,000 MAD depending on complexity. A Moroccan business lawyer can be added for convention drafting if amount exceeds 20 million dirhams.
⚠️ Warning — Any missing document leads to rejection without instruction. An incomplete file comes back with a complement request; a poorly built file (inconsistencies between business plan and projections) can be rejected definitively, forcing a 6-month restart.
Instruction, negotiation and convention signing
Once the file is submitted, instruction goes through several stages: (a) Administrative completeness check (1 to 2 weeks). (b) Technical analysis by CRI or AMDIE services: feasibility, financial coherence, alignment with regional sectoral priorities (3 to 6 weeks). (c) Advisory opinions: Tax Directorate (DGI), Office des Changes for transfers, sectoral ministries. (d) Holder hearing and clause negotiation (final grant amount, disbursement schedule, counterparts). (e) Validation in regional investment commission (CRI) or National Investment Committee (AMDIE). (f) Convention signed by the minister of investment and the holder. Average overall timeline: 4 to 9 months from filing to signing.
💡 Tip — During instruction, stay in regular contact with your single point of contact at CRI or AMDIE. A proactively followed file is instructed twice as fast as a passive one. Schedule a monthly phone call.
⚠️ Warning — Until the convention is signed, no grant commitment binds the State. Starting a physical investment before signature is legally possible but financially risky: if the file is rejected, the already realised investment is not covered.
Grant disbursement and commitment monitoring
The grant is not paid in one go but along an instalment schedule written in the convention. Typical stages: (1) First tranche (often 30 to 40 %) paid upon proof of effective investment start (invoices, commitment certificate). (2) Intermediate tranches tied to progress (construction completion, equipment commissioning, staff hiring). (3) Final tranche (10 to 20 %) paid at the end of the investment period, after full verification of commitments. The holder must submit annual execution reports to CRI or AMDIE, including certified balance sheet, CNSS workforce records, investment realisation evidence. If commitments are not met (jobs not created, amount below projection), the grant can be reduced proportionally or fully reclaimed by the State with late-payment interest.
💡 Tip — Carefully archive all invoices and hiring evidence for 10 years. Ex-post audits by the Court of Accounts or DGI can occur up to 7 years after convention end.
⚠️ Warning — A signed convention creates a strong legal obligation. If your project must be cancelled or resized after signing, request an amendment to the convention rather than letting the situation drift. A negotiated amendment is much cheaper than litigation with the State.
In depth
The Charter's grant is cumulable with other schemes under specific conditions. (1) Combination with Casablanca Finance City status: possible if the project falls within a CFC-eligible activity (financial services, holding, technologies). The CFC benefit adds to 15 % corporate tax with no specific cumulative cap. (2) Combination with an Industrial Acceleration Zone (Tanger Med, Kenitra Atlantic Free Zone, Midparc): the Charter's sectoral grant can stack with the 5-year corporate tax exemption specific to ZAIs, but the territorial grant is typically neutralised because ZAIs already benefit from a subsidised land regime. (3) Combination with MDM Invest: this CRI-managed programme offers an additional 10 % grant on invested amount for MRE projects below 5 million dirhams. Cumulable with the Charter if the MDM condition (residence abroad for at least 3 years) is met. (4) For a Gulf-based MRE considering return, stacking Charter + MDM Invest + CFC status can drop the net investment cost from 100 % to 50 or 60 % depending on profile. This combination is particularly relevant in the 2026 post-Iran-conflict context, where Morocco positions itself as an alternative Mediterranean hub. A bespoke study by a Moroccan business lawyer and OEC chartered accountant is essential before any filing.
❌ Common mistakes to avoid
- ✕Filing an incomplete file or with inconsistencies between business plan and financial projections: leads to definitive rejection and at least 6 months of lost time
- ✕Believing the grant is paid in one go after signing: in reality it is staggered over the investment period with intermediate controls
- ✕Starting physical investments before convention signature: no grant commitment covers expenditures prior to signing
- ✕Underestimating the local jobs ratio required: the minimum 25 stable jobs over 5 years is strictly monitored via CNSS records
- ✕Confusing the Charter's main grant (law 03-22) with regional programmes (MDM Invest, TPE-PME programmes): they are distinct schemes, cumulable under conditions
- ✕Neglecting OEC chartered accountant and business lawyer support: a poorly prepared file ultimately costs much more in delays and lost grant percentage
🔗 Official links and resources
AMDIE - Moroccan Investment Development Agency
Official Charter page with documents, forms and grant scales
CRI Casablanca-Settat
Casablanca-Settat Regional Investment Centre, primary entry point for MRE projects in Greater Casablanca
Framework law 03-22 forming the Investment Charter
Official text of law 03-22 published in the Official Gazette
Direction Générale des Impôts (DGI)
Interaction between Charter grant and tax obligations (IS, VAT, withholding tax)
Office des Changes
MRE transfer regulations and declaration of equity contributions in foreign currency
❓ Frequently asked questions
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