Morocco Investment Charter — Investment Premiums, Eligibility and Procedure

Morocco’s Investment Charter, Framework Law No. 03-22, sets the rules under which the state supports private investment projects. It provides investment premiums of up to 30% of the eligible investment, through a main support scheme and specific schemes for strategic projects, very small, small and medium enterprises (VSMEs) and the international development of Moroccan companies. This page summarises the schemes, the eligibility conditions, the premium rates and the application procedure, as set by the law, its implementing decrees and the orders of the Head of Government, with the points a foreign investor should review before filing.

The Investment Charter: Legal Framework and Objectives

Framework Law No. 03-22 forming the Investment Charter was promulgated by Dahir No. 1-22-76 of 9 December 2022 and published in the Official Bulletin No. 7152 of 15 December 2022. It replaces Framework Law No. 18-95 of 1995. The law sets the principles and the categories of support; the eligibility conditions, premium rates and procedures are set by implementing decrees and by orders of the Head of Government.

The law assigns nine fundamental objectives to state action on investment:

• the creation of stable jobs;
• the reduction of territorial disparities in investment;
• the orientation of investment towards priority sectors and future trades;
• making Morocco a continental and international hub for foreign direct investment;
• exports and the international development of Moroccan companies;
• import substitution by local production;
• sustainable development;
• the improvement of the business climate;
• a larger share of private investment in total investment. The public authorities’ target is for private investment to represent two thirds of total investment by 2035.

The law sets out the principle of equal treatment of investors regardless of their nationality. A foreign-owned Moroccan company can therefore apply under the same conditions as a company held by Moroccan shareholders, subject to the criteria specific to each scheme. Investments in agriculture remain governed by their own texts and fall outside the Charter, and real estate and trading projects are excluded from the main support scheme.

Overview of the Support Schemes

The Charter organises state support into one main scheme and three specific schemes. Each scheme has its own implementing text, eligibility conditions and procedure.

Scheme	Target	Main conditions	Implementing texts
Main support scheme	Medium and large investment projects	Investment of at least MAD 50 million with at least 50 stable jobs, or at least 150 stable jobs	Decree No. 2-23-1 of 16 February 2023; orders No. 3-12-23, 3-13-23 and 3-14-23 of 1 March 2023
Strategic investment projects	Projects of at least MAD 2 billion of a structuring nature	Strategic character granted by the National Investment Commission	Decree No. 2-23-1 (chapter III)
VSME support scheme	Very small, small and medium enterprises	Investment between MAD 1 million and MAD 50 million; turnover below MAD 200 million	Decree No. 2-25-342 of 12 June 2025; orders No. 3-51-25 to 3-54-25 of 31 October 2025
International development	Moroccan companies investing abroad, notably in Africa	To be set by a dedicated implementing text	Not published as of October 2026

Main Support Scheme: Eligibility

Under article 6 of Decree No. 2-23-1 and Order No. 3-13-23, the main support scheme is open to investment projects that meet one of the following conditions:

• a total investment of at least MAD 50 million and the creation of at least 50 stable jobs; or
• the creation of at least 150 stable jobs, regardless of the amount invested.

The investor is a natural person or a legal person governed by private law, excluding public enterprises. A stable job is a job created directly by the project under an employment contract of at least 18 consecutive months, held by an employee of Moroccan nationality registered with the CNSS. Expatriate staff are therefore not counted.

The premiums are calculated on the eligible investment amount. It is derived from the total investment excluding taxes (studies, research and development, buildings, infrastructure, civil works, equipment and tooling), with two adjustments: the price of public land is excluded, and the price of private land is taken into account up to 20% of the total investment. Leases are counted for a maximum of seven years.

Investment Premiums under the Main Scheme

The premiums are expressed as a percentage of the eligible investment amount. They comprise five common premiums, a territorial premium and a sectoral premium.

Premium	Criterion	Rate
Job creation	Ratio of stable jobs to total investment in millions of dirhams: above 1 and up to 1.5; above 1.5 and up to 3; above 3	5%, 7% or 10%
Gender	Share of the payroll paid to women of at least 30%	3%
Future trades or upgrading	Activities listed by Order No. 3-12-23 (digital technologies, pharmaceutical industry, renewable energy equipment, electric and autonomous mobility, shipbuilding, and upgrading in the automotive, aeronautics, agri-food and textile industries)	3%
Sustainable investment	Use of non-conventional water with a water-saving system, plus at least two of: renewable energy consumption, energy efficiency, waste treatment, social responsibility programmes	3%
Local integration	Minimum local integration rate of 20% (agri-food, pharmaceuticals, medical devices) or 40% (other manufacturing)	3%
Territorial premium	Project located in a category A or category B province	10% (A) or 15% (B)
Sectoral premium	Industry, tourism and leisure, cultural industry, digital, renewable energy, waste processing and recovery, logistics and transport, outsourcing, aquaculture	5%

The three job creation rates are alternatives; the other common premiums can be combined with each other and with the territorial and sectoral premiums. A project spanning several sectors receives the sectoral premium once, for the sector with the largest share of the investment.

Where the territorial premium applies

Order No. 3-14-23 lists 36 provinces and prefectures in category A (10%) and 24 in category B (15%). The main business centres are not on the list: Casablanca, Mohammedia, Nouaceur, Médiouna, Berrechid, Settat, Benslimane, El Jadida, Rabat, Skhirate-Témara, Kénitra, Tanger-Assilah, Fahs-Anjra, Marrakech and Agadir Ida-Outanane do not open entitlement to a territorial premium. Category A includes, for example, Tétouan, Larache, Nador, Fès, Meknès, Salé, Béni Mellal, Khouribga, Safi and Laâyoune; category B includes Al Hoceima, Oujda-Angad, Guercif, Taounate, Errachidia, Zagora, Tinghir, Tiznit, Guelmim, Tan-Tan and Es-Semara. The same list applies to the VSME scheme.

Specific Scheme for Very Small, Small and Medium Enterprises (VSMEs)

The VSME scheme is set by Decree No. 2-25-342 of 12 June 2025 (Official Bulletin No. 7418 of 3 July 2025). It entered into application with four orders of the Head of Government of 31 October 2025, published in the Official Bulletin No. 7454 of 6 November 2025: the eligible activity branches by region, the priority activities, the application file and the provinces eligible for the territorial premium.

The company must be a legal person governed by Moroccan private law that meets the following conditions:

• a turnover (excluding VAT) of at least MAD 1 million and below MAD 200 million in one of the last three financial years. Companies registered for less than three years are exempt from this turnover condition;
• a share capital not held, directly or indirectly, at more than 25% by a company whose annual turnover exceeds MAD 200 million;
• no public-law entity or public enterprise among its shareholders.

The project must meet all of the following conditions:

• a total investment of at least MAD 1 million and below MAD 50 million;
• a forecast ratio of at least 1.5 stable jobs per million dirhams invested (1 for tourism);
• an activity in one of the branches eligible in the region concerned (manufacturing, renewable energy, waste recovery, warehousing, classified tourist accommodation, crafts, IT services and outsourcing, among others);
• equity financing of at least 10% of the total investment.

VSME premium	Criterion	Rate
Stable job creation	Stable jobs per million dirhams invested: from 2 to 5; above 5 and up to 10; above 10	5%, 7% or 10%
Territorial premium	Project located in a category A or category B province	10% or 15%
Priority activities premium	Activity on the list of priority activities (Order No. 3-52-25)	10%

The VSME premiums can be combined up to 30% of the eligible investment. Below a ratio of 2 jobs per million dirhams, the project can be eligible without receiving the job creation premium.

The eligible amount follows specific rules: study and process development costs are capped at 5% of the eligible amount and MAD 500,000; private land is counted only for industry, tourism and crafts projects, up to 20% of the eligible amount and MAD 5 million; vehicles and expenditure between companies held by the same investor are excluded. Jobs already subsidised by another state scheme are not counted, and a project already covered by an investment agreement under a scheme granting similar benefits is not eligible.

Applications are filed electronically with the Regional Investment Centre, which retains eligible projects in order of receipt, within the limit of the available budget. The investment agreement is approved by the Unified Regional Investment Commission. The territorial and priority activities premiums are paid in two instalments, the first (50%) once at least half of the investment has been made, the balance when all commitments are fulfilled; the job creation premium is paid on the basis of CNSS records.

Strategic Investment Projects

The National Investment Commission, chaired by the Head of Government, can grant strategic status to a project of at least MAD 2 billion that meets at least one of the following criteria: contributing to Morocco’s water, energy, food or health security; a significant effect on direct or indirect employment; a considerable effect on Morocco’s economic standing at regional, continental or international level; a driving effect on sectoral ecosystems; or a significant contribution to advanced technologies. Projects in the defence industry are considered strategic by law.

Strategic projects receive specific negotiated benefits, set out in their investment agreement and negotiated by the ministry in charge of investment. This scheme cannot be combined with the main support scheme.

Support for the International Development of Moroccan Companies

The fourth scheme is intended to support Moroccan companies that invest abroad, in particular in Africa, provided that the support does not lead to job losses in Morocco. Agreements under this scheme are approved by the National Investment Commission. The law provided for its implementing text, but no decree had been published as of October 2026.

Which Scheme Applies to a Foreign-Owned Company?

The choice of scheme depends mainly on the size of the project, its location and the group to which the Moroccan company belongs.

Situation	Scheme to examine	Point to check
Project of MAD 50 million or more with 50 jobs or more, or creating 150 jobs or more	Main support scheme	Stable jobs held by Moroccan employees; eligible amount
Project below MAD 50 million, company held at more than 25% by a group whose turnover exceeds MAD 200 million	In principle, neither the main nor the VSME scheme	The 25% capital criterion of the VSME scheme
Project below MAD 50 million, company not controlled by such a group (including a newly created subsidiary)	VSME scheme	Eligible branch in the region, job ratio and 10% equity
Project of MAD 2 billion or more of a structuring nature	Strategic projects	Assessment by the National Investment Commission
Offshoring activity (CRM, BPO, ITO, ESO, KPO)	Offshoring framework 2025–2030	Non-cumulation with other state investment support

In practice, many subsidiaries of foreign groups are excluded from the VSME scheme by the capital criterion, even when the Moroccan entity is small. For them, the main scheme is the relevant route when the project reaches its thresholds. Conversely, a new company created by an independent foreign investor can apply under the VSME scheme without a turnover history. The location also matters: projects in Casablanca, Rabat, Tangier, Kénitra, Marrakech or Agadir do not receive the territorial premium. Investment agreements can include a clause providing for international arbitration of disputes between the state and a foreign investor. Offshoring activities are covered by a dedicated framework described in our guide to offshoring in Morocco.

Application Procedure and Investment Agreement

Customs and VAT Exemptions under an Investment Agreement

A project covered by an investment agreement with the state also benefits from the tax and customs advantages provided by the applicable legislation. According to the Regional Investment Centres, these include:

• exemption from import duty on equipment, materials and tooling for 36 months from the first import (Customs Code, art. 164-1-p), extendable by 24 months;
• exemption from VAT on capital goods acquired locally for 36 months (General Tax Code, art. 92-I-6°) and on imported equipment for 36 months, extendable by 24 months (art. 123-22°-b).

Exempted goods cannot be sold or used for other purposes for five years without authorisation. See our tax guide for foreign companies in Morocco for the general tax framework.

Points of Attention Before Filing

Accounting and Reporting for a Funded Project

A company that receives investment premiums must document the investment and the jobs created over several years: fixed asset records, invoices, payroll and CNSS declarations. Under Moroccan accounting standards (CGNC), investment subsidies are recorded in a dedicated equity account and released to income over time; their tax treatment follows the General Tax Code. Reliable bookkeeping and financial statements and payroll records support the payment of each instalment. Synergie Experts assists foreign-owned companies in Casablanca with these obligations, from company formation onwards.

Frequently Asked Questions

What is the Morocco Investment Charter?

The Investment Charter is Framework Law No. 03-22 of 9 December 2022, which replaced the 1995 charter. It sets the rules for state support to private investment through a main support scheme and specific schemes for strategic projects, very small, small and medium enterprises, and the international development of Moroccan companies.

How much can the investment premiums represent?

Under the main support scheme, the job creation premium (5%, 7% or 10% depending on the ratio of jobs to investment), the gender, future trades, sustainable investment and local integration premiums (3% each), the territorial premium (10% or 15%) and the sectoral premium (5%) can be combined up to 30% of the eligible investment amount. Renewable electricity projects are capped at MAD 30 million.

Which projects are eligible for the main support scheme?

Projects with a total investment of at least MAD 50 million that create at least 50 stable jobs, or projects creating at least 150 stable jobs regardless of the amount invested. Stable jobs are jobs held by Moroccan employees under contracts of at least 18 consecutive months, registered with the CNSS. Real estate and trading projects are excluded.

Can a foreign-owned company benefit from the Investment Charter?

Yes. The Charter provides for equal treatment of investors regardless of their nationality. However, the VSME scheme excludes companies whose capital is held, directly or indirectly, at more than 25% by a company with a turnover above MAD 200 million, which excludes many subsidiaries of foreign groups. These companies can apply under the main scheme when their project reaches its thresholds.

Is there a territorial premium in Casablanca?

No. Casablanca and the surrounding prefectures and provinces, as well as Rabat, Skhirate-Témara, Kénitra, Tanger-Assilah, Fahs-Anjra, Marrakech and Agadir Ida-Outanane, are not on the list of provinces eligible for the territorial premium. A project in these locations can still receive the common and sectoral premiums.

What does the VSME support scheme provide?

Decree No. 2-25-342 of 12 June 2025 provides a job creation premium (5% to 10%), a territorial premium (10% or 15%) and a priority activities premium (10%), combinable up to 30% of the eligible investment, for projects between MAD 1 million and MAD 50 million carried out by companies with a turnover below MAD 200 million. Companies registered for less than three years are exempt from the minimum turnover condition. The scheme has applied since the publication of its implementing orders on 6 November 2025.

Where is an application filed?

Applications are filed online with the Regional Investment Centre of the region where the project is located. Agreements below MAD 250 million and VSME agreements are approved by the Unified Regional Investment Commission; projects of MAD 250 million or more and strategic projects are approved by the National Investment Commission, before an investment agreement is signed with the state.

Sources

• Framework Law No. 03-22 (Official Bulletin No. 7152 of 15 December 2022), Decree No. 2-23-1 (French translation in Official Bulletin No. 7174 of 2 March 2023), Decree No. 2-25-342 (Official Bulletin No. 7418 of 3 July 2025) and the orders of the Head of Government (Official Bulletins No. 7177 of 13 March 2023 and No. 7454 of 6 November 2025): General Secretariat of the Government.
• « La Charte de l’investissement en bref »: Moroccan Investment and Export Development Agency (AMDIE).
• Procedures for the main scheme and the VSME scheme, customs and VAT exemptions: Regional Investment Centres (CRI) platform.