HOW TO OBTAIN THE CFC STATUS?
The CFC Status is a label which provides access to an attractive package of benefits.
These benefits include Doing Business facilitations, an access to a community of active members and relevant information on Africa
DESCRIPTION AND ELIGIBILITY CRITERIA
The CFC Status provides access to an attractive package of benefits. These benefits include Doing Business facilitations, a community of active members and opportunities to relevant information on Africa. These benefits are detailed in the next section.
CFC’s institutional framework is continually adapting to best meet the needs of CFC members and to ensure the most competitive offer that fosters and facilitate their activities in Africa.
Companies looking to obtain the CFC status must meet the following requirements:
- Fit into one of the following company categories:
- Credit institution
- Insurance and/or reinsurance companies/brokers
- Credit rating companies
- Private wealth management
- Holdings
- Investment companies
- Mutual investment funds
- Financial investment advisors
- Crowdfunding platforms
- Ancillary services providers: companies who practice one or more of the following activities:
- Audit and consulting services for legal, fiscal, strategy or human resources
- All other professional service activities
*Technical and administrative service providers:
Technical service carried out in the context of industrial and commercial activities. Technical service providers can also:
– provide services on behalf of third parties;
– invoice goods and services on behalf of said entities or to third parties.
- Administrative Services Providers: companies that practice at least one of the following activities:
- the supervision and coordination of the activities carried out by the entities of the group to which the service provider belongs, on national territory or in one or more foreign countries
- the direction and management of these entities
- the provision of services on behalf of these entities.
Criterion relating to technical service providers and administrative service providers
Technical service providers and administrative service providers must provide at least three of the following services to at least three entities of the same group or with which they are associated by virtue of commercial, technical or capital relations:
– the supervision and coordination of the activities carried out by the entities of the group to which the service provider belongs on the national territory or in one or more foreign countries
– the direction and management of these entities
– the provision of services on behalf of these entities
– the provision of services on behalf of third parties
– invoicing of goods and services on behalf of these entities or to third parties
– any other administration, management or coordination service relating to regional and international headquarters.
*Trading companies
It is any legal entity whose main objective is the purchase and sale of goods for the account of third parties and which carries out at least one of the following activities: – the purchase of materials or products for the resale;
– trade-related services, including networking, logistics, storage, transit and trade advice.
2.Provide an added value to the development of CFC ;
3. Headquarters must be located at CFC;
4. Be managed and operated from CFC;
5. At least one manager must reside in Morocco
6. Allocate a minimum of operating expenses in line with the activity of the company;
7. At least one senior executive must have qualifying international experience;
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- Minimum of 3 years for service providers (administrative, technical, ancillary, trading)
- Minimum of 1 year for all other activities
8. Contribute to the development of the technical and technological expertise and to the development of the Casablanca Finance City, especially concerning the exchanges and financing the development in Africa.
Legal and regulatory framework governing Casablanca Finance City:
Laws:
- October 2020: Decree-Law No. 2-20-665 reorganizing “CASABLANCA FINANCE CITY”
- December 2019: Finance Law 2020
- December 2020: Finance Law 2021
Code of ethics
- October 2020: CFC Code of Ethics
Circulars & Notes
CFC STATUS ADVANTAGES
The CFC Status is a label which provides access to an attractive package of benefits.
These benefits include Doing Business facilitations, an access to a community of active members and relevant information on Africa
The CFC Status is a label which provides access to an attractive package of benefits. These benefits include Doing Business facilitations, an access to a community of active members and relevant information on Africa
HOW TO OBTAIN THE CFC STATUS
Write a letter of intent
To have its eligibility examined, a company wishing to obtain the CFC status shall contact the business development team within CFCA, and then send a letter of intent stating its will to become a CFC member and describing in detail its project.
Company setup
The companies not yet established having requested the CFC Status shall benefit from an accelerated procedure for the creation of their legal entity at the Casablanca Regional Investment Center (within a 48 hours deadline after completion of creation file). Consequently, in order to benefit from this accelerated procedure, the companies shall necessarily contact the assistance team within CFCA guichetunique@cfca.ma
Complete the Business Plan
Fill out the Application Form
Sign the Code of Ethics
Pay the application fee
To get an estimated rate card for your company, please reach out to your key contact at CFC.
File review and notification
- The file review by CFCA
- Notifying the company it was granted the CFC status
Once the CFC status granted, the company must submit to CFCA on an annual basis:
- An annual reporting
- The payment of the CFC status annual fees. To get an estimated rate card for your company, please reach out to your key contact at CFCA.
