Why should Start a Business in Morocco:
Morocco is an up-and-coming global business hotspot. Due to political and economic shifts in recent years, there has been considerable growth in Africa’s tech sector, and many companies are now turning their attention towards establishing themselves within Moroccan borders.
Along with its status as a leader within MENA for mobile technology and communication services, it boasts one of Africa’s fastest growing economies. Forbes reported that it was one of only two African countries that can boast about having an economy that’s still growing at breakneck speed.
What are the Natural Resources in Morocco?
Morocco's natural landscapes are one of its most important natural resources. The country has dunes, beaches, and mountains. Morocco had situated in the country's western edge. Mountains in this range are home to a variety of wildlife such as the Barbary sheep, Cuvier's gazelle, and Barbary stags. There are several popular beaches in Morocco such as Legzira Beach, La Source Beach and Moulay Bouzerktoun.
Other popular sites in Morocco include cities such as Fez and Marrakech both of which have been classified as UNESCO World Heritage Sites. The tourism industry is Morocco's most important Morocco has been blessed with different types of minerals which include phosphate, iron ore, and lead among others. Morocco's phosphate reserves are believed to account for almost 75% of all the phosphate reserves globally.
Despite having the largest phosphate reserves in the world industry as it earns the country large sums of foreign exchange. In 2017, the Moroccan government estimated that almost 10.3 million tourists visited the country which was an increase of about 1.5% from the number of tourists who visited the country the previous year. Nearly 30% of the tourists who visited Morocco in that year were Moroccans living abroad.
Other tourists who visited Morocco were from countries such as Spain and Algeria. Several companies have invested in Morocco's tourism industry by setting up hotels and resorts to cater to the large number of tourists who visit the country.
Morocco was ranked as the second-largest producer of phosphates behind China in 2015. One of the most important phosphate mines in Morocco is Bou Craa which accounted for 10% of the country's production in 2011. The mining sector is one of Morocco's essential industries and it accounted for nearly 35% of the country's exports in 2011 as well as 5% of the country’s GDP. It is believed that Morocco's mineral industry.
What are the Business Opportunities in Morocco?
As you consider where to start your own business, consider what types of industries are prevalent there. While every country has its own unique set of opportunities and challenges, certain industries consistently rank high among emerging markets. One of the most promising sectors for Moroccan industry is manufacturing where there are many opportunities for foreign investors and opportunities for foreign investors and entrepreneurs.
(1)Oil and gas, for example, often ranks high on lists of countries Morocco is not only a favored destination for tourists and travelers but also an attractive country for foreign investors. Both local and foreign investors are increasingly exploring new business opportunities in Morocco.
(2) Food is one of the sectors it’s hard to go wrong with. If you have a passion for food and have some culinary skills, this business is for you. Morocco is a great market for business opportunities in the food sector and there aren’t many international restaurants. So, opening one would be a profitable business. If you want to open a restaurant without the overheads and the expensive costs, then you may be looking for a food truck to test the market first. It’s all about creating your brand. Let’s be honest,
(3) Moroccans their traditional outfits unless there is a special occasion. Therefore, investing in a modern clothing brand in Morocco can bring you a lot of money.
Although Morocco is the 7th largest market for fast-fashion production for Europe and the MENA region,
This means that consumers will now have to pay much more for their fashion items. Many businesses are starting to launch their locally-produced modern clothes, which means that the local clothing manufacturing industry in Morocco is about to flourish. Now is the time to take the plunge and start your own clothing brand in Morocco.
(5) Morocco is the most famous tourist destination in North Africa. And obviously, tourists will need a place to stay when they visit. This business is very capital intensive and profitable. Morocco spends millions of dollars on importing food and non-food items from other countries but the truth is Morocco has a lot of local products with the potential of becoming a global brand. Starting a private transport company would be a profitable investment in Morocco. However, conducting a survey first would help you decide what kind of
(6) Transportation service will work and in which city. These business opportunities in Morocco are among the most profitable ones now. Morocco offers attractive business incentives and support to foreign investors. Morocco has a lot of local products with the potential of becoming a global brand. Starting a private transport company would be a profitable investment in Morocco.
What Businesses are Successful in Morocco?
There are some unique considerations when starting a business in Morocco. You’ll need to have at least one Moroccan partner and you may need an agent, who can help with all sorts of things from permits and contracts to handling personnel issues like hiring workers and discharging them.
They will also act as go-betweens for other government agencies. If you don’t have a local partner or agent, it could take longer to get your business up and running. It’s important to do your research before choosing an agent or local partner; the truth is, there’s no one right answer to that question. It depends on what you want out of your business and what industry you plan on entering.
However, it can’t hurt to know a little about which businesses are most likely to succeed in Morocco. Here are some of them: Moroccan Cuisine: With an emphasis on fresh ingredients and spices, North African food has grown rapidly in popularity across Europe over recent years. As more people travel to Morocco, they will undoubtedly be looking for places where they can enjoy traditional dishes like couscous or tagine.
If you have any experience with cooking these types of meals, opening up a restaurant might be a good option for you. Tourism: As mentioned above, tourism is a huge part of Morocco’s economy—the country welcomed more than 10 million visitors in 2017 alone!
Is Morocco Good for Business?
In 2015, GO Banking Rates ranked Morocco at No. 3 on its list of best countries for starting a business because of its high credit ratings and increasing economic stability. Once you’ve determined that Morocco is ideal for your new company, follow these steps to get started on building your own business from scratch.
As business owners and investors, it’s important that must stay on top of global trends. When choosing where to start or invest in our businesses, an important consideration is which countries offer opportunities for economic growth. In our guide, Morocco is well positioned for foreign business investors who are seeking growth opportunities in one of Africa’s most stable countries. Whether you’re interested in starting a new business or expanding an existing operation, Morocco can offer you everything you need.
Business-Friendly Policies and Government Initiatives:
Overview Morocco is increasingly becoming an attractive location for foreign investors. The government offers various tax and investment incentives for its businesses, which include zero corporate income tax on export earnings, free trade zones (FTZ) within specially designated areas offering total or partial exemption from customs duties, import restrictions and VAT.
The country aims to stimulate growth by facilitating private sector initiatives and foreign investment. Moroccan authorities have made substantial improvements over time with regard to visa issuance rules and procedures. All business travelers holding valid U.S., Canadian, EU and Swiss passports can obtain visas upon arrival at any of Morocco’s international airports; they no longer need to apply for visas prior to travel.
Morocco Industrial Infrastructure:
The Moroccan industrial sector has developed gradually and was, until recently, largely based on traditional industries. Currently, with an average annual growth rate of 4.6% over 1980-2014 (5.5% for 2010-2014), it is one of Africa’s most dynamic economies in terms of structural transformation, driven by domestic consumption and foreign investment.
At present, there are about 14 600 industrial establishments employing approximately 1.4 million people in various sectors such as textile and clothing, food processing, construction materials, chemicals and pharmaceuticals, metal products manufacturing and automobile assembly.
The main challenge facing the country is therefore to move from an economy that relies mainly on natural resources towards one based more on industry while preserving its strengths in agriculture and tourism through diversification strategies.
What are the steps for Starting a Business in Morocco?
To form a limited liability company (LLC) you must file an application with your local Commune’s Commercial Register. This will require you to submit documents proving your identity, such as a passport or national ID card and proof of address, such as a utility bill or bank statement. You will also need to provide evidence that you have at least MAD 20,000 available for capitalization of your LLC and that it is owned by at least one member who is Moroccan.
To form a limited liability company (LLC) you must file an application with your local Commune’s Commercial Register. This will require you to submit documents proving your identity, such as a passport or national ID card and proof of address, such as a utility bill or bank statement. You will also need to provide evidence that you have at least MAD 20,000 available for capitalization of your LLC and that it is owned by at least one member who is Moroccan.
The minimum capital requirement can be waived if you are applying for an exemption from taxes on profits. You will then be required to pay a fee before your business can be registered. Once all requirements are met, your business should be ready to operate within two weeks.
There are no special procedures required when starting a business in Morocco other than those outlined above; however, there may be certain legal obligations depending on what type of business activity you intend to engage in.
Market size of Morocco:
Morocco is a country of approximately 36 million people located on the north-west coast of Africa. Like many nations, Morocco experienced economic hardship due to the A stringent confinement in early 2020, decreased tourism revenues, the disruption of global value chains, and an agricultural shock impacted by drought contributed to a recession of the Moroccan economy.
According to the World Bank, Morocco’s GDP contracted by 7 percent in 2020. However, the government response to the crisis has been appropriate, and ambitious reforms efforts if implemented could set the stage for a solid recovery. The World Bank has projected Morocco’s GDP growth to accelerate to 4.6 percent in 2021 Growth is projected to rebound to 5.3% in 2021, led by base effect and an extraordinarily good agricultural season rather than by a broad-based acceleration of economic activity.
Morocco may return to its pre-pandemic level of GDP in 2022, followed by a gradual acceleration of growth, contingent on the successful implementation of both ongoing and planned reforms. Sustained mainly by the recovery of indirect taxes, the budget deficit is expected to start falling in 2021 (to 6.7% of GDP), stabilizing debt below 79% of GDP.
Industrial Growth:
The Moroccan economy is projected to expand by 4.3% in 2018, mainly supported by private consumption and fixed investment. It will be slowed down by subdued foreign demand for Moroccan exports. The government’s ambitious development plan for 2016-20 aims at attracting USD 100 billion of additional FDI and USD 45 billion of private investments over corresponding to an average annual growth rate of 6%.
The plan, however, also requires higher public spending on education and infrastructure than envisaged previously. With oil prices expected to remain low, fiscal consolidation remains necessary. Despite successful reforms undertaken so far, more efforts are needed to improve competitiveness and employment opportunities as well as social inclusion.
Morocco’s external position has been resilient, and its foreign exchange reserve still covers seven months of imports, albeit with the trade deficit now widening somewhat due to a rise in oil prices and the recovery of imports.
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