Opening a Bank Account in a Morocco Free Zone in 2026: Complete Guide

Why a Dedicated Bank Account Is Essential in a Free Zone

Every company established in a Moroccan free zone needs a professional bank account opened with an authorized Moroccan institution. This applies in Tanger Free Zone, Casablanca Finance City, Midparc or any other industrial platform. The account receives payments from international clients and settles local suppliers. It also justifies financial flows to the Office des Changes (Morocco’s foreign exchange authority).

In brief. A company established in an industrial acceleration zone (IAZ, formerly free zone) is treated as a non-resident under Moroccan foreign exchange regulations. It may therefore hold a foreign currency account and a convertible dirham account with a Moroccan bank (Article 228 of the General Instruction on Foreign Exchange Operations, IGOC). Where needed, a “special” dirham account reserved for refunds and subsidies supplements them (Article 246). Before incorporation, an SA needs a capital deposit account. So does an SARL as soon as the share capital exceeds MAD 100,000. Finally, a foreign investor must report the investment to the Office des Changes to secure the future repatriation of dividends and sale proceeds.

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Companies that overlook this step risk disruptions to their import-export operations and complications during tax audits.

Do You Need a Bank Account Before the Company Is Incorporated?

In most cases, yes. The banking journey of a free zone company actually starts before its registration with the trade register, with the capital deposit account. This temporary account is opened in the name of the company “in formation”. It receives the shareholders’ cash contributions and remains blocked until the certificate of registration is produced.

• SARL: Law No. 5-96 leaves the share capital freely set by the articles of association, but requires a bank deposit of the funds when the capital exceeds MAD 100,000 (Article 51). Below that threshold the deposit is not mandatory, although many banks and notaries recommend it to trace the origin of funds.
• SA: Law No. 17-95 sets a minimum capital of MAD 300,000 (MAD 3,000,000 in case of a public offering). Funds from cash subscriptions are deposited with a bank, and the blocking certificate issued by the institution is part of the incorporation file.
• Branch of a foreign company: no share capital of its own, hence no capital deposit account; however, the endowment sent by the head office will have to pass through an account opened in the branch’s name once it is registered.

The case of a foreign investor

For a foreign investor, this first transfer is particularly important. It evidences the foreign currency financing of the investment. The bank then issues the settlement voucher (foreign currency purchase form or bank certificate). Later, the Office des Changes will request it before authorising the transfer of dividends or sale proceeds. The choice of legal form therefore directly shapes the banking mechanics. Our comparison of SA, SARL or branch in a Moroccan free zone details these differences. The practical guide to company formation in Tangier places the banking step within the full incorporation timeline.

Once the company obtains the certificate of registration, the deposit account becomes a business current account, or the company closes it in favour of permanent accounts. This is when the question specific to industrial acceleration zones arises: which types of accounts to open.

Which Banks Operate in Morocco’s Free Zones?

The main Moroccan banks have branches or dedicated relationship managers for free zone companies.

Moroccan subsidiaries of foreign banking groups are also active for groups with foreign capital.

Required Documents for Account Opening

The documents required vary slightly between institutions, but the standard checklist includes:

Which Documents Do Banks Actually Ask For?

The list above corresponds to the documents generally requested by Moroccan institutions. It is not a single regulatory list. Each bank applies its own know-your-customer (KYC) procedure and may ask for additional items, especially when non-residents hold the share capital. In practice, the most frequent requests concern:

• the group organisation chart down to the ultimate beneficial owners (natural persons), with identity documents and proof of address;
• the articles of association and register extract of the foreign parent company, sometimes with a sworn translation into French or Arabic;
• the bank mandate designating authorised signatories and their limits (sole or joint signature);
• a description of the business: nature of products or services, main customers and suppliers, invoicing countries, forecast volumes in foreign currency;
• the lease or domiciliation contract within the zone, which proves effective establishment in the IAZ and hence eligibility for the non-resident exchange regime.

On this last point, a valid domiciliation contract is essential. It links the company to the zone in the eyes of the bank, the Office des Changes and Customs. Our article on company domiciliation in a Moroccan free zone details the applicable rules. Finally, the General Instruction on Foreign Exchange Operations expressly allows non-resident foreign directors to operate the bank accounts of Moroccan companies. The transactions must fall within their statutory and legal powers (Article 771). A director based abroad can therefore be a signatory, something some branches are unaware of.

Dirham Account or Foreign Currency Account?

This is one of the most common questions. In free zones, companies benefit from a preferential exchange regime:

• Foreign currency account: permitted without restriction for export revenues. You can hold euros, dollars, or pounds sterling directly in this account, with no obligation to immediately convert to dirhams.
• Convertible dirham account: for local transactions, salary payments, and Moroccan charges. Transfers from this account to abroad require justification to the Office des Changes.

Most companies maintain both types of accounts in parallel. This optimizes multi-currency cash management and simplifies Office des Changes declarations.

Which Accounts Can an Industrial Acceleration Zone Company Hold?

What makes free zones specific is their status under foreign exchange control. The IGOC 2026 defines an industrial acceleration zone as an area of the customs territory where industrial activities and related services are removed from customs regulations and from foreign exchange control, in accordance with Law No. 19-94. It expressly lists entities established in an IAZ among non-residents. It also excludes these zones from the “subject territory”. This status opens access to foreign currency accounts.

Operating rules for these accounts

The operating rules of Article 228 are worth knowing before the first transaction:

• Credits: transfers from abroad, transfers from other foreign currency or convertible dirham accounts, collection of payment instruments denominated in foreign currency, foreign currency purchases authorised by the Instruction, remuneration and repayments arising from capital transactions, interest on deposits.
• Debits: any payment in Morocco or abroad, including cash withdrawals, and the placing of term deposits.
• Overdraft: these accounts must not run a debit balance. The Instruction nevertheless provides an exception specific to IAZs: where a Moroccan bank grants a credit line to a company established in an industrial acceleration zone, its foreign currency account may go into debit within the limit set by the contract.
• Foreign currency financing: the IGOC 2026 also authorises banks to use the balances of foreign currency accounts held in their books to grant loans financing the investment and operating needs of companies established in an IAZ, repayable in foreign currency.

Special dirham account: an overlooked option

The “special” dirham account under Article 246 is often overlooked, yet it meets a concrete need. A free zone company may receive a CNSS refund for an employee, a subsidy from a public body or an insurance indemnity in dirhams. It cannot always book these on its foreign currency account. This dedicated account collects such flows and pays dirham expenses in Morocco, but may not give rise to any transfer. The full text is available on the website of the Office des Changes (IGOC Article 228).

These rules work together with the repatriation and flow-justification obligations. A dedicated article covers them: foreign exchange controls in Moroccan free zones and transfer rules. The banking structure must also be consistent with the customs regime. Import payments and export receipts go through the bank where the import/export documents are domiciled, as explained in our guide to the import-export customs regime in Moroccan free zones.

Foreign Investor: Which Filings Secure the Repatriation of Funds?

Opening the right accounts is not enough. A foreign shareholder may one day want to transfer dividends, repay a shareholder current account or repatriate the proceeds from the sale of shares. To do so, the investment must have been financed in foreign currency and reported to the Office des Changes. Foreign exchange regulations define a foreign investment as one made in foreign currency by foreign natural or legal persons, resident or not. They attach to it a convertibility regime. This regime guarantees the freedom to carry out the investment, to transfer the income it generates and to transfer the proceeds of its liquidation or sale.

In concrete terms, three documentary obligations structure the file:

1. Proof of foreign currency financing. Each contribution (initial capital, capital increase, shareholder current account advance, related-party loan) must be supported by the corresponding bank form or a bank certificate evidencing settlement in foreign currency, in convertible dirhams or by debit of a term convertible account. These vouchers must be kept by the investor.
2. The investment report. Foreign investors must, within six months of completing the transaction, send the Office des Changes, directly or through their bank, accounting firm, notary or lawyer, a report stating the investor’s identity, nationality and residence, the business sector, the amount and the form of the investment, together with the articles of association, the minutes of the constitutive meeting, the subscription and payment declaration and the bank vouchers.
3. The annual update. Any Moroccan legal entity whose capital is wholly or partly held by foreigners must update its file with the Office des Changes every year, with a statement of the split of its capital between residents and non-residents and proof of financing of the foreign shareholding.

What the bank checks on transfer

At the time of transfer, the bank will require precisely these documents. They include proof of foreign currency financing or acknowledgement of receipt of the investment report, the latest financial statements, and the minutes of the meeting that decided the distribution. An incomplete file at account opening is therefore paid for years later, when the funds need to leave the country. Our article on dividends and profit repatriation from a Moroccan free zone details distribution procedures, the withholding tax on dividends under the General Tax Code (11.25% on amounts distributed in 2026, 10% from 2027, subject to tax treaties) and the documents to gather.

One point deserves emphasis for IAZ companies. As non-residents, their foreign currency accounts receive export proceeds directly, with no obligation to sell them on the foreign exchange market, unlike ordinary-law exporters. This does not exempt them from keeping accounts that trace every flow. Nor does it exempt them from the periodic reports that banks file with the Office des Changes on behalf of their clients.

Timelines and Costs

The time needed to open a professional account in a free zone varies depending on the bank and the completeness of the file. Some banks offer dedicated support for free zone companies (dedicated account manager). Fees (account maintenance, international transfer commissions, any documentary credit facilities) depend on the account agreement negotiated with the institution.

Common Mistakes to Avoid

Accounting firms working in free zones regularly observe the same mistakes:

• Opening the account at a local branch with no free zone expertise — general advisors are often unfamiliar with the applicable Office des Changes rules.
• Not opening a foreign currency account from the outset — this leads to avoidable exchange losses.
• Ignoring banking timelines when planning operations — some banks impose a waiting period before activating international transfers.
• Mixing free zone flows and local market flows in the same account — which complicates justifications to the Office des Changes.

Opening an Account at Tanger Free Zone or Tanger Med: What Changes in Practice

Tangier hosts a significant share of the Kingdom’s industrial acceleration zone companies. They are spread across Tanger Free Zone, opened in 1999, Tanger Automotive City, Tanger Tech (Mohammed VI City) and the logistics zones of the Tanger Med port. This density has a direct effect on the banking journey. Several Moroccan banks have branches or relationship managers within Tanger Free Zone itself or close to the port. These advisers are used to non-resident company files, foreign currency accounts and Office des Changes documentation. The automotive industry has become Morocco’s leading export sector, with an ecosystem largely concentrated around Tangier, which has contributed to this specialisation.

Three practical recommendations

In practice, three recommendations come up repeatedly in our Tangier files:

• Choose a branch experienced with IAZs rather than a general city-centre branch: advisers in the zone know Article 228, the distinction between a foreign currency account and a special dirham account, and the documents expected from a foreign investor.
• Coordinate the timeline with the operating authorisation issued by the local commission (decision within 30 days under Article 12 of Law 19-94), the lease or domiciliation in the zone and the registration: the bank will request these documents in a specific order, and proof of establishment in the zone is a condition for opening foreign currency accounts.
• Plan dirham flows from the outset: salaries, CNSS contributions, rent and local Tangier suppliers are paid in dirhams; a convertible dirham account funded by conversion from the foreign currency account avoids mixing export receipts with local expenses.

Cabinet Dami & Associés has an office in Tanger Free Zone (Espace N°27, Lot 43B). We prepare the banking file alongside incorporation formalities and the operating authorisation. Our article on the role of a free zone accountant in Tangier describes this support. Our business setup service also includes opening the capital deposit account from the drafting of the articles of association.

Three Foreign Exchange Mistakes to Avoid from Day One

Beyond the general mistakes listed above, three situations specific to the free zone exchange regime come up regularly:

• Funding the share capital from an ordinary dirham account. A contribution paid in non-convertible dirhams, for example from the Moroccan account of a resident shareholder or an ordinary-law sister company, does not benefit from the convertibility regime. The future transfer of the corresponding dividends will then require an application to the Office des Changes, with no guarantee. Every foreign contribution must arrive in foreign currency and be evidenced by a bank form.
• Forgetting the investment report within six months. Without an acknowledgement of receipt from the Office des Changes or proof of foreign currency financing, the bank cannot execute the transfer of sale or liquidation proceeds. Late regularisation is possible but lengthens timelines and invites questions about the origin of funds.
• Using the special dirham account for transfers. This account is reserved for refunds, subsidies and reimbursements; it may not give rise to any transfer. Routing commercial receipts through it, or attempting to transfer its balance, is a frequent irregularity among companies that did not separate their accounts from the start.

These points are as much a matter of exchange compliance as of accounting. Office des Changes inspections check them, and they determine the company’s ability to remunerate its shareholders. For an overview of a non-resident shareholder’s obligations, the guide for foreign investors in Moroccan free zones complements this article.

FAQ — Bank Account in a Morocco Free Zone

Is a free zone company required to open a foreign currency account?
No text makes holding a foreign currency account compulsory. Article 228 of the IGOC authorises banks to open foreign currency and convertible dirham accounts in the name of companies established in an IAZ. In practice, an exporting company invoicing in euros or dollars has every interest in holding one. It can then collect its receipts directly and pay its foreign suppliers.

Can the capital deposit account be opened remotely, without travelling to Morocco?
This depends on each bank’s policy and identity verification arrangements. The agent in charge of incorporation (notary, accounting firm, chartered accountant) can make the capital deposit with a power of attorney. However, the bank will require the identity documents and supporting evidence of the beneficial owners. A non-resident director may then operate the account (Article 771).

What if an SARL’s share capital is below MAD 100,000?
The mandatory bank deposit under Article 51 of Law 5-96 does not apply. The funds may be handed to the manager, who will pay them into the company’s account after registration. For a foreign shareholder, it remains essential to route the contribution through an identifiable foreign currency transfer. This secures the benefit of the convertibility regime.

Can an IAZ company’s foreign currency account be overdrawn?
As a rule, no: these accounts must not run a debit balance. The IGOC provides an exception where a Moroccan bank has granted a credit line to the company established in an industrial acceleration zone. The account may then go into debit within the limit set by the contract.

Is a separate account needed for CNSS refunds and subsidies?
That is the purpose of the “special” dirham account under Article 246. It receives refunds from social security bodies, public subsidies, reimbursements from the Administration and insurance indemnities. The account also pays dirham expenses in Morocco. However, no transfer abroad may be made from it.

Conclusion

Opening a bank account in a free zone is a strategic step, not just an administrative one. Chosen well, your banking partner becomes a lever for your import-export operations, access to financing, and compliance with foreign exchange regulations. At Cabinet Dami & Associés, we support free zone companies from this very first step. We coordinate the banking file with all other establishment formalities.

Once the account is open, credit options are covered in bank financing for free zone companies.

Further reading

• foreign exchange rules for free-zone bank accounts

The information in this article is provided for guidance only and may change as laws and regulations evolve. For an analysis tailored to your situation, contact Cabinet Dami & Associés — Tanger Free Zone: +212 539-39-81-18.

Written by

Mohammed Dami

Chartered accountant (DPLE) & statutory auditor

Founder and managing partner of Cabinet Dami & Associés (est. 1991) and a member of the Ordre des Experts-Comptables du Maroc. More than 37 years of accounting and audit assignments, with a branch inside Tanger Free Zone in Tangier.

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Published on 12 June 2026 · Last updated on 20 October 2026