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The Moroccan entities without accounts in foreign currencies or convertible dirhams, the funding is limited to MAD 200,000 (USD 20,283) per fiscal year and beneficiary. The 2024 version of the Instruction Générale des Opérations de Changes (IGOC) introduced a cap of MAD 1 million (USD 101,417) for annual e-commerce funding for young innovative technology companies. This regulation also applies to operators categorized by the Office des Changes under the provisions of Article 17 bis of the IGOC-2024.
The Moroccan entities without accounts in foreign currencies or convertible dirhams, the funding is limited to MAD 200,000 (USD 20,283) per fiscal year and beneficiary. The 2024 version of the Instruction Générale des Opérations de Changes (IGOC) introduced a cap of MAD 1 million (USD 101,417) for annual e-commerce funding for young innovative technology companies. This regulation also applies to operators categorized by the Office des Changes under the provisions of Article 17 bis of the IGOC-2024.The cap is determined based on either 100% of the corporate tax paid for the last fiscal year, or 100% of the tax amount from the last fiscal year credited to the corporate tax for companies with tax credits.For Moroccan entities without accounts in foreign currencies or convertible dirhams, the funding is limited to 200,000 dirhams per fiscal year and beneficiary.
This is calculated based on 100% of the corporate tax or income tax for companies subject to these taxes, or the minimum contribution amount paid by companies, cooperatives subject to corporate tax, and branches registered with the Office des Changes for the last fiscal year.
Alternatively, it can be 100% of the tax amount from the last fiscal year credited to the corporate tax for companies with tax credits. Individuals and entities with foreign currency or convertible dirham accounts will have their e-commerce funding determined by the availability of their accounts. However, for Moroccan resident individuals, the cap is set at 15,000 dirhams.
It’s crucial to highlight that the issuance of international payment cards for e-commerce, in addition to the usual requirements from banks or payment institutions, necessitates the presentation of additional documents. These include a copy of the valid National Identity Card for Moroccan resident individuals, a copy of the labelling certificate issued by the Digital Development Agency for young innovative technology companies, and the receipt of tax payment for the last fiscal year issued by the Tax Administration.
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These regulatory changes mark a significant shift in the landscape of e-commerce funding in Morocco and are likely to continue to harm the availability of capital to small and medium businesses, which continues to undermine the development and the support of technology startups in the country.
