Public Limited Companies (SA):

(Act no17-95)
The Public limited company is a corporation which differs from other corporates by the importance of its capital and the number of shareholders each holding shares known as: actions.
The main features of the SA are the following:


• The number of shareholders cannot be less than 5;
• The minimum capital is MAD 3 million for the SA, raising funds from the public and MAD 300.000,00 otherwise;
• The shareholders are liable only up to their contributions;
• Shares are represented by freely tradable securities;
• Shares subscribed to in cash shall be paid up during subscription up to ¼ at least of their nominal value;
• • The capital must be fully subscribed, otherwise the company cannot be incorporated.




• Ownership title deed, registered lease agreement registered or certificate of residence;
• Articles of Incorporation signed by the shareholders and registered ;
• Deed of appointments (Chairman, auditors, administrators) registered ;
• Certificate of freezing funds (a quarter of the minimum capital) ;
• Report of the contributions' auditor (if any) ;
• List of subscribers indicating the number of shares subscribed and paid up by each of them ;
• Statement of subscription and payment ;
• Bulletin of subscribers.
• Photocopy of identity document of individuals related to the administration (in the case of legal entities, copies of entries model 7 issued by the clerk of the competent court ) ;
• Statement of Conformity ;
• Copies of publication in the newspaper of legal notices ;
• Negative certificate.