Choice of the legal form

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.
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