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Business in Morocco Help

TinaNT333

I need some help about having a business in Morocco.  My husband and I were there about 2 years ago and successfully created an online English teaching business.  We had all the paperwork done, registered, etc.  Got a business bank account.  This was during/after the major martial lockdown in 2020. 


The process took so long to complete we weren't able to get our Carte de Sejour.  We decided we needed to return to the US until Covid was over (ish) and cleared our overstay with immigration.  All's good there.  But we left the business and business bank account open (we still have a few clients).  Our intention, when we left, was to eventually return.  That is looking less likely now after 2 years.  We have an accountant over there who's taken care of all our taxes, so that's all current. 


But we may need to shut it all down, and we might have to do it from abroad, if possible.  Is anyone familiar with what it takes to "close" a business in Morocco?  Or maybe at least closing the bank account?  I had heard that closing a business in Morocco was a bigger pain than creating it.  Is there a fee/problem with leaving the business open?  Anything that would need to be done/updated to keep it current, or could it just fade out/not get used?


The bank account would have to be shut down, minimum.  It has a monthly fee, and we don't want to lose our money through fees.  As foreigners with current taxes, we are cleared to bring the money out, and it's under the yearly limit.  Is it possible to close the account without being there in person?  When we closed our personal account, there was some paperwork and a fee.  Could we do it from abroad, signing and stamping the papers with our seal, and move all the money except the fee required out? 


I don't want to bring anything up with our banker until I know what we're doing (His English isn't great) because I don't want any miscommunication.  I'm hoping someone here has experience and/or advice on how to proceed? 


Thank you for any help!  (I'm willing to discuss more/further in a private message if it's too much to answer on a post, but if we can do it here, others can see and benefit from it).


Tina

See also

Opening a bank account in MoroccoTransferring money from Morocco to the UkAre banks closed some days this week (July 15-17?Americans in the Moroccan Job MarketHow long does it take to open a bank
derekvgiroulle

Send you PM

Belt99

You can hire a lawyer to close your business/company and your bank account.

Mouad Aktaou


If you need legal advise or representation regarding your business/company feel free to reach us.

[link moderated]/


Yoginee

Hello Mouad,


Kindly note that the promotion of your services is not allowed on the forum.


You can add your business for free in the Morocco business directory.


Cheers,

Yoginee

²ÝÁñÉçÇø team

LendasJourney

@TinaNT333 hello I am an American originally from Texas married to my husband here . Living here . I also teach English if you would like to Continue your buisnes with a partner, or if i can help in anyway message me.im in Casablanca

hla032

Hi Tina,


I recommend to shut the business and bank account off to avoid any liability. Yes the winding up procedure can be burdensome but at least you have the peace of mind of having it done the right way and avoid any surprises.

It can be done without your presence of you grant a professional of your choice necessary power of attorney to act on your behalf for the specific procedures. As the Powers would have to be authenticated in the US and apostilled it could be useful to enquire how are the processing timelines because starting COVID it was really really slow to have documents done by the Department of State.

Hope this helps and am available for any further guidance 🙂

TinaNT333

Thank you everyone for your replies!  Sorry to take so long to answer, Life has been crazy (one of the reasons for asking about this). 

TinaNT333

@hla032  That is helpful, Thank you!