Loi-cadre n° 03-22 formant Charte de l'Investissement + décret n° 2-23-1 + décret n° 2-25-342 (dispositif TPME)

READ THIS CAREFULLY BEFORE PROMISING TAX BREAKS TO EQUITY INVESTORS: the Investment Charter (promulgated 9 December 2022, replacing the 1995 charter) grants direct SUBSIDIES (up to 30% of the eligible investment, cumulating common, territorial (10%/15%) and sectoral (5%/10%) premiums), plus VAT exemption on capital goods, 5-year professional-tax exemption and reduced customs duties. BUT eligibility requires a PRODUCTIVE INVESTMENT PROJECT carried by a company incorporated under Moroccan law: main scheme = investment >= MAD 50m AND >= 50 stable jobs (or > 150 jobs with no amount threshold); strategic scheme = >= MAD 2bn; SME scheme (decree 2-25-342, operational since decisions published in BO n°7454 of 6 November 2025) = MAD 1m-50m projects. Commerce, agriculture and real estate are excluded. PORTFOLIO INVESTMENT IN LISTED SHARES IS NOT ELIGIBLE FOR CHARTER GRANTS. What the Charter DOES give every foreign investor is the reaffirmed STATE GUARANTEE of free repatriation of foreign-currency-funded capital and income.