Loi n° 5-96 (SNC, SCS, SCA, SAS, SARL, société en participation), modifiée par les lois 21-19 et 19-20

Vehicle selection for a foreign investor structuring exposure to Morocco. SARL: capital freely set, 1-50 partners, cannot issue negotiable securities (so cannot list), statutory auditor above MAD 50m turnover, banned from banking/credit/investment/insurance activities. SAS: no minimum capital, single shareholder possible, maximum contractual freedom (voting rights, liquidity clauses, governance) - ideal for JVs, holdings and co-investment vehicles with a local partner, but cannot make a public offering. Branch (succursale) of a foreign company: no separate legal personality, taxable in Morocco on profits attributed to it, used for operations rather than for equity holding.