Apply for a Banking Business license In Morocco By Online
A bank license is necessary for any financial institution who intends to offer banking services , including taking deposits from the public and lending the funds that it manages to people and organizations at an agreed-upon amount of interest.These institutions are required to have the banking license.The banking business in Morocco is strictly controlled.
- These are the steps required for obtaining a Banking License to operate in Morocco.
Before submitting an application for the Bank commercial License through the corporate registrar the applicant needs to obtain approval from the banking regulatory authority in which the bank is based. There is a long and complex procedure that goes through the application process to get a Banking License within Morocco.
- 1. After receiving a permit to establish a banking service from the primary regulator of the banks sector(Central Bank of Morocco) (Bank Al Maghrib)register the name of the Bank with the company registrar in Morocco. Only companies or individuals who have been thoroughly examined are permitted to offer bank services to general public by the registrar of corporations.
- Second step Sign up at the Ministry of Finance and trade in Morocco.To perform any banking activity in Morocco the authorization must be obtained by the Ministry of finance and Bank al Maghrib. This Moroccan Ministry of Finance and trade authorities oversees companies that are involved in any activities that is related in the area of capital markets.
approval or rejection is communicated within a maximum of four months after the date of approval of the final documents as well as the required details. Non-banking entities within a group of banks are not subject to approval from any regulatory agency, including Ministry of Finance. Ministry of Finance.
- Step 3. The applicant has to attend an appointment in conjunction with Bank al Maghrib officials. The bank’s promoters must maintain a record of the minutes signed by the bank’s official at the first meeting and also an the attendance record. Should a plan for customers deposits be made on their account and it is required to provide the client with access to the funds on demand. Because there is a significant amount of trust involved in the procedure, a bank license can only be granted in cases where authorities are confident that there is no chance that the bank’s owners bank will fail to meet its commitments to public.
- step 4 Send a prospectus that is a written statement which explains and predicts the future course of the business along with anticipated risks that are distributed to potential investors.This is due to the fact that requirements for obtaining a license are generally strict in order to avoid bank failures as well as the loss of confidence in the public.
- Also, take note of the following points.
- i). Banks are required to submit their financial statements every semi-annual period.
- ii). The banks are required to regularly provide management with periodic reports. the bank supervision department of Bank al-Maghrib specifically reporting on the risk management of liquidity.
- iii). Every semester, banks must send the statement of calculation of the minimum solvency coefficient.
- 5. The next step would be to compose an application letter to that the central bank in Morocco to issue the right to run an ATM in Morocco. You must also list the various branches of banks you’ll operate across the country.Banking licenses are granted quickly if all prerequisites are satisfied. There aren’t any requirements for local staff or offices but local offices could be established at a very low cost.
- 6. Add to an application all due diligence requirement as described below:
- I). A detailed business plan of the business which includes activities of the bank; countries in which the bank intends to invest; the percentage of ownership owned by the shareholders; the details of the beneficial owners who are ultimately responsible (chart can be useful if there are there are many) Other useful details to help assist in the development of the application.
- ii). CVs of directors from all departments.
- iii). Complete contact information of Directors and Shareholders ( questionnaire)
- iv). Bank reference for all beneficial owners
- v). Certified passport copies of the beneficial owners of all
- vi). Evidence of addresses (utility bills)
- vii). Legal or business reference for
Required Documents For Apply for a Banking Business license
- 1.) A completed application with the required documents.
- I) Evidence of payment for application fees.
- iii) News paper publication a copy
- IV) Directors’ minimum share capital.
- V) A proof of the paid up capital to the Central Bank of Morocco.
- V) Directors or the Chief Executive Officer and the senior chief executives at the banks must satisfy the criteria for qualification prescribed by the Central Bank;
Office Locations and Contacts
- Bank Al-Maghrib
- Address
Angle Avenue Allal Ben Abdellah et Rue Al-Qahira,
B.P.445 – Rabat, Maroc.
Phone : +212(0)5 37 70 26 26
Tlphone: +212(0)5 37 20 67 769
E-mail : musee@bkam.ma
Website: http://www.musee.bkam.ma
- Moroccan Financial Board
Twin Center, Level 11 floor
Boulevard Al Massira Al Khadra
Casablanca, Morocco.
Tel: +212 5 20 30 03 80/81
Fax: +212 5 20 30 03 82
Eligibility
- i)For an Commercial Banks to obtain a bank business license, they must be a corporative body or corporation that has been authorized with Bank AL Maghrib to accept deposits, lend money, issue money to customers purchase foreign currency, as well as draft or sell currency.
- ii)The Commercial bank applicant must have Moroccan National or a resident of a foreign country with a residence in Morocco.
- iii)The bank has to be registered to conduct banking business in Morocco by the registrar of Companies.
Validity
One Year
Processing Time
Four Month
Instruction
- i). I. Bank AL Maghrib has broad powers over the bank’s affairs. It has the power to suspend or deport the CEO, director, or other executives in the top ranks.
- II) It is the central bank for Kingdom of Morocco, named “Bank Al-Maghrib” is a publicly-owned legal entity that has financial autonomy. It was established in the year 1959 to replace the previous “Banque d’État du Maroc”.
- iii) A person cannot be able to conduct a banking business in Morocco unless they are possessing a banking Business License.
The Information You Need
- I) Name of the Applicant
- II) Address of the Applicant
- Iii) Location of the bank
- Iv) License Number
- V) An official tax certificate.
- vi) Identification document that proves legal.
- VII) Evidence of a legal address.
The document is needed
There are Moroccan banking system consists of six banks, mostly privately owned, as well as five banks that are mostly foreign-owned. In addition, there are five which are public owned. In 2008, the state had control, either directly or indirectly, of around 23 percent of the banking industry. This was a decrease from 40% in 2002.
Despite government-imposed strict rules such as the quotas for lending as well as bond buying windfall tax, and other capital requirements, Banking Business in Morocco isn’t any time a challenging business to get started. The only issue is the language barrier for those who don’t have the ability to speak French, Arabic or Darija well. You may have to employ a translator in order to address the issue of communication barrier.Bank Al Maghrib, the most important bank, with the largest share of assets in the industry. These are some of the responsibilities for Bank Al Maghrib
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- have the privilege of issuing notes and coins that can be considered legal to be used in the Kingdom of Saudi Arabia;
- In order to implement tools of monetary policy to maintain price stability;
- To ensure that the currency is stable as well as to ensure its conversion;
- To ensure the smooth operation of the money market , and to control its operation;
- To publish and prepare data on credit and money;
- To manage the reserves of public exchange;
- In order to ensure the efficient operation of banking institutions as well as to ensure the implementation of regulations and legislative provisions relating to the control and exercise of the activities of credit institutions and other similar institutions;
- Monitoring and ensuring that the safety of payments systems and methods as well as the conformity of the regulations that apply to them.
External Link
http://www.naturallymorocco.co.uk/about-morocco/currency-and-banking.html
http://www.naturallymorocco.co.uk/about-morocco/currency-and-banking.html
http://www.expat-blog.com/en/guide/africa/morocco/701-banking-in-morocco.html