Charter 03-22 and industrial property — premiums, cap, cumul

Article 7 of framework Law 03-22 explicitly excludes real estate and trading projects from the main support dispositive. This exclusion does NOT apply to industrial projects in the productive sense — manufacturing factories, logistics warehouses operated, industrial platforms. The project's economic nature qualifies eligibility, not the physical asset type. Eligible: car assembly factory, food production line, 3PL-operated warehouse for industrial clients, cold storage for agri-exports, data center. Not eligible to main dispositive: office promotion for resale, residential development, real estate trader operations, pure commercial programme. Borderline: warehouse built for pure rental without integrated operation — qualification depends on the convention.

For an eligible industrial project, three premiums add up: Common premium (art. 12) — for projects meeting investment or stable jobs thresholds (MAD 50M per 2023 decrees). Territorial premium (art. 13) — additional, for projects in regulatorily-listed provinces/prefectures (disparity reduction policy). Project across multiple prefectures: pro-rata. Sectoral premium (art. 14) — additional, for projects in regulatorily-defined priority sectors. Multi-sectoral project: single premium = largest-share sector. Cumul cap (art. 16): 30% of investable amount. Investable defined by implementing decrees (typically land + construction + productive equipment, conditions apply).

Strategic projects — typically above MAD 2 billion and 500+ direct jobs per decrees — can benefit from negotiated specific advantages (targeted grants, land provisions, training aids) which are NOT cumulative with main support dispositive (art. 18). Choice arbitrated by the ministerial commission.

Industrial Acceleration Zone regime (former export free zones, Law 19-94 of Dahir 1-95-1 of 26 January 1995) — corporate tax exemption 5 years then 15% (post-2020 companies), registration duty exemption, VAT and customs exemptions on inputs — is cumulative with Charter 03-22 premiums provided project meets both regime conditions. Concretely, an industrial project in a serviced zone (TMIP, AFZ Kenitra, Midparc, Tanger Automotive City, Atlantic Free Zone) typically benefits from: ZAI fiscal advantages (permanent framework); common premium + territorial premium (if zone eligible) + sectoral premium (if sector eligible); 30% global Charter cap. Cumul explicitly provided: art. 10 states any project under investment convention also benefits from fiscal and customs advantages under existing texts. Art. 6 confirms cumul with regional dispositives.

For MRE entrepreneurs and foreign investors, article 31 is central. Moroccan nationals established abroad and foreign individuals/entities making foreign-currency-funded investments in Morocco benefit, for these investments, from a convertibility regime guaranteeing full freedom for: transfer of net post-tax profits without amount or duration limitation; transfer of proceeds of total or partial sale or liquidation, including capital gains. This guarantee secures the foreign-currency investment: the MRE financing factory/warehouse construction with euro, dollar or other convertible-currency contribution can repatriate dividends and disposal proceeds without cap or delay.

(1) Define project: nature, amount, target jobs, location, zone choice, schedule. (2) Choose between main and strategic dispositive by size (MAD 2bn + 500 jobs threshold). (3) File dossier at competent CRI. If below threshold, regional-level treatment (art. 35) via CRUI (Unified Regional Investment Commission established by Law 22-24 of 20 December 2024). (4) If above threshold — ministerial commission review (art. 34). (5) Sign investment convention with State (art. 9). Defines reciprocal commitments, schedule, granted premiums, disbursement terms, dispute resolution. (6) Launch project, commissioning, trigger premium disbursement pro-rata achieved objectives. (7) Follow-up and reporting to regional or ministerial commission.

• Project qualified as productive industrial (not pure real estate)
• Common premium eligibility verified (MAD 50M+)
• Territorial premium zone confirmed (regulatory list)
• Sectoral premium sector confirmed (priority list)
• 30% cumul cap modelled
• Strategic vs main dispositive arbitrage done
• Cumul with Law 19-94 ZAI verified
• Foreign-currency funding plan for Article 31 activation

• Pure real estate operation presented as industrial
• Strategic dispositive cumul attempted with main (art. 18 forbids)
• MRE investment in MAD without foreign-currency funding — Article 31 not activated
• Investable basis padded with non-eligible items