Form 2 or Form 3 and the return transfer guarantee

In the jungle of Moroccan administrative forms, Form 2 and its twin Form 3 are absolutely essential for foreign investors.

This form certifies the foreign origin of funds deposited into a Moroccan account for investment in a project (real estate purchase, company creation) allows you to benefit from the transfer guarantee provided by the Foreign Exchange Office.

What is a retransfer guarantee?

As the dirham is still a non-convertible currency, the retransfer guarantee allows you to automatically benefit from the authorization from the Foreign Exchange Office to send abroad, and therefore in foreign currency, the proceeds of investments made in Morocco:

payment of dividends to foreign shareholders,
transfer of the resale price of real estate purchases or company shares.

This would be much more difficult without the magic formula.

Form 2 or Form 3, what’s the difference?

Almost none.

Form 2 is used when the transfer has been made to an account in non-convertible dirhams (a “basic” bank account in Morocco, accessible to companies and residents).

Form 3, on the other hand, is used when the transfer has been made to an account in convertible dirhams (therefore theoretically a non-resident account or a secondary account for a company).

(Note: there are other formulas that cover other types of operations:

form 1: sale of foreign currency
form 4: debit from the convertible dirham account of a foreign customer or a Moroccan resident abroad to finance an investment transaction in Morocco
form 5: credit to the foreign currency account of an exporter
form 6: debit from the foreign currency account of an exporter

What does form 2 / form 3 contain?

This form contains details of the currency purchase transaction carried out by the bank, which pays the equivalent amount in dirhams into your bank account. It identifies the beneficiary, the country of origin of the transfer and, of course, the amount.

How can I get it?

It is up to the bank to provide you with this form. This makes sense, since it is the bank that receives the money and therefore has the necessary information. This is also stated in the General Instructions of the Foreign Exchange Office, post 13:

For all payments, banks are required to issue the aforementioned payment documents (i.e., form 2 or form 3), duly completed, and to provide a copy to their customers.

However, banks often claim that this rate can be obtained from the Foreign Exchange Office.

The Foreign Exchange Office then passes the buck back to your bank, saying that it is up to you to issue it!

How can you escape this maddening game of ping-pong?

First, by choosing “the right bank.”

This is the result of not-so-limited experience with various banks in Morocco.

For companies that do business abroad in one way or another, the best bank is Bank of Africa, formerly BMCE (which makes sense: BMCE stands for Banque Marocaine du Commerce Extérieur, or Moroccan Foreign Trade Bank).

For individuals who can benefit from it, CFG is also an excellent bank. However, its branches are not located throughout Morocco: only in Casablanca, Rabat, Marrakesh, Fez, and Tangier.

Then, indicate that you will go elsewhere.

Losing a customer can sometimes motivate a reluctant bank employee to do their job. But if that doesn’t work, don’t hesitate to follow through on your threat. It simply proves that your bank branch doesn’t know how to handle foreign transactions.

Finally, by “harassing” your bank

The issuance of the form 2 / form 3 is not automatic. Please do not hesitate to call us to request it.

Is form 2 / form 3 sufficient?

No, that is not sufficient.

You must also submit a file to the Office des Changes within six months of making the investment.

Moroccan currency exchange office — The Foreign Exchange Office authorizes foreign currency transactions, transfers abroad, and the opening of accounts in convertible dirhams or foreign currencies.

This file, or “Compte rendu” (report), includes different documents depending on the type of investment, and always includes the famous form 2 / form 3.

The content of the compte-rendu (report) for the creation of a company

It must indicate:

the identity, nationality, and place of residence of the investor,
the sector of activity,
the amount of the investment,
the form of the investment,
the company’s articles of association,
the minutes of the constituent general meeting
the subscription and payment declaration
form 2 or form 3

It’s not over yet! Every year, Moroccan companies whose capital is wholly or partially owned by resident or non-resident foreigners must update their files with the Foreign Exchange Office, indicating the distribution of their capital between residents and non-residents and providing proof of financing for foreign participation in the capital.

The contents of the compte-rendu (report) for a real estate acquisition

the identity, nationality, and place of residence of the investor,
the sector of activity,
the amount of the investment,
the form of the investment,
a copy of the acquisition contract or any other documents serving as proof

By complying with this administrative and regulatory framework, you secure your investment in Morocco and ensure that you can withdraw your money in the event of sale or distribution of dividends. Without these documents, your investment may be blocked almost permanently in Morocco.

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