Establish a Public Limited Company (Société anonyme : SA)

The Public Limited Company (Société anonyme : SA) in Morocco is a business form designed for large-scale structures. Discover its specific features.

6/2/20253 min read

Creating a Public Company (Société Anonyme) in Morocco: A Complete Guide for 2025

Creating a Public Company (Société Anonyme) in Morocco is for ambitious projects. It's the go-to legal structure for companies that want to raise capital, open their share capital to new investors, or implement a structured governance model. However, it's not the right fit for everyone. In this article, Upsilon Maroc will guide you through the process step by step.

What Is a Public Company (Société Anonyme) in Morocco?

A Public Company (Société Anonyme) is a business structure designed for large-scale enterprises. It requires a minimum capital of 300,000 MAD, which increases to 3 million dirhams if the company plans a public offering. Additionally, it must have at least five shareholders. These shareholders can be Moroccan or foreign, and they can be individuals or legal entities.

There are two possible governance models:

A Board of Directors led by a CEO (President-Director General).
A dual system with a management board (Directoire) and a supervisory board (Conseil de surveillance).

This architecture allows for a clear separation between management and control, which reassuringly financial partners.

When Should You Choose a Public Company (Société Anonyme)?

A Public Company (Société Anonyme) is often the natural choice for companies looking to structure a significant project. It's the ideal option when you're planning a major fundraising round, opening up capital to external investors, or managing a complex organization with multiple partners.

This legal format is also preferred by groups that want to strengthen their institutional image or are planning an IPO. In short, it's the structure that inspires confidence among banks, investors, and the market.

Advantages and Disadvantages of a Public Company (Société Anonyme)

On the plus side, the Public Company (Société Anonyme) offers undeniable credibility. It makes it easy for new shareholders to join, allows for simple share transfers (without a mandatory approval process), and establishes a structured governance system that professionalizes management.

But this robustness comes at a price. A Public Company (Société Anonyme) has high initial requirements, starting with the minimum capital. It also mandates the appointment of one or two statutory auditors from the outset and involves more rigid formal requirements, leading to higher management costs than with a SARL or SAS.

Steps to Create a Public Company (Société Anonyme) in Morocco

Creating a Public Company (Société Anonyme) requires rigor and a systematic approach. The process begins with drafting the articles of association, a crucial step that must accurately reflect the chosen governance model. Next, you must deposit the share capital in a bank, followed by the appointment of directors or members of the management and supervisory boards.

Once these elements are in place, the application can be submitted to the authorities to obtain the commercial register number, tax ID, ICE (Common Enterprise Identifier), and CNSS (National Social Security Fund) affiliation.

Accounting Obligations and Statutory Auditors

A Public Company (Société Anonyme) is subject to strict accounting rules in compliance with the Moroccan Accounting Plan. From the beginning, the appointment of one or two statutory auditors is mandatory. The company must also produce its financial statements annually within the deadlines set by law.

Why Work with Upsilon Maroc?

Creating a Public Company (Société Anonyme) is much more than just filing articles of association. It's about structuring your project, thinking through your governance, and anticipating the tax and social impacts.

Upsilon Maroc supports you throughout the entire process. We help you define the best structure for your profile, draft your custom articles of association, and handle all the formalities up to registration. Our teams also advise you on the most suitable tax and social choices for your business.

We have successfully assisted several SAs operating in the industrial, services, and construction sectors. If you have a significant project, our team is ready to listen.