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CASABLANCA FINANCE CITY
Your Gateway to Africa’s Potential
CFC Presentation
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Presentation
AFRICA IS ARISING AS THE WORLD’S FASTEST GROWING CONTINENT WITH
TREMENDOUS OPPORTUNITIES
3 out of 4 newborns in 2100 will be African
24 African countries will grow at a CAGR of at least 5% by
2030
70% of African households will have a purchasing power
higher than $50001 in 2025
Massive infrastructure needs: ~$90 billion dollars/year until
2020
Booming working age population Increasing urbanisation:
100 African cities with over 1 million inhabitants in 2025
Namibia
Malawi
Zimbabwe
South Africa
Lesotho
Swaziland
Zambia
Angola
Tunisia
Algeria
Morocco
Guinea Bissau
Mauritania
Chad
NigerEritrea
Central
African
Republic
Nigeria
Mali
Senegal
Liberia
Togo
Cameroon
Somalia
DjiboutiGambia
Sierra Leone
Guinea
Ivory
Coast
Benin
DRC
Gabon
Burkina
Ghana
Equatorial
GuineaRwanda
Mozambique
Burundi
Madagascar
Kenya
Comoros
Sudan
Ethiopia
Uganda
EgyptLibya
Congo
Tanzania
Botswana
Casablanca
1: In purchasing power parity
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MOROCCO HOLDS A STRONG POSITION AS A HUB, THANKS TO ITS:
STRATEGIC ADVANTAGES
• Political stability
• World class infrastructure
• Air connectivity
• Privileged geographical position
DISTINGUISHED ECONOMIC FUNDAMENTALS
• Macroeconomic stability
• Investment grade
• Free trade agreements giving
access to a market of more than
one billion consumers
STRONG PRESENCE IN AFRICA
• Several Moroccan companies rooted
in Africa
• Strong financial sector
• Multisectoral experience
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... for 4 types of
categories
Centralised access
to African
countries
International
firms
African
countries
Casablanca
Finance City
Privileged access
to international
decision makers
Regional
Headquarters
of multinationals
(HQ)
Financial
Institutions (FI)
Professional
Services (PS)
WHAT IS THE AIM OF CASABLANCA FINANCE CITY (CFC)?
Casablanca is acting as a Hub...
Holdings
To qualify for the CFC status, companies need to have a regional footprint, belong to one of the 4 categories, and comply with Moroccan regulations
CFC’S VALUE PROPOSITION
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DOING BUSINESS ATTRACTIVE COST STRUCTURE
DYNAMIC BUSINESS ECOSYSTEM
DOING BUSINESS INCENTIVES
Facilitating people flow and
exchange control
No restriction on the hiring of foreign employees;
Free management of assets in foreign currencies from foreign sources;
Unrestricted transfer of management and technical assistance fees
within the group.
Fast-track administrative
process
An accelerated administrative procedure for company setup
formalities within 48 hours;
Simplified procedures for « business » visas, foreign employment
contracts, and residency permits.
Justice
Set up of the Casablanca International Mediation & Arbitration Center
(CIMAC) for the CFC ecosystem as well as for African companies in the
region;
Dedicated chambers at Casablanca’s Tribunal of Commerce de
Casablanca for CFC companies.
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Corporate tax
TAX INCENTIVES
• Net taxable profits* fromforeign sources:
First 5 years: No tax After 5 years: 8.75%
Financial Institutions, Holdings, & Professional
Services
Exemption from registration fees on: Company set-up Capital increase
+
Personal Income tax
• All CFC employees have thechoice between:
Option 1: 20% Flat rate on personal
income tax for employeesduring the first 5 yearsafter arrival
After 5 years: Standardtaxation
Option 2: Standard taxationfrom the 1st year
• Maximum between:
0.5% of operatingexpenses
10% of adjusted profitbefore tax
Regional Headquarters & Rep. Offices
*: excluding interest income taxed at 30%
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A COMPREHENSIVE ECOSYSTEM: UNIQUE LIFESTYLE AND WORKING
ENVIRONMENT IN AFRICA
• The CFC area, 100ha central axis within Casablanca - Anfa (~ 350 ha)
• 50ha dedicated to a park area
• A high quality real estate offer
• An attractive living environment & lifestyle Mixed use of space: offices, retails,
residential Extensive green spaces Cultural, social and sports infrastructures Availability of health and education
centers High standard security system
• Strong connection to transport 2 tramway stations
1 high-speed train station (TGV) Significant road connections to: airport,
city centre, residential areas, other cities such as Rabat, El Jadida, or Marrakech
CFC’S PARTNERSHIPS AROUND THE WORLD
IMPROVING DOING BUSINESS IN THE REGION
Cooperation agreements with
other financial centres
South-South partnerships
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Casablanca
Mauritius
Singapore
LuxembourgLondon
Montreal Paris
Senegal
Ivory Coast
Congo
Cameroun
Burkina Faso
GuineaTogo
Rwanda
Madagascar
Tanzania
Ghana
Zambia
NigeriaMali
DYNAMIC ECOSYSTEM: MORE THAN 120 COMPANIES
BENEFITING FROM THE CFC STATUS
SOME EXAMPLES …
BANKING & INSURANCE
CONSULTING & LAW FIRMS
ASSET MANAGEMENT & PRIVATE EQUITY
OTHER MULTINATIONAL CORPORATIONS
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CASABLANCA, 1ST BUSINESS & FINANCIAL HUB IN AFRICA
London (1)
Shanghai (13)
Hong Kong (4)
Singapore (3)
Zurich (11)
Tokyo (5)
Toronto (10)
Frankfurt (23)
Seoul (24)Beijing (16)
Luxembourg (18)
Melbourne (21)
Dubai(25)
Doha (39)
Stockholm (46)
Mexico City (73)
Lisbon (78)
Johannesburg (59)
Maurice (71)
Mumbai (63)
New York (2)
Sydney (8)
Boston (9)
San Francisco (6)
Chicago (7)
Montréal (14)
Vancouver (17)
Tel Aviv (32)
Istanbul (66)
Casablanca (30)
Moscow (85)
Source: Global Financial Center Index, March 2017
Rio de Janeiro (73)
Sao Paulo (62)
British
Virgin Islands (51)
Riyadh(76)
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Appendices
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APPENDIX 1: KEY MILESTONES
2010 2018
• CFC law passed
• Tax incentives
for CFC
institutions
passed by law
(Finance Act,
Jan 2011)
• CFC decree
published
• First CFC statuses
granted
• First offices available
• CFC companies to move
to CFC office spaces
• Institutional
partnership signed
between CFCA and
Singapore
...
Continuous support to CFC companies
2011 2012
• Partnerships signed
with Luxembourg For
Finance and the
CityUK
2014
• CFC in the GFCI
• Africa 50 fund in CFC
• Partnership signed
with the Board of
Investments of
Mauritius
2013
• Partnership signed
with Paris Europlace
2015
• Partnership signed
with Finance
Montreal
• More than 100
companies part of
the CFC ecosystem
2016
• CFC ranked 1st
financial centre in
Africa since 2016
• A robust south-south
partnerships network
with ~15 APIs in Africa
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Public Private
• Bank Al Maghrib (BAM)
• Ministry of Economy and
Finance
• Casablanca Local Authorities
• Caisse de Dépôt et Gestion
(CDG)
• Banque Centrale Populaire
(BCP)
• Attijari Wafabank (AWB)
• BMCE Bank
• Casablanca Stock Exchange
(CSE)
• Maroclear
• Insurance federation
Steering committee
Casablanca Finance City Authority
Mission
• Define the “development strategy” for CFC
• Establish an attractive and competitive value
proposition for Morocco and CFC
• Drive new reforms to ensure a continuous
competitiveness of the offering
• Supervise and manage the real estate aspect of the
project
• Promote and advertise CFC to institutions and investors
• Advise and accompany CFC companies
"AUDA“
(CDG subsidiary) :
developer
CDG
• MoU
• Operational
Coordination
Government bodies involved
in the project
• Foreign Affairs Ministry
• Ministry of Justice
• Ministry of Interior
• Ministry of Equipment and
Transport
• Ministry of Trade and
Industry
• Ministry of Employment
• Ministry of General Affairs
• Ministry of Education
• General Secretariat of
Government
CFC commission
Presided by the Minister of
Economy and Finance
• Treasury and External
Finance Director (DTFE)
• Department of Insurance
and Social Welfare Director
(DAPS)
• One representative of the
Central Bank (BAM)
• CEO of the Moroccan
Capital Markets Authority
(AMMC)
• Two representatives of CFC
Authority, including the
CEO
APPENDIX 2: CFC – KEY STAKEHOLDERS
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APPENDIX 3: MOROCCO CONCLUDED MORE THAN
50 DOUBLE TAX TREATIES
Spain
Swiss
UK
Ukraine
• 9 with the Middle East Bahrain
Jordan
Kuwait
Lebanon
Oman
Qatar
Syria
Turkey
UAE
• 2 with North America Canada
USA
1. Other conventions signed in the process of being ratified: Burkina Faso, Cameroun, Guinea Bissau, Mauritius, Sao Tomé &Principe, Ethiopia, and Rwanda
2. Algeria, Libya, Mauritania, Tunisia
• 27 with Europe Austria
Belgium
Bulgaria
Czech Republic
Croatia
Denmark
Finland
France
Germany
Greece
Hungary
Italy
Ireland
Latvia
Luxemburg
Macedonia
Malta
Netherlands
Norway
Poland
Portugal
Romania
Russia
• 7 with Africa - others being
signed or ratified1
Arab Maghreb²
Egypt
Senegal
Gabon
Ivory Coast
Guinea Conakry
Mali
• 8 with Asia China
India
Indonesia
Malaysia
Pakistan
Singapore
South Korea
Vietnam
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APPENDIX 4:
MOROCCO CONCLUDED FREE TRADE AGREEMENTS COVERING OVER 50
COUNTRIES IN US, EUROPE, MIDDLE EAST AND AFRICA
Another agreement has been
signed and is in the process
of being ratified with the West
African Economic and
Monetary Union, including the
following countries:
1. Benin
2. Burkina Faso
3. Ivory Coast
4. Guinea-Bissau
5. Mali
6. Niger
7. Senegal
8. Togo
Algeria
Austria
Bahrain
Belgium
Bulgaria
Cyprus
Czech Republic
Denmark
Egypt
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Iraq
Ireland
Italy
Jordan
Kuwait
Latvia
Lebanon
Libya
Liechtenstein
Lithuania
Luxembourg
Malta
Netherlands
Norway
Oman
Palestine
Poland
Portugal
Qatar
Romania
Saudi Arabia
Slovakia
Slovenia
Spain
Sudan
Sweden
Syria
Tunisia
Turkey
United Arab Emirates
United Kingdom
United States
Yemen
APPENDIX 5: DIRECT CONNECTIONS FROM CASABLANCA TO 32 DESTINATIONS
IN AFRICA
Note: domestic destinations are not included
... & 32 cities
• Abidjan
• Accra
• Algiers
• Bamako
• Bangui
• Banjul
• Bissau
• Brazzaville
• Cairo
• Conakry
• Cotonou
• Dakar
• Douala
• Freetown
• Kinshasa
• Lagos
• Libreville
• Lome
• Luanda
• Malabo
• Monrovia
• Nairobi
• Ndjamena
• Niamey
• Nouakchott
• Ouagadougou
• Pointe Noire
• Praia
• Sal Island
• Tripoli
• Tunis
• Yaoundé
Connections to 29 countries...
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Seychelles
RwandaBurundi
United Republic of Tanzania
CentralAfrican Rep.
Djibouti
Eritrea
SudanChad
Niger
Libya
Burkina
Faso
Tunisia
Morocco
Benin
Mali
Ghana
Togo
Guinea
Mauritania
Ivory CoastLiberia
Sierra Leone
Cameroon
Equatorial
Guinea
Guinea-BissauGambia
Senegal
Cape Verde
Congo DRC
Gabon
Namibia
MalawiZambia
Zimbabwe
South
Africa
Lesotho
Botswana
Mozambique
Swaziland
Mauritius
Angola
Egypt
Ethiopia
Kenya
Madagascar
Nigeria
Réunion
Somalia
Uganda
Algeria
Casablanca
Already operational
To be operational soon
(Johannesburg)
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Between 3 to 5 hours flights
Less than 3 hours flights
Montreal
New York
São Paulo
Dubai
Moscow
(6h30)
(7 h)
(8h)
(5h30)
Luanda(7 h)
Dakar
Abidjan
Libreville
Accra Lagos
Cairo
London
Paris
MadridMilan
Lisbon
CFC
Frankfort
(9h)
APPENDIX 6: MOROCCO IS AT THE CROSSROADS OF THE CONTINENTS
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APPENDIX 7: FINANCIAL SECTOR LEADERSHIP IN AFRICA
WITH A PRESENCE IN 34 COUNTRIES
Algeria
Morocco
ChadNiger
Eritrea
CAR
Nigeria
Mali
Senegal
TogoCameroon
Somalia
Djibouti
Guinea
Ivory
Coast
DRC
Gabon
Burkina
Faso
Ghana
Equatorial
Guinea
Tanzania
Mozambique
MadagascarNamibia
Kenya
Malawi
ZimbabweComoros Mauritius
Sudan
South Africa
Lesotho
Swaziland
Zambia
Angola
Ethiopia
EgyptLibya
Congo
Botswana
Uganda
• Mali• Burkina Faso• Ivory Coast
Tunisia
Niger
• Gabon• Cameroon
Congo
• Togo
• Liberia
• Ghana
• Madagascar
• Kenya• DRC• Uganda• Burundi• Tanzania
Benin
Angola
• Kenya• Mauritius
Mauritania
Guinea
• Mauritania• CAR
Senegal
Libya
• Djibouti• Ethiopia
A deeply rooted financial sector, with 4 major national players strongly committed to Africa
Egypt
Rwanda
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APPENDIX 8: CFC APPLICATION PROCESS*
Official application
Step 1
Step 5
Step 4
Application review within 45 days
Letter of intent
Assessment study by Casablanca Finance
City Authority
Creation of the entity (if applicable)Step 3
License (if applicable)Step 2
CFC Status granted
*: The procedure and documentation required for the CFC application process can be found on our site
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Casablanca Finance City AuthorityAngle avenue des Tilleuls et allée des Abricotiers
Quartier Hippodrome, Casablanca-MarocTél : +212 5 20 30 03 82 – Fax: +212 5 20 30 03 82
[email protected] – www.casablancafinancecity.com