We are pleased to introduce one of the latest additions to our esteemed business community Accace Circle– FINACS, a Moroccan company. FINACS is one of the local leaders in accounting, auditing, and consulting services, while it is dedicated to delivering top-tier solutions. Notably, FINACS does not support only local companies, but have an extensive experience in collaborating with international players’ branches in Morocco. Their work methodology allows them to intervene effectively to meet the expectations and respond effectively to the objectives of the clients.
Read an interview with Anas Abouelmikias, Managing Partner from FINACS:
What do you consider to be the key strengths of your organization?
The first key strength of FINACS is without doubt our human capital. FINACS is composed of professionals with exceptional qualifications and a dedication to a continuous training, all driven by a shared ambition: Providing high quality services for our clients.
Our company places humans at the centre and our commitment to embracing cultural diversity is reflected in our teams which are made up of highly skilled experts from various cultural backgrounds. Each team member brings an extensive experience in demanding and complex assignments. We ensure that we employ qualified professionals who are equipped to execute every mission entrusted to us with a precision. The guiding philosophy behind FINACS´ interventions rests on three core pillars: reactivity, quality, and proximity.
Why did you decide to join Accace Circle? In comparison to other networks or associations you’ve been a part of, what makes us stand out for you?
Our decision to join Accace Circle is motived by our firm believe that the community provides essential benefits to its members. The membership can not only open doors to increased business opportunities and additional revenues streams to our business, but also grants us access to a collective intelligence that the community fosters. We are looking forward to being a part of a dynamic business community, where members actively synergize their skills, experiences, and innovative ideas. This presents us with an invaluable opportunity to both share and learn from fellow industry experts across different countries.
Furthermore, we are also interested in the option of additional visibility and promotion space that Accace Circle offers its members, such as be part of international publications, online campaigns and more. We eagerly look forward to the possibilities that Accace Circle brings.
In addition, Accace Circle offers non-standard membership conditions, adapted to the needs of each member to allow them to preserve their identity while opening internationally.
Anas Abouelmikias
Managing Partner
FINACS | Morocco
Considering your experience in the Moroccan market, what do you see as the biggest opportunities for businesses right now? Additionally, what excites you the most about the business environment in Morocco?
Morocco has placed the development of investment at the centre of its economic strategy and has therefore opted for a proactive policy of promoting foreign investment. These efforts in this area have resulted in a very positive assessment, bringing Morocco to the third place in Africa in terms of foreign direct investment after South Africa and Egypt.
This strategy is mainly based on two axes:
Unparalleled incentives
The Investment Charter, adopted in 1995, has put in place a set of tax and financial investment incentives, the main ones being:
- Suspension of VAT for fixed assets acquired locally under certain conditions;
- Suspension of VAT for products and services that are subject to export under certain conditions;
- Tax benefits for newly created companies;
- Tax benefits for companies located in industrial acceleration zones;
- Exemption from registration fees on land acquisition deeds intended for the realization of a project. This regime also applies to companies investing in priority development regions;
- Convertibility regime for foreign investments made in Morocco in foreign currencies.
- Protection of investments and free transfer of capital.
- Guarantee of non-discrimination between foreigners and nationals.
An Interministerial Investment Commission has been set up to encourage investments exceeding 200 MMAD (approximately 20 MEUR) such us advantageous investment agreements. And to rule on any administrative blockages to investment projects.
At the institutional level, and in order to facilitate procedures for investors, Morocco has created regional one-stop shops called Regional Investment Centers (CRI), which have three essential functions: assistance with business creation, helping investors and promoting their regions to investors.
Business friendly environment
Morocco has implemented a vast program of legislative, regulatory and institutional reforms to facilitate business practice and create attractive bases for national and international investment.
The National Commission for the Business Environment, after its creation in 2010, makes it easier to identify the obstacles and the difficulties encountered by investors, proceeds to improve the business environment, in consultation and in coordination with the departments concerned. This commission has established four working groups corresponding to its strategic objectives.
Morocco has concluded 61 agreements for the promotion and protection of investments, including 25 with countries adhering to the OECD (Organisation for Economic Co-operation and Development) about International Investment and Multinational Enterprises, as well as 33 non-double taxation agreements and has formed the conventions establishing the International Center for the Settlement of Investment Disputes, the Multilateral Investment Guarantee Agency (MIGA) and the Inter-Arab Organization for the Guarantee of Investments.
In addition, Morocco has an attractive investment environment, due to its advantageous including:
- Great political stability and a democratic political system;
- A strong connection to Europe along with proximity to European market but also to the decision-making centres;
- The availability and moderate cost of labor;
- A favorable evolution of the growth rate;
- A healthy macro-economic environment;
- A more targeted economic policy with sectoral strategies;
- A policy of structural reforms and liberalization of the economy.
Financial Auditing Consulting Services (FINACS) was created by ANAS ABOU EL MIKIAS, chartered accountant and member of the Chartered Accountants Order (Ordre des Experts Comptables). Since inception, the firm has grown side by side with businesses with the purpose of providing them a broad and relevant vision to support them in their strategic and operational decision-making.
Website: www.finacs.ma
