Industrial Acceleration Zones in Morocco (ZAI): The Complete 2026 Guide to the Benefits of Investing in Morocco 

By Verion Audit & Conseil - Accounting, Auditing and Consulting, Casablanca - August 2026

 

Long known as “export processing zones,” the Industrial Acceleration Zones (ZAI) have become a central tool in Morocco’s policy to attract industrial investment. Special tax treatment, customs exemptions, freedom of foreign exchange, and ready-to-use land: this framework combines incentives rarely found together under a single regime. And 2026 marks a turning point: with the completion of corporate tax reform, the gap between the ZAI regime and general tax law has widened even further for major industrial firms. Here’s what you need to know before investing.

 

1. Morocco: An Industrial Hub at the Gateway to Europe

In twenty years, Morocco has risen to become the leading automobile manufacturer on the African continent and a recognized aviation hub, backed by Tangier Med, the Mediterranean’s largest container port. Located just 14 kilometers from Europe and connected by a network of free trade agreements covering, notably, the European Union, the United States, the United Kingdom, Turkey, and the African continent (AfCFTA), the Kingdom offers manufacturers preferential access to more than one billion consumers.

Industrial acceleration zones are the operational cornerstone of this strategy: this is where Renault, Stellantis, and dozens of global automotive and aerospace suppliers have set up operations, along with their ecosystems of suppliers.

2. What is an industrial acceleration zone?

The program is governed by Law No. 19-94, under which “export free zones” were renamed “industrial acceleration zones” by the 2020 Finance Act, a name change that accompanied the program’s alignment with international tax standards.

In practical terms, an Industrial Acceleration Zone (ZAIs) is a designated area within the national territory that is considered to be outside the taxable customs territory: goods enter the zone, are processed there, and are re-exported internationally duty- and tax-free, under a special tax and foreign exchange regime.

Eligible activities include export-oriented industrial activities and related services (logistics, maintenance, industrial R&D, etc.).

There are two important exclusions to note :

• financial institutions (credit institutions, insurance and reinsurance companies, intermediaries) have been excluded from ZAI tax benefits since the 2023 Finance Act;
  
• companies operating in the zone as part of a construction or assembly project remain subject to taxation under general law.

Establishment is subject to authorization granted following an opinion from the zone’s local commission.

3. Overview of the Main Areas

The Kingdom has about a dozen ZAIs, either operational or under development. The main ones :

 

The choice of location is not a neutral decision: the sector’s specific needs, land availability, the labor pool, and logistics connectivity must all be weighed carefully before the project begins.

4. Benefits right from the start

One of the scheme’s most tangible advantages is the ease of setting up operations. Each zone operates through a one-stop shop that brings together key government services (CRI, Customs, CNSS, and the municipality), which significantly reduces administrative processing times. The land is fully developed, with serviced lots and ready-to-use industrial buildings available for rent or purchase.

From a tax perspective, the articles of incorporation and capital increases for companies established in ZAI zones are exempt from registration fees, as are land acquisitions necessary for carrying out the investment project (subject to certain conditions, notably that the land be retained as an asset).

5. Tax benefits: the core of the program

5.1. Corporate Income Tax :

The IS tax regime for ZAIs is structured in two tiers (Article 6 of the CGI):

•   Full corporate income tax exemption for the first five consecutive fiscal years, starting from the date operations begin;
•    Taxation capped at 20% thereafter, with no time limit.

The reform introduced by the 2023 Finance Act has completed its convergence process: the standard tax rate is now set at 20% for profits under 100 MDH, 35% above that threshold, and 40% for the financial sector. However, companies operating in ZAI zones are expressly exempt from the 35% rate: they continue to be taxed at 20%, regardless of their profit level.

For a manufacturing company generating more than 100 MDH in profits, establishing operations in a ZAI therefore results in a 15-point corporate income tax difference each year, with no time limit, in addition to the five fiscal years of total exemption.

Also note: the minimum tax contribution is not due during the five-year exemption period..

5.2. Dividends : 

Since the passage of the 2023 Finance Act, the exemption from withholding tax on dividends distributed by companies located in ZAI zones is limited to foreign-source dividends paid to non-residents.

Distributions of Moroccan origin are subject to the standard withholding tax, which is 11.25% in 2026 and 10% beginning in 2027, subject to more favorable rates provided for in international tax treaties.

5.3. VAT: Exemption with the right to deduct

Supplies of goods and services to businesses located in the ZAI, as well as transactions between zones, are exempt from VAT while retaining the right to deduct input tax. Imports destined for the zone are also exempt. 

5.4. Local Taxation: 15 Years without a business tax

Pursuant to Law No. 47-06 on the taxation of local governments, companies authorized to operate in ZAI zones are granted a full exemption from business tax for the first fifteen years of operation — a substantial benefit for industrial activities, whose tax base (buildings and production equipment) is inherently high.

5.5. Summary and example with figures

 

10-Year Illustration (constant taxable income, excluding the social solidarity contribution and cash flow effects - deliberately simplified assumptions):

 

6. Customs Benefits :

The principle of customs extraterritoriality has very concrete consequences:

• Complete exemption from import duties and taxes on capital goods, raw materials, and inputs destined for the zone, as well as on the export of products;

• no time limit on the duration of goods’ stay in the zone, unlike traditional customs procedures (temporary admission, bonded warehouse), which impose time limits and require clearance;

• streamlined procedures with a dedicated customs office within the zone: on-site customs clearance, simplified formalities, and smooth import-export flows.

For a manufacturer whose competitiveness depends on logistics lead times, these daily efficiencies are often just as significant as the tax benefit itself.

7. A Special Exchange Rate Regime

Transactions conducted within the ZAI zones are not subject to foreign trade and exchange control regulations. Companies may hold foreign currency accounts, freely pay their foreign suppliers, and repatriate profits, dividends, and proceeds from asset sales without prior authorization. For an international investor, this guarantee of transferability is often a decisive factor in the decision to establish a presence.

8. Selling in the Moroccan market from a ZAI

The primary purpose of the ZAI zones remains exports. However, a company located in a zone may sell a portion of its production within the taxable territory, up to a limit of approximately 30% of its export revenue, provided it pays the applicable import duties and taxes.

Conversely, Moroccan suppliers to companies located in ZAI zones have the corresponding revenue treated for tax purposes as export revenue: their sales of products to companies in the zones are subject to a tax rate capped at 20%. The system thus benefits the entire national subcontracting chain through the status of indirect exporter.

9. The Two-Pronged Approach: ZAI Regime + Investment Charter

The tax regime for ZAI zones can be combined with the direct incentives provided under the new Investment Charter (Framework Law No. 03-22), which replaced the 1995 framework. Three programs are currently in effect:

• The main program: projects worth at least 50 MDH that create at least 50 stable jobs (or more than 150 jobs, with no minimum investment threshold), with combinable grants - including general grants (employment, gender, future-oriented professions, sustainability, local integration), a regional grant (10% or 15% depending on the province) and a sector-specific grant (5%) - capped at 30% of the amount invested (eligible amount); 
• the strategic program: megaprojects of at least 2 billion dirhams, with negotiated benefits;
• the TPME program, operational since late 2025 (Decree No. 2-25-342): projects ranging from 1 to 50 million dirhams led by companies with annual revenue between 1 and 200 million dirhams, with three cumulative grants totaling up to 30% of the invested amount (eligible amount).

An industrial project in a ZAI may thus, subject to certain conditions, benefit from both the investment subsidy (under an agreement with the government) and the zone’s special tax regime. The terms for combining these benefits are specified in the investment agreement: this is precisely where structured support makes all the difference.

10. ZAI, Casablanca Finance City (CFC), or general law: Which framework is best suited for which profile ?

 

In practice: A manufacturer that exports the bulk of its production would be well advised to seek ZAI status; a financial services provider or regional headquarters would typically qualify for CFC status; and a business focused on the domestic market would remain under general law, taking advantage of the incentives under the Investment Charter where applicable.

11. Key Considerations

- Benefits that are conditional and may be revoked at any time. Eligibility for the program requires ongoing compliance with the authorization, the terms and conditions, and legal requirements. The 2026 Finance Act strengthened the government’s enforcement tools: when guarantees were provided to qualify for tax benefits and the conditions are not met, corrective action may be taken even after the statute of limitations has expired.

- The Social Solidarity Contribution (CSS) is not covered by the exemption. Extended for the years 2026 through 2028, the CSS remains due according to a progressive scale starting at 1 million dirhams in profit, including, in principle, during the corporate income tax exemption period. It must be included in financial projections.

- Transfer pricing and substance. Transactions between the zone-based company and related entities (parent company, central purchasing organization, distributor) are a major focus of tax audits. Transfer pricing documentation exceeding the legal thresholds and actual economic substance (human and material resources actually present in the zone) are essential.

- Dividends and tax treaties. As noted above, withholding tax on distributions of Moroccan origin has been in effect since 2023: the treaty rate applicable to each shareholder must be verified on a case-by-case basis.

12. Setting up a business in a ZAI: The 6-Step Process

1. Targeting and pre-qualification: selection of the area (sectoral focus, available land, labor market) and initial discussions with the developer.
2.  Preparation of the application package: business plan, investment program, projected jobs, legal and financial framework.
3.  Review by the local zoning commission and issuance of the operating permit.
4. Contractualization: lease or purchase from the developer; if applicable, investment agreement under the Charter.
5. Incorporation of the company (articles of incorporation, registration, Foreign Exchange Office procedures for resident investors) and obtaining building and operating permits.
6. Launch: customs approval of the premises, implementation of procedures (customs, VAT, payroll), recruitment.

Depending on the region and the complexity of the project, allow for a period ranging from a few weeks to a few months between prequalification and the actual start of operations.

13. FAQ

- Can a 100% Moroccan-owned company set up operations in a ZAI ?

Yes. The program is open to both Moroccan and foreign investors, subject to authorization from the local commission and, for resident legal entities, prior approval of the foreign exchange regulations.

-   Can sales be made in Morocco from a ZAI ?

Yes, to a limited extent: the tolerance is approximately 30% (15% in some regulations, but the Customs Code specifies a 30% threshold) of export revenue, with payment of import duties and taxes on sales made to the taxable territory.

-    What is the corporate income tax rate after the 5-year exemption period ?

20%, capped with no time limit — even when profits exceed 100 MDH (compared to 35% under general law).

-  Which activities are excluded from the regime ?

Financial institutions (credit institutions, insurance companies, intermediaries) since 2023, as well as companies operating in the zone as part of construction or assembly projects.

-  Can the ZAI regime be combined with incentives under the Investment Charter ?

In principle, Yes: the zone’s tax regime and the investment subsidy are separate programs. The terms for combining them are specified in the investment agreement.

-  Can the benefits granted under the ZAI be revoked ?

Yes, in the event of non-compliance with the conditions. Since the 2026 Finance Act, rectification may even occur beyond the statute of limitations when guarantees were provided to obtain the benefits.

Conclusion: A powerful scheme, provided it is well structured

Morocco’s Industrial Acceleration Zones offer one of the most competitive frameworks in the Mediterranean region: a five-year tax exemption, a corporate income tax capped at 20% with no time limit, customs duty exemptions, foreign exchange freedom, and investment incentives of up to 30%. However, the actual benefit of the program depends entirely on the quality of its structuring: eligibility of the business activity, choice of zone, foreign exchange arrangements, investment agreement, transfer pricing, and modeling of shareholder returns.

Sources : General Tax Code 2026 (particularly Articles 6, 19, 92, 129, and 247); DGI Circular No. 737 regarding the 2026 Finance Act; Law No. 19-94 on Industrial Acceleration Zones; Law No. 47-06 on the Taxation of Local Governments; Framework Law No. 03-22 establishing the Investment Charter and its implementing decrees; Customs and Indirect Taxes Administration; Foreign Exchange Office.

The information contained in this article is provided for general purposes, based on the laws in effect as of the date of publication (July 2026). It does not constitute personalized advice: each investment project requires a specific analysis.

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Verion Audit & Conseil supports you every step of the way: eligibility assessment and tax simulation, preparation of the authorization application, legal and financial structuring, negotiation of the investment agreement, and compliance with accounting, tax, and social security regulations.