C ASABLANCA F INANCE C ITY Your Gateway to Africa’s Potential CFC Presentation 1
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A FRICA IS ARISING AS THE WORLD ’ S FASTEST GROWING CONTINENT WITH TREMENDOUS OPPORTUNITIES 24 African countries will grow at a CAGR of at least 5% by 2030 Casablanca Tunisia 70% of African households will 3 out of 4 newborns in 2100 Morocco have a purchasing power will be African Algeria higher than $ 5000 1 in 2025 Libya Egypt Mauritania Mali Niger Eritrea Senegal Chad Gambia Djibouti Sudan Burkina Guinea Bissau Guinea Sierra Somalia Central Nigeria Ghana Ethiopia Leone Ivory African Liberia Coast Republic Cameroon Benin Uganda Equatorial DRC Kenya Guinea Togo Gabon Rwanda Congo Burundi Booming working age Increasing urbanisation: Tanzania population 100 African cities with over 1 Malawi Mozambique Angola million inhabitants in 2025 Zambia Comoros Zimbabwe Namibia Madagascar Botswana Swaziland Lesotho South Africa Massive infrastructure needs: ~ $ 90 billion dollars/year until 4 2020 1: In purchasing power parity
M OROCCO HOLDS A STRONG POSITION AS A HUB , THANKS TO ITS : S TRATEGIC ADVANTAGES Political stability • • World class infrastructure • Air connectivity • Privileged geographical position S TRONG PRESENCE IN A FRICA D ISTINGUISHED ECONOMIC FUNDAMENTALS Several Moroccan companies rooted • • Macroeconomic stability in Africa Investment grade • • Strong financial sector Free trade agreements giving • Multisectoral experience access to a market of more than • one billion consumers 5
W HAT IS THE AIM OF C ASABLANCA F INANCE C ITY (CFC)? ... for 4 types of Casablanca is acting as a Hub... categories International firms Financial Institutions (FI) Regional Headquarters of multinationals Centralised access Casablanca Privileged access (HQ) to African to international Finance City countries decision makers Holdings Professional African Services (PS) countries To qualify for the CFC status, companies need to have a regional footprint, belong to 6 one of the 4 categories, and comply with Moroccan regulations
CFC’ S VALUE PROPOSITION A TTRACTIVE COST STRUCTURE D OING BUSINESS D YNAMIC BUSINESS ECOSYSTEM 5
D OING B USINESS I NCENTIVES An accelerated administrative procedure for company setup Fast-track administrative formalities within 48 hours ; process Simplified procedures for « business » visas, foreign employment contracts, and residency permits. No restriction on the hiring of foreign employees; Facilitating people flow and Free management of assets in foreign currencies from foreign sources; exchange control Unrestricted transfer of management and technical assistance fees within the group. Set up of the Casablanca International Mediation & Arbitration Center (CIMAC) for the CFC ecosystem as well as for African companies in the Justice region; Dedicated chambers at Casablanca’s Tribunal of Commerce de Casablanca for CFC companies. 8
TAX INCENTIVES Corporate tax Personal Income tax • • Net taxable profits* from All CFC employees have the Financial foreign sources: choice between: Institutions, First 5 years: No tax Option 1: Holdings, & Professional After 5 years: 8.75% 20% Flat rate on personal Services income tax for employees during the first 5 years after arrival After 5 years: Standard • Maximum between: taxation Regional 0.5% of operating Option 2: Standard taxation Headquarters from the 1 st year expenses & Rep. Offices 10% of adjusted profit before tax Exemption from registration fees on: + Company set-up Capital increase 9 *: excluding interest income taxed at 30%
A COMPREHENSIVE ECOSYSTEM : UNIQUE LIFESTYLE AND WORKING ENVIRONMENT IN A FRICA • 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 space s 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 10
CFC’ S PARTNERSHIPS AROUND THE WORLD I MPROVING DOING BUSINESS IN THE REGION London Luxembourg Montreal Paris Casablanca Burkina Faso Senegal Nigeria Guinea Mali Cameroun Togo Ivory Coast Ghana Congo Rwanda Singapore Tanzania Mauritius Madagascar Zambia Cooperation agreements with other financial centres South-South partnerships 9
D YNAMIC ECOSYSTEM : M ORE THAN 120 COMPANIES BENEFITING FROM THE CFC STATUS S OME EXAMPLES … B ANKING & I NSURANCE A SSET M ANAGEMENT & P RIVATE E QUITY C ONSULTING & L AW F IRMS O THER M ULTINATIONAL C ORPORATIONS
C ASABLANCA , 1 ST BUSINESS & FINANCIAL H UB IN A FRICA Montréal (14) Stockholm (46) London (1) Toronto (10) Moscow (85) Frankfurt (23) Vancouver (17) Luxembourg (18) Zurich (11) Lisbon (78) Chicago (7) Boston (9) Seoul (24) Istanbul (66) Beijing (16) Tokyo (5) San Francisco (6) New York (2) Tel Aviv (32) Casablanca (30) Shanghai (13) Doha (39) British Riyadh (76) Hong Kong (4) Mexico City (73) Dubai Virgin Islands (51) Mumbai (63) (25) Singapore (3) Rio de Janeiro (73) Maurice (71) Sydney (8) Sao Paulo (62) Johannesburg (59) Melbourne (21) 13 Source: Global Financial Center Index, March 2017
Appendices 14
A PPENDIX 1: K EY MILESTONES • Partnerships signed • CFC law passed • CFC ranked 1 st • CFC in the GFCI with Luxembourg For • Tax incentives financial centre in Finance and the • Africa 50 fund in CFC for CFC Africa since 2016 CityUK institutions • A robust south-south • Partnership signed passed by law partnerships network • First CFC statuses with the Board of (Finance Act, granted with ~15 APIs in Africa Investments of Jan 2011) Mauritius 2010 2011 2012 2013 2016 2014 2015 ... 2018 • Partnership signed • CFC decree with Finance published Montreal • First offices available • Institutional • More than 100 • Partnership signed • CFC companies to move partnership signed companies part of with Paris Europlace to CFC office spaces between CFCA and the CFC ecosystem Singapore Continuous support to CFC companies 15
A PPENDIX 2: CFC – KEY STAKEHOLDERS Steering committee Government bodies involved Public Private in the project • Bank Al Maghrib (BAM) • Attijari Wafabank (AWB) • Foreign Affairs Ministry • Ministry of Economy and • BMCE Bank • Ministry of Justice Finance • Casablanca Stock Exchange • Ministry of Interior • Casablanca Local Authorities (CSE) • Ministry of Equipment and • Caisse de Dépôt et Gestion • Maroclear Transport (CDG) • Insurance federation • Ministry of Trade and • Banque Centrale Populaire Industry (BCP) • Ministry of Employment • Ministry of General Affairs • Ministry of Education • General Secretariat of Government CDG CFC commission Casablanca Finance City Authority Presided by the Minister of Economy and Finance • Treasury and External Mission Finance Director ( DTFE ) • Define the “development strategy” for CFC • Department of Insurance • MoU • Establish an attractive and competitive value and Social Welfare Director proposition for Morocco and CFC (DAPS) "AUDA“ • Drive new reforms to ensure a continuous • One representative of the (CDG subsidiary) : competitiveness of the offering Central Bank ( BAM ) developer • Supervise and manage the real estate aspect of the • CEO of the Moroccan • Operational project Capital Markets Authority Coordination • Promote and advertise CFC to institutions and investors (AMMC) • Advise and accompany CFC companies • Two representatives of CFC Authority , including the CEO 16
A PPENDIX 3: M OROCCO CONCLUDED MORE THAN 50 DOUBLE TAX TREATIES • 7 with Africa - others being • 27 with Europe Austria signed or ratified 1 Spain Belgium Arab Maghreb ² Swiss Bulgaria Egypt UK Czech Republic Senegal Ukraine Croatia Gabon Denmark Ivory Coast • 9 with the Middle East Finland Guinea Conakry Bahrain France Mali Jordan Germany Kuwait Greece • 8 with Asia Lebanon Hungary China Oman Italy India Qatar Ireland Indonesia Syria Latvia Malaysia Turkey Luxemburg Pakistan UAE Macedonia Singapore Malta South Korea Netherlands Vietnam • 2 with North America Norway Poland Canada USA Portugal Romania Russia 17 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
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