Other countries have a more attractive tax system in Mauritius, Dublin, Luxembourg or Dubai.
Taxation is not the main attraction of CFC. This is what the top management of Casablanca Finance City wanted to clarify during a press conference held on June 17 in Casablanca. “CFC is not a tax haven. Companies do not come to Morocco for taxation,” said Said Ibrahimi, CEO of CFC, referring to information relayed by some media on this subject.
For Mr. Ibrahimi, other countries have a more attractive tax, citing such as Mauritius, Dublin, Luxembourg or Dubai. Referring to the remarks made by Pierre Moscovici, European Commissioner for Economic Affairs, during fiscality meetings, the CEO of CFC simply stated that the commissioner in question had no place at the Assises recalling competition from certain countries in Europe who want to position themselves as a platform for Africa.
CFC attracts more and more African-oriented companies
A real African hub of business, Casablanca Finance City attracts African companies more than ever. The reason is simple: Africa is a complex continent and difficult to apprehend without a local presence. In this respect, CFC says it offers support and presence throughout the entire life of the company and allows access to an active community of companies.
From Casablanca, the CFC community is investing more and more in Africa: its companies are operating in 46 African countries. Africa 50, an investment platform dedicated to African infrastructure, aims to mobilize $ 100 billion for the continent and has started several projects, particularly in the renewable energy sector. The total amount of funds managed by the management companies since CFC for projects in Africa amounts, for its part, to nearly $ 5 billion to date, says the management of the financial center.
Tax contribution of member companies up +47% between 2017 and 2018.
Casablanca Finance City currently has 184 members registering a 28% increase compared to 2017. In the first half of 2019, several companies joined this community. These are Themis, Amethis, Orange, SAP, Olam, Bearing Point. By geographic origin, 42% of CFC member companies are from Europe, 37% are from Africa, 12% come from the Americas, 5% from the Middle East and 4% from Asia. Of these firms, 34% are professional service providers, 30% are financial firms, 27% are multinational regional headquarters, followed by holding companies (9%).
The number of permanent employees of CFC member companies is 4,000, up almost 50% over one year. The total turnover of the CFC companies amounts to MAD 5,805 million in 2018, or 52.2% compared to 2017. The tax contribution of the member companies has, for its part, increased by 47% between 2017 and 2018.
Creating a collective intelligence
At the level of its approach, CFC aims to bring out a community with a collective intelligence. More concretely, the place is working on the creation of a business club between CFC members, the launch of a platform and the launching of thematic groups. Among these first projects is also the creation of a relay committee that will be a dialogue interface.