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Economy

Moroccan Entrepreneurship Soars: Over 93,000 New Businesses Emerge in 2023

Saturday 24 February 2024 - 11:25

Casablanca-Settat continues to lead the charge in entrepreneurial endeavors within Morocco, boasting nearly 29,000 of the country's remarkable 93,517 newly established businesses by the close of 2023.

Data released by the Moroccan Office of Industrial and Commercial Property reveals that this surge in enterprise comprises over 4,000 registered as legal entities and nearly 30,000 operating as sole proprietorships.

Commerce takes the lead, representing over a third of the total at 35.85%, with various service sectors following closely at 18.57%. Construction, public works, and real estate collectively account for 17.46% of the new business landscape.

Beyond Casablanca-Settat, other regions contributing significantly to Morocco's entrepreneurial momentum include Tangier-Tetouan-Al Hoceima, Rabat-Sale-Kenitra, Marrakech-Safi, and Fez-Meknes.

Regarding preferred legal structures, the Single-Member Limited Liability Company (SARL AU) emerges as the dominant choice by a significant margin, at 64.3%, followed distantly by the Limited Liability Company (SARL) at 35.1%, with Joint Stock Companies (SA) comprising a negligible 0.3%.

This entrepreneurial surge is particularly noteworthy as it surpasses the total number of 93,272 businesses established throughout the entirety of 2022.

This growth is attributed in large part to strategic state initiatives targeting youth entrepreneurship, propelling Morocco into an entrepreneurial golden age. Notably, the exceptional 52% annual growth in business creation in 2021 solidified its position as the fastest-growing startup market in the Maghreb region.

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