In brief: Form 2 — often abbreviated F2 — is the bank attestation that certifies the purchase of foreign currency from clients by a Moroccan bank in the framework of exchange operations. For a foreign investor, this is the document that proves the foreign-currency financing of their investment in Morocco and conditions access to the free convertibility regime (repatriation of dividends, disposal proceeds and principal). It is automatically issued by the bank receiving the international wire and must be kept for the entire duration of the investment.
What is Form 2 (F2)?
Form 2 (F2) is a standardised attestation issued by Moroccan banks within the framework of the exchange regulations supervised by the Exchange Office. It materialises a purchase of foreign currency from a client — i.e. the moment the bank credits a dirham account after receiving foreign currency from abroad.
The name “Form 2” comes from the historical numbering of exchange forms established by the Exchange Office to standardise the traceability of currency flows:
- Form 1 (F1) — sale of currency to clients (currency outflow)
- Form 2 (F2) — purchase of currency from clients (currency inflow) ← our topic
- Form 3 (F3) — interbank operations
In practice, as soon as a non-resident sends an international wire to a Moroccan bank account and the bank converts those currencies into dirhams (or credits them to a foreign-currency account), a Form 2 must be established and delivered to the client.
Why Form 2 is essential for foreign investors
The F2 is not a mere internal bank document: it is the cornerstone of the foreign investment in Morocco (I.E.M.) regime. Article 13 of the General Instruction of Exchange Operations (IGOC) requires banks to deliver to their clients all the supporting documents evidencing currency movements — the F2 is the standard format.
To benefit from free convertibility (unrestricted repatriation of dividends, disposal proceeds and principal), the foreign investor must be able to demonstrate at any time that their investment has indeed been financed in foreign currency within the meaning of Article 156 of the IGOC. Form 2 constitutes the opposable proof of this foreign-currency origin.
Concretely, without a F2 (or with an incomplete / lost F2), the investor loses the benefit of the derogatory regime: the disposal proceeds will be credited to a forward convertible account with transfer staggered over 4 years (instead of free immediate repatriation), and dividends may be blocked for lack of supporting evidence.
Practical stakes
| Situation | Consequence without F2 |
|---|---|
| Disposal of shares in a Moroccan company | Proceeds blocked on forward convertible account (transfer in 4 annual instalments of 25%) |
| Dividend distribution | Bank refusal to transfer abroad |
| Repayment of shareholder current-account advances | Reclassification as a non-convertible operation |
| Company liquidation | Liquidation bonus non-repatriable |
Content and mandatory entries of a Form 2
A compliant F2 must include a set of standardised entries. It is automatically generated by banking systems as soon as the foreign-currency wire is recorded:
- Identity of the issuing bank and relevant branch
- Unique reference number of the F2
- Operation date
- Beneficiary identity (name, nationality, tax residence, account number)
- Identity of the foreign originator
- Amount and original currency (e.g. 100,000 EUR)
- Dirham counter-value after conversion
- Applied exchange rate
- Economic purpose of the operation (e.g. “capital subscription”, “shareholder current-account advance”, “related-party loan”)
- Exchange Office economic code
- Authorised bank stamp and signature
The economic purpose and economic code are the most sensitive elements: they serve to link the flow to a specific exchange regime. An F2 with an incorrect purpose can invalidate the foreign-investment qualification.
How to obtain Form 2 from your bank
At the time of the incoming wire
Upon receipt of an international wire to a Moroccan account, the bank is required to automatically generate an F2 — in principle, the investor has no active step to take. However, in practice:
- Notify your bank in advance of the wire: indicate the expected amount, the originator and the precise economic purpose (“capital subscription in company X”, “shareholder current-account advance in Y”…)
- Provide supporting documents: articles of the beneficiary company, minutes of the general meeting deciding the capital increase, related-party loan agreement, etc.
- Expressly request the F2 from the relationship manager within days following receipt of the wire
- Check the entries before signing the acknowledgement of receipt, in particular the economic purpose and code
In case of a missing or erroneous F2
If an F2 has not been established at the time of the operation or if it contains errors, it is possible to ask the bank for a retroactive correction. This process requires:
- A motivated letter to the bank
- Production of the supporting documents proving the actual nature of the operation
- Sometimes, the intervention of the Exchange Office to validate the rectification
In practice, the longer you wait, the more difficult the correction becomes. We strongly recommend requesting the F2 within the 30 days following the wire.
Form 2 vs Form 3: what’s the difference?
| Criterion | Form 2 (F2) | Form 3 (F3) |
|---|---|---|
| Nature of the operation | Purchase of currency from clients | Interbank operation |
| Actor concerned | Client (company or individual) | Bank vs bank |
| Documentary purpose | Foreign-currency origin proof for the client | Traceability of bank exchange positions |
| Relevance | IEM justification, dividend repatriation | Bank treasury management |
For a foreign investor, only the F2 is relevant. The F3 is an internal bank management document and has no probative value on the client side.
Concrete use cases: when to require an F2
1. Company incorporation by a foreign shareholder
When a SARL or SA capital is paid up in cash by a non-resident shareholder, the foreign-currency wire received on the blocked incorporation account must generate an F2. This F2 will be the key document for future dividend and disposal-price repatriations.
2. Capital increase
For each new subscription financed in foreign currency, a separate F2 must be established. The cumulative F2s define the foreign-investment base opposable to the Exchange Office.
3. Shareholder current-account contribution
Current-account advances paid in foreign currency by a foreign shareholder must be evidenced by an F2. Otherwise, the repayment of the principal will not benefit from free convertibility.
4. Related-party loans and intercompany financing
A loan granted in foreign currency by a foreign parent to its Moroccan subsidiary generates an F2 upon receipt of the wire. Principal and interest repayments will then be conditioned on this F2.
5. Acquisition of financial instruments in Morocco
The purchase of listed shares, bonds or mutual fund units by a non-resident must also give rise to an F2 to preserve the repatriation regime.
Retention period and probative value
The IGOC requires retention of exchange supporting documents for the entire duration of the investment, and at a minimum for 5 years after the closing of the operation (disposal, liquidation, repayment). In practice, we recommend to our clients:
- Signed original kept in a safe or with the company’s articles
- Scanned copy archived in the company’s tax/social file
- Centralised F2 inventory with dates, amounts and purposes — particularly useful in case of an Exchange Office audit or due diligence during a disposal
The F2 constitutes an opposable document vis-à-vis both the tax administration (DGI) and the Exchange Office as well as the transferee’s bank during a future disposal.
The role of the chartered accountant in securing F2s
At Upsilon Consulting, we support our foreign investor clients from the structuring phase of the operation:
- Coordination with the bank so that the economic entries are correct from the very first wire
- Compilation of the IEM file sent to the Exchange Office with the original F2s to obtain a confirmation letter of the free convertibility regime
- Structured archiving of F2s in the company’s permanent file
- Pre-disposal due diligence to ensure all F2s are opposable to banks and the Exchange Office
For support on your investment in Morocco, contact our teams.
Frequently asked questions
Is Form 2 mandatory for every international wire to Morocco?
Yes. Any receipt of foreign currency by a Moroccan bank on behalf of a resident or non-resident client must give rise to the issuance of a Form 2. This is a regulatory obligation stemming from Article 13 of the IGOC and applies without exception, even for modest amounts.
What to do if my bank refuses to issue an F2?
Refusal is rare but possible in case of ambiguity on the economic purpose. In this case: (1) send a written letter to the branch management recalling the regulatory obligation, (2) refer the matter to the banking ombudsman if necessary, (3) as a last resort, call on the Exchange Office which may intervene with the bank. In practice, a well-prepared file upstream avoids 95% of blockages.
Does an F2 issued to an individual allow repatriation of a company’s dividends?
No. The F2 must be issued in the name of the ultimate beneficiary of the investment. If the funds transit through a personal account before being contributed to the company’s capital, two separate F2s must be generated (or better, the wire should be sent directly to the company’s blocked incorporation account). A poorly channelled flow exposes to a subsequent repatriation refusal.
How long does it take to obtain an F2 after a wire?
Moroccan banks generally issue the F2 within 48 to 72 business hours after effective receipt of the funds. In practice, it may be necessary to follow up with the relationship manager. We recommend never letting more than 30 days pass before retrieving and verifying the document.
Can the F2 be dematerialised?
Yes. Most Moroccan banks now issue the F2 in electronically signed PDF format, with the same probative value as the paper original. In both cases, the document must contain all the mandatory entries listed above and a unique reference number.
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Reference texts: General Instruction of Exchange Operations (IGOC) 2026 (PDF) — Articles 13, 155 and 156.
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