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 who finances their investment by a wire of foreign currency sold on the foreign exchange market, it is one of the supporting documents that prove the foreign-currency financing required by Article 173 of the IGOC 2026 to benefit from the convertibility regime (transfer of income, of disposal or liquidation proceeds and of the principal of shareholder advances and related-party loans). It is established by the bank, which hands a copy to the client, and the foreign investor is required to keep it (Article 20 of the IGOC 2026, which refers to the Commercial Code); in practice, it is best kept until the investment is sold or liquidated.
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 operation by which the bank buys from the client the foreign currency received from abroad and pays them the dirham counter-value (Article 12 of the IGOC 2026: “Form 2: Purchase of foreign currency from clients”).
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) — debit of a foreign correspondent’s convertible dirham account in favour of a resident client
- Form 4 (F4) — debit of the convertible dirham account of a foreign client or a Moroccan living abroad (MRE) to finance an investment in Morocco
- Form 5 (F5) — credit of an exporter’s foreign-currency account
- Form 6 (F6) — debit of an exporter’s foreign-currency account
In practice, as soon as a non-resident sends an international wire to a Moroccan bank account and the bank buys that foreign currency against dirhams, a Form 2 must be established and a copy delivered to the client; if the currency is simply credited to a foreign-currency account, the bank establishes the corresponding supporting document (credit advice, or Form 5 for an exporter).
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 12 of the General Instruction of Exchange Operations 2026 (IGOC) requires banks, for every settlement, to establish the corresponding supporting document and to hand a copy to the client — the F2 is the one for the purchase of foreign currency from clients.
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 173 of the IGOC 2026. 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 of a non-resident seller will be credited to a forward convertible account transferable in four tranches of 25% (the first immediately, the other three on each anniversary date, i.e. over three 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 credited to a forward convertible account (four tranches of 25%: one immediately, then one on each anniversary date) |
| Dividend distribution | Bank refusal to transfer abroad |
| Repayment of shareholder current-account advances | Reclassification as a non-convertible operation |
| Company liquidation | Liquidation surplus credited to a forward convertible account (transfer in four tranches of 25%) |
Content of a Form 2
The IGOC 2026 does not publish a model of bank form: it refers to the conditions and formats laid down for that purpose (Article 28) and requires banks to ensure the exact coding of forms (Article 174).
The precise content of the form falls under the conditions and formats laid down by the Exchange Office; the bank hands a copy to the client (Article 12).
The coding of the operation on the form (Article 174) links the flow to an exchange regime; an incorrectly coded form can jeopardise the foreign-investment qualification and the subsequent transfer.
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 copy handed over by the bank (Article 12), in particular the coding of the operation
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
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 | Debit of a foreign correspondent’s convertible dirham account in favour of a resident client |
| Actor concerned | Client selling foreign currency | Resident client paid in convertible dirhams |
| Documentary purpose | Evidence a settlement received from abroad through the sale of foreign currency | Evidence a settlement received by debit of a convertible dirham account |
| Relevance | Proof of IEM financing, dividend repatriation | Proof of a receipt in convertible dirhams |
For a foreign investor, the F2 is the supporting document when the investment is financed by selling foreign currency; if it is financed by debiting their convertible dirham account, the supporting document is Form 4 (Article 12 of the IGOC 2026). A copy of each of these forms is handed to the client.
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 by a foreign shareholder must be evidenced by an F2 (or an F4 if paid from a convertible dirham account) and by an advance agreement setting out the repayment schedule: these are the documents the bank will require when the principal is repaid (Article 177 of the IGOC 2026).
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
The IGOC 2026 (Article 20) requires the foreign investor to keep the settlement supporting documents for their investment provided for in Article 12, and refers to the Commercial Code for document retention; it sets no retention period of its own. In practice, they must be kept at least until the disposal, liquidation or repayment, since the bank will require them at that time (Article 177). It is advisable to arrange:
- 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 is one of the supporting documents the bank will require upon the disposal or liquidation of the investment (Article 177).
The role of the chartered accountant in securing F2s
The chartered accountant’s involvement is useful from the structuring phase of the operation, on several fronts:
- Coordination with the bank so that the economic entries are correct from the very first wire
- Compilation of the financing file (F2, F4 or other Article 12 supporting documents, agreements, deeds) that the bank will require, by delegation from the Exchange Office, for transfers of dividends, disposal proceeds or repayments (Articles 174 and 177 of the IGOC 2026)
- 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
Frequently asked questions
Is Form 2 mandatory for every international wire to Morocco?
Yes, if the foreign currency is sold to the bank against dirhams. Article 12 of the IGOC 2026 requires the bank, for every settlement from abroad, to establish the corresponding supporting document and to hand a copy to the client, whatever the amount: Form 2 for a purchase of foreign currency, a credit advice if the currency is credited to a foreign-currency account, Form 5 for an exporter’s foreign-currency account.
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.
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?
The IGOC 2026 sets no deadline for handing the form to the client; the bank is only required to establish the supporting document for every settlement and to hand a copy of it (Article 12).
Can the F2 be dematerialised?
The IGOC 2026 does not set the physical form of bank forms: it refers to the conditions and formats laid down for that purpose (Article 28). The format in which the form is handed over therefore depends on the bank.
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Reference texts: General Instruction of Exchange Operations (IGOC) 2026 (PDF) — Articles 12, 20, 28, 171, 173 and 177.
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