Lloyd’s may enjoy tax break for new office

Top insurers take notice of a hot new financial centre

Lloyd’s may enjoy tax break for new office

Insurance News

By Terry Gangcuangco

Lloyd’s is now eligible to operate in Casablanca Finance City (CFC) and stands to enjoy ‘attractive’ tax incentives.

Citing Moroccan newspaper l’Economiste, The North Africa Post said Lloyd’s has obtained CFC status following months of talks.

“The CFC Status, created by Law No. 44-10 as amended and completed by Law 68-12, is a label giving access to an attractive package of advantages. These advantages include tax incentives, foreign exchange control facilities, and other benefits for doing business facilitation,” said CFC on its website.

Aside from Lloyd’s, over 100 international firms have been listed to be part of the five-year-old financial centre in Morocco – described as a gateway to Africa. 

Allianz, for instance, has also been granted CFC status for its African financial services subsidiary called Marofinac. Other companies that have obtained CFC status include AIG, BNP Paribas, and the Boston Consulting Group.

To be eligible, certain criteria have to be met. Among them is that the interested entity must belong to one of these four categories: financial Institutions, regional headquarters of multinational firms, professional services providers, and holding companies.

CFC is the first African financial centre to make the ranking of the Global Financial Centres Index.

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