The simplified joint stock company SAS, new form in Morocco – SAS New Form Law 19-20
A new legal form of commercial company was introduced by law 19-20, namely the Simplified Joint Stock Company (SAS)
The main characteristics of a société par Actions Simplifiée are as follows:
Shareholding: one or more partners
Shareholder liability: Limited (partners only bear losses up to the amount of their contributions)
- No minimum capital requirement (freely determined by the articles of association)
- Possibility of contributions in kind
- Contributions in cash: at least one quarter paid up at the time of incorporation. The remainder in a maximum of 3 years.
Public offering: The simplified joint stock company is not entitled to a public offering
Governance: The SAS is represented by a president (natural or legal person) whose powers and duration are defined in the articles of association or minutes. The administrative bodies are freely determined by the articles of association.
Sale of shares :
- Possibility of providing for the inalienability of shares for a maximum period of 10 years.
- Possibility of making any transfer of shares subject to the prior approval of the company.
Appointment of an auditor: not compulsory in the absence of the threshold fixed by the regulation. However, the appointment of an auditor can be requested by one of the partners.
With the introduction of this new legal form, the existing Simplified Joint Stock Companies must be transformed into Simplified Joint Stock Companies.
AAFIR AUDIT & CONSULTING MOROCCO
supports you in the creation or transformation of your company.
Certified Public Accountant DPLE – Chartered Accountant Tangier Tetouan Morocco
Statuary Auditor – External Auditor