Innov Invest and Tamwilcom in Morocco in 2026: what public funding is available for startups and SMEs?

The Caisse Centrale de Garantie, the historic public guarantee institution, was transformed into a public limited company by Law No. 36-20 enacted in 2020; it adopted the Tamwilcom brand in 2021. Owned by the State and placed under the supervision of the Ministry of Economy and Finance, it is separate from the Maroc PME agency, which manages its own support programs. Tamwilcom plays three main roles:

Details of the guarantee products (Damane Express, Damane Crea, Damane Dev, Damane Intelak, etc.) and their conditions are published on the official website www.tamwilcom.ma.

The Innov Invest Fund (FII) was created in 2016 with the support of the World Bank to finance innovative startups from ideation to growth. Its first editions deployed the Innov Idea, Innov Start, Innov Risk and Innov Dev windows. Since its third edition (2024), the fund has been structured into three segments entrusted to twelve partner support organizations selected through a call for expressions of interest. The choice of legal form, the label and the support ecosystem are presented in our guide to creating a startup in Morocco.

Without prejudice to the specific conditions of each instrument:

• Legal entity duly registered in the Commercial Register (Law 15-95), holding its tax identifiers (IF, ICE assigned by the DGI, business tax [taxe professionnelle]); some calls for projects in the ideation segment accept project leaders who undertake to create their company
• Registered office (siège social) in Morocco and activity carried out in Morocco
• Innovative project (technology, product, service or business model) corresponding to the stage targeted by the instrument
• Documented business plan: market, team, business model, financial projections, use of funds
• Tax and social security compliance: up to date with DGI and CNSS obligations

Timeframes depend on the instrument, the schedule of calls for projects and the operational partner.

• Up-to-date articles of association and a recent Commercial Register extract (Model J)
• IF, ICE, business tax number, CNSS affiliation number
• Detailed business plan and project budget
• Financial statements (if a financial year has been closed) and tax return package (liasse fiscale)
• CVs of the founders and managers, capital breakdown
• Proof of equity contributions and of expenses incurred
• Certificates of tax and social security compliance

A company created online with Charikaty has these legal documents (articles of association, RC extract, identifiers) from registration, which speeds up putting the file together.

Innov Invest / Tamwilcom funding can, subject to the cumulation rules specific to each scheme, be combined with:

• Intelaka: subsidized-rate bank loans for TPE and auto-entrepreneurs (self-employed status), guaranteed by Tamwilcom (Damane Intelak); conditions and amounts in our guide on the Intelaka program and its 2% loan
• Crowdfunding: fundraising through platforms approved under Law 15-18, presented in our guide on crowdfunding in Morocco (Law 15-18)
• Private venture capital: national and international funds, business angels
• Bank loans: with or without a Tamwilcom guarantee
• Investment Charter grants (framework law 03-22) for eligible investment projects

The trade-off between these sources is made with regard to dilution, the cost of financing, the startup's stage and the speed of fundraising.

Agreements signed with Tamwilcom or its partners typically require:

• Periodic reporting on progress and use of funds
• Compliance with commitments (technical milestones, jobs, project delivery)
• Maintaining the registered office in Morocco and the eligible activity
• Retention of documents for 10 years (Article 211 of the CGI 2026; Law 9-88), on paper or electronic media guaranteeing their integrity and probative value

Failure to comply with commitments may lead to the funding being called into question (early repayment, forfeiture of the guarantee).

• Investment grants are added to taxable income according to the rules of the CGI 2026 and the CGNC, most often spread over the depreciation period of the financed fixed assets
• Operating grants and non-repayable contributions are taxable in the financial year to which they relate; in 2026, the corporate income tax (IS) rate is 20% for net taxable profit below 100 M MAD, and the minimum contribution (cotisation minimale) is not due during the first 36 months of operation
• Honor loans and loans are not taxable income; any interest is a deductible expense under the conditions of Articles 10 and 11 of the CGI 2026
• Equity investments by funds are not taxable income for the beneficiary company (capital contribution)

A chartered accountant registered with the OEC (Law 15-89) must validate the accounting and tax treatment of each type of aid.

To apply to Innov Invest or for a Tamwilcom product, here is what you need: a company registered in the Commercial Register, its tax and social security identifiers, and up-to-date articles of association. And with Charikaty, you do everything online.

Charikaty is a private Moroccan legal-tech platform specializing in online company formation. We create your SARL or your SAS entirely online (OMPIC negative certificate [certificat négatif], electronically signed articles of association, registration in the Commercial Register, IF, ICE, business tax and CNSS affiliation). For a startup planning to bring in investors, our SAS formation service allows this company to be set up online. We then draft the deeds needed for fundraising (shareholders' agreement (pacte d'associés), capital increase, entry of a fund) and refer you to the chartered accountants and support organizations suited to your file. More than 250 companies have already been set up with Charikaty.