To open a brokerage account with Emirates NBD Securities L.L.C. (ENBDS) for the purpose of engaging in equity trading in NASDAQ DUBAI, the following requirements need to be met:
- The prospective applicant should first open a USD account (PREFIX 069) with any of the Emirates NBD branches.
- At the time of opening the USD Investment Bank Account with Emirates NBD, the client should simultaneously fill up a brokerage mandate to open the NASDAQ DUBAI Brokerage Account with ENBDS and it should be handed over to the Emirates NBD Branch in which the USD Investment Bank Account (for the purpose of trading in NASDAQ DUBAI) was opened.
- Along with the duly completed brokerage mandate, the following documents should also be submitted:
New clients:
- Photocopy of the passport and the Khulasat Al Qayd (family book) if the applicant is a UAE national
- Photocopy of the passport to include the valid resident visa page, along with another form of identity, acceptable to the Brokerage (E.g. Driving License, staff ID), if the applicant is a non-UAE national.
- Electricity or telephone bill etc (to establish the permanent address)
If an account is to be opened under Power of Attorney granted to another
individual, the account opening documents should be signed by both the client
and the attorney in the spaces provided in the mandate. The POA document should
be valid and a copy of the POA should also be provided for opening the account.
The documents required to open brokerage accounts for other entities
(proprietorships, Partnerships & Companies) are listed below:
Sole Proprietorship
- Trade License
- Commercial Registration
- Original Passport of the proprietor & photocopy of same
- Company stamp
Partnership
- Trade License
- Original Passports of the Partners & photocopies of same (in addition of family book for UAE nationals).
- Commercial Registration Certificate
- Notarized partnership agreement
- Company stamp
Limited Liability Company
- Commercial /Trade License
- Original Passports of directors / share holders & photocopies of same ( if UAE Nationals – Khulaset Qayd, in addition)
- Commercial Registration Certificate
- Memorandum & Articles of Association
- Resolution from the board of directors authorizing to open a brokerage account
- (Agreement) No Objection letter to open & operate the account with ENBDS signed by the Authorized signatories or the nominated person
- Company stamp
For existing ENBDS clients who already have share investment accounts
with Emirates NBD and brokerage accounts with ENBDS, the following documents should be
presented:
- Photocopy of the passport and the Khulasat Al Qayd (family book) if the applicant is a UAE national
- Photocopy of the passport to include the valid resident visa page, along with another form of identity, acceptable to the Brokerage, (E.g. Driving License, staff ID), if the applicant is a non-UAE national.
ENBDS will receive the duly completed Brokerage Account Opening form from
respective Emirates NBD branches and would arrange to open the brokerage
account for NASDAQ DUBAI trading on behalf of the prospective investors. A new
trading brokerage account will be created by ENBDS which will be made known to the
client via telephone.
Fees & charges
- There is no minimum balance required for opening the investment accounts in USD
- There are no fees for opening a brokerage account with ENBDS
- The brokerage commission charged for trading in NASDAQ Dubai is 0.20% or USD 24, which ever is higher. Please refer the Commission Calculator for NASDAQ Dubai for more details.
- Note: NASDAQ Dubai Exchange has introduced transaction fee of USD 3 with effect from November 01, 2009. Transaction fee of USD 3 is not applicable to trades which fall under minimum market commission. For more details, please click here.
- Custody Fee will be charged with effect from May 2008, based on month end inventory value and the charge applicable would be USD 1 (one) or 5 (five) Basis Points per annum (0.05% / 12) which ever is higher.
