Due to its intriguing professional opportunities, safety, and excellent living conditions, Dubai is frequently referred to as a global centre to which people from all over the world flock. The city presents a favourable environment for investors thanks to its excellent infrastructure, high-quality hospitality, and numerous attractions. In this blog we are going to explain about the National Investors Number.
National Investor Number (NIN) is a unique number assigned or allotted to an investor. It links the investor’s clearing and depository system (CDS) account to the market that contains all investor shares. When a person buys or sells shares, the National Investor Number is used to transfer shares to and from the investor’s account. When the investor opens an account with a broker, he/she will be asked for the NIN so that future transactions in the account can be paid automatically as soon as the trade is completed.
In the UAE, due to the exciting career prospects, safety, and great living conditions, Dubai is often considered a worldwide hub where people from all over the world flock. With outstanding infrastructure, high-quality hospitality, and numerous attractions, the city provides a favorable environment for investors. In addition to real estate and commodity investment options, Dubai has a strong stock market. Moreover, the stock market in Abu Dhabi has also performed significantly over the years due to mergers and expansion of companies coupled with growing investments by market players in the past decade.
Speaking specifically for the Dubai Financial Market, a Shariah-compliant exchange governed and regulated by the UAE Securities and Commodities Authority. It provides a user-friendly trading platform that equips investors with the knowledge and resources they need to make informed investing decisions. In 2010, the Dubai Financial Market and Nasdaq Dubai merged their operations, allowing investors access to a greater selection of assets and investment alternatives. It further allowed them to also use a single Investor Number, or NIN, to access both DFM and Nasdaq Dubai listed securities. As of now, the DFM now provides you with the opportunity and freedom to trade securities, bonds, and Sukuk in Dubai. (A Sukuk is an Islamic financial certificate that works in the same way as equities but adheres to Sharia Law.) To be able to trade in Dubai, an investor or an individual must first fulfill a few basic tasks.
In order to get a National Investor Number, a person should follow some steps which are quite easy and convenient. However, some paperwork, filling of forms, and submissions are required in order to fulfill the requirements. An Investor number, or NIN, is a unique number that identifies a person’s account and allows him/her to trade DFM and Nasdaq-listed equities. To apply for an Investor number, completion of the Investor Number Request Form and submit it together with your signature, stamp, and appropriate proof. This is open to people of all ethnicities and from all corners of the globe. On the Dubai Financial Market website, he/she can register and fill out the online form via eServices. Alternatively, they can go to the Client Services Affairs desk on the DFM trading floor to get the Investor number. This is the quickest option because it is processed the same day. Hire a broker and submit your form and relevant documentation to them as a third option. DFM will provide them with your Investor number.
The steps and documentation required to apply for a national investor number are discussed as follows:
The investor is required to complete an investor data entry application form online and has to print and sign it before submission.
For Individual/Joint Account
Additionally, particular documentation is required based on:
If it's a joint account, an enclosed letter signed by both partners should be mailed to DFM verifying the account type, whether it'll be administered by both partners or one of them, ("and" / "or") A/C.
If the applicant is a minor (under the age of 21),
If the application is submitted by a Representative, he/she must produce a true copy of a valid Power of Attorney that meets the following requirements:
For Company/Institution/Brokerage Firm/Government/Bank/Fund
Additionally, particular documentation is required based on:
In case of a fund, a legally authenticated licensing letter from the Central Bank must be submitted. The certified paperwork from the official authorities must be connected to funds outside the UAE.
For banks, a legally validated license letter from the Central Bank must be submitted. The certified documentation from the official authorities must be attached to banks outside the UAE.
If a brokerage firm, a true copy of the UAE Securities Commodities Authority's (SCA) or Dubai Financial Services Authority's (DFSA) Brokerage License (DFSA).
Companies and institutions licensed outside the UAE must have official documentation authenticated by the UAE Ministry of Foreign Affairs or the UAE embassy, including trade licenses, commercial registers, and memorandums of association.
In the case of a Representative, a true copy of a valid Power of Attorney that meets the following criteria must be provided
The documents gathered above and the application form must be submitted via either of the options below:
Obtaining a National Investor Number in the UAE is often considered a complicated task since paperwork and several other documentation are considered time-consuming. Dhanguard helps its clients to apply for National Investor Number or provides guidance on How to apply for a National Investor Number in the UAE by offering assistance in paperwork through its team of experts and a wide network of professionals. If you require any services regarding National Investor Number in the UAE, please contact us and we will gladly assist you. Do connect with us to avail our the type of services we offer.
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