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10:00
01 january 2014
Home > Products > Services Catalogue > Services Details
Rate Service

Merge Sole Proprietorship A/C with Individual A/C or Vice Versa

Service ID
4.5.15

Details
According to the provisions of the Companies Act and as per the DFM regulations, it is not allowed for the same person to own stocks with his/her personal name and with the name of his/her individual entity. Therefore, it is not permitted to register any security in the name of a person and his/her individual entity at the same time.

The investor must choose one account to be registered under his/her name or under his/her individual entity's name, in this case the investor must complete a form to select one account and write-off the other.

Fees
0.002 (two per thousand) from the shares market value, with a minimum of AED 25 (No. of shares* market value * rate)


Procedures

To submit your request via DFM eServices:

1. Register to DFM eServices at www.dfm.ae or DFM Smart Services App

2. Login with your username and password

3. Select the eFORMS tab

4. Choose the form

5. Fill in the details and click on ‘Submit’

6. Enter the Payment Details and click on ‘Confirm’

7. You will receive the status updates via email.

Alternatively, you can submit your request at the DFM Client Services Affairs Desk, in person:

  • Complete the Merge Sole Proprietorship A/C with Individual A/C or Vice Versa form and Investor Signature Form to be sign.
  • Attach the required documents along with the Form
  • Client Services Affairs Department will issue a voucher with the fees required to be paid by the investor
  • An SMS will be sent to the Transferee after the transfer is approved

    Notes :

  • Updated Investor Number in DFM for Transferee
  • Ensure that the transferred shares are available in the CSD account of the Transferor
  • Investor’s specimen signature affixed on either the Investor Number Request Form must be certified by one of the following :
  1. DFM staff at DFM Client Services Affairs Desk
  2. Licensed Brokerage Firm at Dubai Financial Market
  3. An accredited Bank in UAE licensed by UAE Central Bank
  4. Notary Public and UAE embassy in foreign countries or by the UAE Ministry of Foreign Affairs


Required Documents

  • Merge Sole Proprietorship A/C with Individual A/C or Vice Versa form and Investor Signature Form completed
  • True copy of a valid Passport /National ID of owner
  • Valid Copy of Family Book or Marasoom for the owner (for UAE Nationals & Residents)
  • True copy of a valid Trade Licensee of  Sole Proprietorship

  • How to Apply?
    Submit the form in person at the DFM Client Services Affairs Department, Trading Floor, World Trade Centre, Dubai, or