Laws have been passed to allow foreigners to purchase stocks for companies in the Iraq Stock Exchange.
While the ISX, is still not yet open, communication has come from Warka Bank that the following required documentation is included in the law.
Letter from Warka:
Although the foreign investment law has not been enacted yet however the instructions and procedures that will be required for foreigners to purchase stock and the transfer of ownership have been issued.
To purchase stock and to transfer ownership from the proxy company to the investor’s name the following documentation must be submitted and certified by the Iraqi Embassy or Consulate in your country:
1- ID Card
2- Valid Passport
3- Complete Address, Email and Telephone No.
4- Three Signature Copies (one document with 3 signatures).
The documents can be included in one document or separately as you find appropriate as long as it is certified by the Embassy.
Only one copy of the requested documents will be needed however the ISX wants you to indicate your signature three times on the document for verification.
So far no time limit has been set whenever the client completes and submits the entire certified documentation to our bank we will then make the needed arrangements for transferring ownership.
The stocks of the client will remain in the name of the proxy company until the necessary documentation has been provided to us. The client will remain entitled to the shares held in the name of the proxy company until providing us with the certified documents instructing us to transfer ownership.
Best regards,
Mr. I
Manager
International Foreign Relations Dept.
Updated 9/4/08
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There are two processes
in the United States:
FAST and SLOW
=========================
THE FAST PROCESS:
Use the Arab American Chamber of Commerce
(1 week or less)
Step 1
Make one legal size document with the following information. This is a template that captures all the information you need to provide. You can create your own, but be sure to include all the elements and make sure you leave enough spacing for seals.
_______________________
(top of legal page)
(Your Name)
(Address)
(City, State, Zip)
(Phone) / (E-mail)
To Whom It May Concern:
I, (print your name), born in United States on (date of birth) certify with my three original signatures below, that this is a true and accurate copy of my valid U.S. Passport and valid Identification. Above is my current home address, telephone number, and email address.
[COPY OF PASSPORT]
[COPY OF ID]
Three original signatures:
(1) Signature:________________________________________
Date: _______
(2) Signature:________________________________________
Date: _______
(3) Signature:________________________________________
Date: _______
For Notary Public:
State of __________________
County of
On this, the___________day of ______________, 20______, before me a notary public, the undersigned officer, personally appeared_____________________________, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained.
In witness hereof, I hereunto set my hand and official seal.
___________________________ Notary Public
(bottom of legal page)
_______________________
Step 2
Have the document notarized by a local Notary Public. You will need to sign the document in their presence and present your ID and passport.
Step 3
Send your document along and a prepaid return envelope (FedEx is preferred) to:
Arab American Chamber of Commerce
Certification Department
972 Mt. Holly Dr. Annapolis MD 21401.
Tel: (410) 757-5544 or 1 888 999 5991
They will do this process in person. Here is what they charge per document (if you are only doing the ISX document then it will only be 1 document):
- AACC Service fee is $80.00 to certify any legal document ($35.00 charge for each additional document).
- Notary public and court fee = $5.00
- Secretary of State fee = $5.00
- Department of State fee = $8.00
- Embassy of Iraq fee = $5.00 ($160.00 for business)
- Return it to you in the prepaid envelope you provide (they prefer FedEx)
If you are purchasing stocks as a individual, you will be send a money in the amount of $103 to cover all the fees listed above
If you are purchasing stocks as a business, the Embassy fee is $160.
you will be send a money in the amount of $258 to cover all the fees listed above
Embassy of Iraq
1801 P Street, NW
Washington, DC 20036
Tel: (202) 483-7500
Embassy hours: Monday-Friday 9:30 AM - 5 PM
Step 4
Send your certified copy to Warka Bank. Remember to keep a copy for yourself.
Warka Bank for Investment and Finance
Main Branch – Baghdad Iraq
International Foreign Relations Department
Watheq Square – Salman Faiq St.
Hay Alwihda – Sec. 902 – 14th St.
Baghdad, Iraq
Phone (009)647-1728
=========================
THE SLOW PROCESS:
Do it yourself
(can take several weeks)
Step 1
Make one legal size document with the following information. This is a template that captures all the information you need to provide. You can create your own, but be sure to include all the elements and make sure you leave enough spacing for seals.
_______________________
(top of legal page)
(Your Name)
(Address)
(City, State, Zip)
(Phone) / (E-mail)
To Whom It May Concern:
I wish to provide the necessary Authentication Requirements to engage in trading on the Iraq Stock Exchange. Please accept the following Authenticated Legal Personal Documents with original seals, signatures, and dates in chronological order for this reason.
I, (print your name), born in United States on (date of birth) certify with my three original signatures below, that this is a true and accurate copy of my valid U.S. Passport and valid Identification. Above is my current home address, telephone number, and email address.
[COPY OF PASSPORT]
[COPY OF ID]
Three original signatures:
(1) Signature:________________________________________
Date: _______
(2) Signature:________________________________________
Date: _______
(3) Signature:________________________________________
Date: _______
1. Notary Public
State of __________________
County of
On this, the___________day of ______________, 20______, before me a notary public, the undersigned officer, personally appeared_____________________________, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged that he executed the same for the purposes therein contained.
In witness hereof, I hereunto set my hand and official seal.
___________________________
2. Regular document certification from the Secretary of State (not an apostille):
________________________________________________ __________________ Seal
Secretary of State--- Date _____
3. Authentication of the Secretary of State by the Department of State:
US Department of State, Authentication Department, 518 23rd Street, NW, Washington, DC 20520 (202) 647-4000
________________________________________________ __________________ Seal
Department of State--- Date _____
4. Legalization of the document by the Embassy of Iraq:
Embassy of Iraq, 1801 P Street NW, Washington, DC 20036 (202) 483-7500
________________________________________________ __________________ Seal
Embassy of Iraq --- Date _____
(bottom of legal page)
_______________________
Step 2
Have the document notarized by a local Notary Public. You will need to sign the document in their presence and present your ID and passport.
Step 3
Certify your document at the clerk of the county court. Note: You may only skip the clerk of the court of your county if the secretary of your state will directly certify the notary. You will need to contact your individual secretary of state.
Step 4
Take the document (or mail it with a postage paid return envelope) to the capital of your state to certify it from the Secretary of State.Ask your Secretary of State to put a regular certification on the document, not an apostille.
Please note that every US state has it's own process and charges. Check on your state government website or call their offices for more details
Step 5
Mail the document to the Department of State in Washington DC with a postage paid return envelope.The Department of State will authenticate the certification of the Secretary of State (requires up to 15 days to return your document).
Step 6
Mail the document to the Embassy of Iraq in Washington DC with a postage paid return envelope (you can also go in person).The embassy will legalize the document and mail it back to you. Iraq embassy charge is $5.00 per document and must be in Money order. To find out the correct charge, please call the Iraq embassy : Tel: (202) 483-7500
If you are purchasing stocks as a business, the fee is $160.
Please visit their website for more information:
Embassy of Iraq
1801 P Street, NW
Washington, DC 20036
Tel: (202) 483-7500
Embassy hours: Monday-Friday 9:30 AM - 5 PM
Step 7
Send your certified copy to Warka Bank. Remember to keep a copy for yourself.
Warka Bank for Investment and Finance
Main Branch – Baghdad Iraq
International Foreign Relations Department
Watheq Square – Salman Faiq St.
Hay Alwihda – Sec. 902 – 14th St.
Baghdad, Iraq
Phone (009)647-1728
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