Getting an Iranian trading code as a foreign national

Entering Iran's capital market as a foreign national, or as an Iranian whose capital originates abroad, runs through officially defined tracks. This guide walks through obtaining a trading code (kod-e bursi), from the foreign national ID code to opening a brokerage account. Every rule and figure below is dated and may change: confirm the current state with a broker or the official bodies before acting.

Two official tracks

Under the Regulation on Foreign Investment in Exchanges and OTC Markets (Cabinet resolution of 18 April 2010, 29 Farvardin 1389), which remains in force and cited as of autumn 2025, foreigners can trade securities through two tracks:

• The retail path: obtain the foreign national ID code (kod-e faragir), register in the Sejam system, open an account with a brokerage and receive a trading code from the Central Securities Depository of Iran (CSDI). This path suits personal investment of ordinary size.
• The licensed-investor path: obtain a trading license from the Securities and Exchange Organization (SEO), designed for foreign persons and for Iranians using capital of foreign origin. It can be combined with coverage under the Foreign Investment Promotion and Protection Act (FIPPA).

Step one: the foreign national ID code

The kod-e faragir is a 12-digit identifier to which nearly all administrative and financial affairs of foreigners in Iran are tied, from opening a bank account to receiving a trading code. It is not a residence document, only a unique identifier (as of 2025).

Since 8 October 2025 (16 Mehr 1404) the CSDI has operated the online Fida portal (Fida.ir): a foreign applicant registers a phone number and identity details, uploads a passport or ID document, proof of address and a photo, and completes video identity verification (reading a prescribed text) to receive the code remotely. The code is then passed to a brokerage, which requests the trading code electronically from CSDI. Broker guides typically state 24 to 72 hours for issuance of the ID code (as of 2025).

Step two: Sejam registration and identity verification

Sejam is the capital market's comprehensive customer information system, and registration is mandatory for all traders. The registration fee is 10,000 tomans (100,000 rials) as of the Iranian year 1404 (2025-2026), paid online, and some brokerages cover it for their clients. Electronic identity verification costs roughly 10,000 tomans, and around 15,000 tomans at Pishkhan service offices (reported for 1403 and 1404).

An important note for foreign nationals: Sejam's electronic verification apps were designed for holders of an Iranian national ID number. Foreigners therefore traditionally completed verification in person, at a brokerage branch or a Pishkhan office. The Fida portal (October 2025) is the first fully remote identity route aimed at foreign investors, although client onboarding and file preparation remain the broker's role.

Step three: opening a brokerage account

Documents that broker guides (2023 to 2025) list for foreign nationals:

• A valid passport (original)
• An identity document showing the father's name, if it does not appear in the passport
• An Iranian bank account in the applicant's own name
• An Iranian mobile number
• Address and contact details
• Some brokerages also require a residence permit valid for at least 6 more months

A realistic timeline based on broker guides (2023 to 2025): after the broker completes the file, roughly 7 working days for regulatory approval and 5 to 15 working days for issuance of the trading code have been reported. That is about two to three weeks in total, on top of the one to three days for the foreign national ID code.

The licensed-investor path

Under the 2010 rules on granting securities trading licenses, any foreign person, as well as Iranians using capital of foreign origin, can apply for a trading license through a licensed broker. Natural persons submit the original and a copy of their passport, legal entities submit their constitutive documents, papers are accepted in Persian or English, and the SEO must issue the license within 7 working days of a complete filing (2010 rules, still cited in 2025).

The track defines two statuses. A strategic investor is one who buys more than 10 percent of a listed company's shares or takes a board seat, and may not sell the principal shares for two years without the SEO's consent. All others are non-strategic. The 2010 regulation's ceilings: foreign investors collectively may hold at most 20 percent of the market's total shares or of any single company, and a single non-strategic foreign investor at most 10 percent of one company.

The main advantage of this track is capital exit: the regulation allows the principal, capital gains and cash dividends to leave the country in foreign currency provided by the Central Bank, and where currency is constrained, the transfer can be made in quarterly installments over one year. Obtaining a FIPPA license from the Organization for Investment, Economic and Technical Assistance of Iran adds a separate and fuller protective layer for capital transfer.

Can everything be done from outside Iran?

The answer is not clear-cut and sources disagree: guides from some major brokerages (as of 2025) treat an in-person branch visit as mandatory, while other brokerages advertise online onboarding from abroad, and the Fida portal has made identity verification remote since October 2025. In practice, whether the whole process can be completed from abroad depends on the chosen broker. The requirement to hold an Iranian bank account in the applicant's own name is also a separate step with rules of its own. This part of the process is in flux, so check the current position.

Summary

The retail path (foreign national ID code, Sejam, broker) is the shortest route for personal investment, and its identity-verification leg became remote with the launch of the Fida portal in October 2025. The SEO trading-license path, combined with FIPPA coverage, is designed for larger capital that needs repatriation guarantees. This article is educational only and is not investment advice.