How to Open a Business Bank Account in RAK: Top Banks and Complete Process Breakdown
Opening a business bank account in RAK with RAKBANK is a smart first step for your UAE company. Whether you run a startup or a growing SME, RAKBANK gives the right tools to handle money easy and safe.
This guide shows all account types, fees, and steps for smooth RAK business bank account opening. You’ll learn which account fits your needs—from zero-balance starters to elite perks for big firms.
What are the Top Reasons Smart Companies Pick RAKBANK:
- No Big Starting Money Needed: RAKstarter has zero minimum balance. Current accounts only need AED 25,000—half of Dubai banks.
- Multi-Currency Power: Hold AED, USD, EUR, GBP in one account. Send to Saudi Arabia, Europe, and India fast with low fees. Great for exporters
- Earn on Your Cash: Get 0.10%-0.25% interest on AED/USD balances over AED 25,000. Money grows while you work.
- Free Tools That Save Time: Unlimited chequebooks on Elite accounts. Free monthly statements. Apps for payroll can transfer funds to employees in seconds.
- Growth VIP Services: Business Elite provides personal managers, preferential exchange rates, golfing privileges and travel discounts. Ideal to level up.
What are the Types of Accounts in RAK
RAKstarter Account
The best entry-level option for newcomers to open corporate bank account in RAK.
No minimum balance means you start banking without a big cash upfront.
Complimentary Chequebook
Get one free chequebook every year. Makes AED payments to suppliers and partners simple and trusted in the UAE business.
Upgrade
Ready to grow? Switch to RAKvalue SME or Current accounts anytime. RAKBANK handles the transfer smooth with no hassle.
Multi-Currency Options
Hold and trade in AED, USD, EUR, GBP. Great for companies selling online or to Saudi/Europe neighbours.
RAKvalue SME Account (Business Call Account)
Smart pick for small firms wanting interest while keeping money flexible. An average AED 25,000 balance unlocks benefits.
- Flexible Fund Access
Withdraw or deposit with just 2 days’ notice. Perfect balance between earning interest and daily cash needs.
- Reports
One free monthly statement shows all transactions are clear. Makes bookkeeping and taxes super easy.
- Multi-Currency Options
Works with AED, USD, GBP, EUR, even JPY and CHF. Send payments worldwide without high fees.
- Interest Rates
Earn money on your balances daily.
- AED and USD Accounts
0.10% per year on balances over AED 25,000. Simple way to grow cash while running a business.
- Other Currencies (GBP, JPY, EUR, CHF)
GBP/EUR at 0%, JPY may have negative rates. Still great for holding international money safe.
Ideal For
Growing SMEs, exporters, and companies with steady AED 25K+ balances need flexibility.
Business Current Account
Daily driver for medium-sized companies handling regular transactions. AED 25,000 average balance (AED 50 fee if below).
Multi-Currency Facility
AED, USD, EUR, GBP support. Switch currencies fast for import/export payments.
Digital Banking Services
Full online and mobile access. Check balances, transfer funds, and pay bills 24/7 from your phone.
Seamless financial transactions
Chequebook for AED accounts. Electronic transfers are free through the app. Smooth daily operations.
Reports
Receive a complimentary account statement monthly. Easy way to track your cash flow.
Upgrade
Switch to Business Elite at any time for a top-tier service. Easy requests via the app or at a branch.
Business Elite Account
Superior banking for a reputable business. Minimum of AED 500,000. Managed for your convenience.
Personalised Relationship Management
Dedicated Relationship Value Manager. To assist with your banking and deal structuring.
Certified Delegated Managed Trade for Larger Transactions
Preferential Trade Rates
Preserved accounts save thousands on trades in USD and EUR.
Lifestyle Benefits
Luxury golf clubs, valet services, discounts on travel, airport lounge access, and premium rewards.
Cash Withdrawal Benefits
Higher limits for ATMs or branch cash services. More convenience on a busy payroll day.
Reports
Free teller transactions plus physical statements. Full visibility on all activity.
Seamless financial transactions
Unlimited free chequebook for AED. Free EFT transfers via digital banking. RAKBANK fees waived.
Each account matches your RAK business bank account opening stage perfectly. Start simple, upgrade smart.
Important Step Before Starting the Process of Business Account Opening UAE
Select Your Account Type
Picking the right RAKBANK account makes your business bank account in RAK work perfect for your needs. Match your company size and goals to save money and grow fast.
RAKstarter Account
Best for: New startups and freelancers with low cash flow.
Why choose: Zero minimum balance. Free yearly chequebook. AED/USD/EUR/GBP support. No stress starting RAK business bank account opening.
Business Current Account
Best for: SMEs with steady daily transactions.
Why choose: AED 25,000 average balance (AED 50 fee if low). Full digital banking. Chequebook included. Perfect middle step for open a corporate bank account in RAK.
Business Elite Account
Best for: Growing companies with AED 500K+ balances.
Why choose: Personal manager, better exchange rates, VIP perks (golf, travel). Unlimited free cheques. Ideal upgrade for success.
Business Call Account
Best for: Firms wanting interest with flexible access.
Why choose: AED 25,000 minimum for 0.10% on AED/USD. 2-day notice withdrawals. Multi-currency (GBP, EUR, JPY too). Smart savings play.
Commercial Elite Account
Best for: Large enterprises with complex global needs.
Why choose: Highest limits, full trade finance, custom loans. Built for world-scale operations and RAK offshore company bank account backups.
Step-by-Step Process for Business Account Opening UAE
Step 1: Select Your Account from the Internet
On the RAKBANK website or app, select RAKstarter, Current, or Elite. Pay close attention to the RAK bank account requirements for companies, like minimum balance.
Step 2: Complete the Digital Form
Fill in the corporate name, trade license number, owner particulars and upload documents via the app. Quick Apply takes 5 minutes since there are only a few basic questions.
Step 3: Collect and Upload Documents
Banks require these 5 essential documents:
- Trade license copy.
- Passports of all owners and signers.
- MoA (Memorandum of Association).
- Proof of company address (Ejari lease).
- Bank statements for the last 6 months.
Step 4: Bank Assessment (2-4 Weeks)
The RAKBANK team reviews your documents. You will get a call or email to inquire about your money source or business plans. Respond to them in a maximum of 24 hours.
Step 5: Personal Verification
Once approved, head to the nearest bank branch with original documents like your trade license for the company. You will be requested to sign the Digital Application for the Business Account. This step takes approximately 30 minutes.
Step 6: Account Activation and Utilisation
Once the process is complete, you will be given a chequebook and debit cards to commence your business transactions. Make initial deposit (AED 3,000-10,000 or zero for RAKstarter). The app works immediately.
SME Packages & Add-Ons
RAKvalue SME Packages
RAKBANK’s RAKvalue SME packages turn basic accounts into complete business tools. Add Plus or Max to your AED Business Account for savings up to AED 10,000 yearly. Perfect upgrade for business bank accounts in RAK users wanting growth extras.
- Complimentary International Remittances Plus: 4 free per month
Max: 4 free per month + 4 domestic. Send money to Saudi Arabia, India, and Europe without RAKBANK fees. Assistance of thousands of dollars in benefits relates to exporters.
- Business Insurance Plus covers basic workmen’s compensation and includes public liability for 1 million dirhams.
Max includes other features such as liability of 3 million dirhams and property insurance; the office, workers, and legal claims are covered. Comfort is provided to the client when opening a business bank account in RAK.
Versify Tech’s Accountable Cloud-Based Software includes features and abilities such as:
- Bookkeeping and VAT filing are simple and easy to use.
- Payment management, statement, balance, and live bank connection.
Management of the payroll of all employees. Additionally, 4 users and tracking of inventories are included in the Plus. Multiple users are included in the Max, which is unlimited.
Both packages contain preferential rates in USD, with the buy rate at 3.669 and the sell rate at 3.675, which is better than the standard rates. The benefits appear 2 days after signing up and relate to imports and exports of goods.
Digital Banking and Security
Augmenting Financial Adaptability through Innovative Technological Developments
Rakbank’s digital platform has made managing business bank accounts in RAK exceptionally simple. There is no need for branch visits because balance checking, fund sending, and cash tracking are all doable through a cellphone at any time.
RAKBANK Business Application
The mobile application takes care of all tasks:
- Biometric Login: Users can unlock the application via fingerprint or facial recognition using single-sign-on authentication.
- Payments: Users can pay the VAT to the FTA, and pay bills to DEWA, Etisalat, Salik and credit cards.
- Transfers: Users can conduct domestic and international remittances.
- Requests: Users can request chequebooks, bank statements, and debit cards with one click.
- Cardless Cash: Users can withdraw cash at ATMs using MobileCash.
There is an instant connection to live chat with banking agents.
RAKToken’s Two-Factor Authentication
There is an added security measure for larger transactions:
- The mobile application substitutes outdated hardware tokens by generating secure codes on the device in real time.
- This applies to loans, credit, and large-value payments.
- To combat unauthorised access and cyber threats, mobile device biometric authentication for your RAK offshore company bank account is required for approval.
Automatic Synchronisation with Accounting Software
- The application is seamlessly integrated with cloud-based bookkeeping services.
- This allows for real-time visibility into account balances, transactions, and statements.
- This includes automated VAT and payroll submissions.
- There is also inventory tracking (SME Max plan).
- This streamlines the administrative burden for harried entrepreneurship.
To Obtain RAKBANK Business Login for Account Management
- RAKBANK Business Application is available for download on the App Store and Google Play Store.
- Users can register using their trade license number or account details.
- There is a single login for both the application and website.
- Add beneficiaries to your profile, configure limits, and perform transactions.
Is RAKBANK Business Login Safe?
Definitely, as it’s one of the top banks in the UAE:
- Biometric + RAKToken Double Factor Authentication.
- Digital Access Cards (DACs) are available for multiple users.
Fraud Detection System
No financial information is saved on devices.
What Should I Do If I Cannot Recall My RAKBANK Business Login Information?
In the App, select “Forgot Password”. You will get verification on your registered cell number.
Obtain OTP to change your code.
In case of emergency, visit a branch with a trade license and an ID.
Bank on the phone, RAKdirect is available 24/7 for temporary access.
Digital services are what make RAKBANK the best option for users of an Open Corporate Bank Account in RAK. You can manage your account remotely, without compromising on security.
Financing and Eligibility
A RAKBANK Business account is complemented with a business loan of up to AED 3 million. This is provided to facilitate the balance growth of your business bank account in RAK. They back businesses in all stages, be it working capital or equipment finance. With a good account history, one can access special rates.
Who is eligible for financing with RAKBANK?
Existing Customers: 6+ months RAKBANK account activity
- New Firms: Strong trade license + business plan
- Minimum Turnover: AED 1M yearly (flexible for startups)
- Clean Records: No bounced cheques, good payment history
Popular Financing Options:
- Business Term Loans: AED 100K-3M for expansion (up to 60 months)
- Working Capital: Short-term cash for daily operations
- Trade Finance: Letters of credit for imports/exports
- SME Loans: Unsecured up to AED 3M, 48 months repayment
- Asset Finance: Equipment/machinery purchase
Key Offerings for Personal Banking
RAKBANK doesn’t just serve companies—business owners get personal banking perks too. The same login for both accounts. Perfect combination for entrepreneurs overseeing a business bank account with RAK and a family budget.
There Are Personal Accounts Such As:
- Current and Savings: Various choices with flexible terms and competitive interest rates
- Fixed Deposits: RAK Fixed Deposit (Highest Rates) and RAK Fixed Deposit plus
- RAK Special Accounts: RAK Call Deposit, Recurring Deposit, Flexi Fixed Deposit, RAK Gold Account
- Islamic Banking: Personal accounts that RAK Islamic offers with provisions aligned to Sharia.
Credit and Loans:
- Personal Loans: Emergency, home or car cash loans
- Credit Cards: Different types that give cash back to customers, rewards and travel benefits
- Auto Loans and Mortgages: Affordable rates for residents of the UAE.
Everyday Benefits:
- Free Mastercard Debit Cards: All personal accounts.
- Digital Access: The same application is compatible for both business and personal banking.
- No Opening Fees: Personal accounts usually cost free to start (normally require AED 3,000 minimum).
Why business owners care:
Mixing personal and business banking saves time. One application that manages the main payroll of the business and family savings. RAKBANK personal elite upgrades offer to business elite, giving extra perks such as access to airport lounges.
The Details Of The Partnership With RAKBANK For Business Development
RAKBANK is more than just a financial institution; it is also a collaborator for business development to open a corporate bank account in RAK. They have serviced UAE SMEs for over 45 years, and have supported thousands to transition from small businesses to multi-million AED businesses (100+M) through advanced technology and hands-on assistance.
Documented Achievements:
Profits Increased 3 Times Over a Period of 3 Years: RAKBANK digitally transformed its operations to achieve 98% of its transactions done online, a first in the UAE.
AED 200M+ in Loan Disbursement to SMEs Digitally: With the Quick Apply function, a user can get a loan in just a few minutes.
Clients SMEs 92,000+: 25% growth every year with dedicated account managers for every client.
The Benefits Of Partnership:
Digital First Onboarding: 50%+ of the SMEs onboarded during the pandemic did so paperlessly.
SME Ecosystem: RAKvalue offers packages with Quick Apply loans and complimentary business network access.
Total Growth: From RAKstarter (zero opening balance) to Commercial Elite (global trading).
For more help, contact our experts from PRO Services in Dubai. They are licensed Business Setup Consultants in Dubai with over 12+ years of experience.
Frequently Asked Questions
Q1: Can RAKBANK open accounts for RAK ICC offshore companies?
Yes, but expect extra checks. Show 6-month statements, client contracts, and registered agent details. Pairing with the RAKEZ free zone boosts approval 70%. Perfect for an RAK offshore company bank account.
Q2: What’s the real difference between RAKstarter and Business Current?
RAKstarter = zero balance, 1 free chequebook yearly (startups). Business Current = AED 25K average, full chequebook, digital payroll (SMEs). Both multi-currency.
Q3: How does RAKvalue SME Max save AED 10K yearly?
4 free international remittances (AED 50 each = AED 2,400 saved) + unlimited cloud accounting (AED 5K value) + AED 3M insurance (AED 3K premium) + USD preferential rates. Pays a monthly fee 3x over.
Q4: Does the RAKBANK app replace branch visits completely?
95% yes: payments, loans, statements, DAC multi-user access. Only originals needed once for verification. 24/7 RAKdirect backup.
Q5: Is Business Elite worth AED 500K minimum?
Yes for AED 2M+ turnover firms. Personal manager saves 20 hours/month. Preferential FX rates save AED 15K yearly on USD trades. VIP perks add value.
Conclusion
RAKBANK has great bank accounts for all companies in RAK. Startups get free accounts with no money needed. Big companies get special managers and perks. Apps let you check your money and pay bills on your phone anytime. Save money with low fees and free tools.
Pick the right account for your business. Gather papers like a license and passports. Apply online or at a branch. Get help from PRO Services Dubai for a fast start. RAKBANK makes growing easy with loans and safe banking
Contact PRO Services in Dubai for more help!
