RAK Bank provides a strategic opportunity for entrepreneurs and businesses to capitalize on its extensive financial services by starting a business account. It is a well-known dedicated financial institution that is committed to augmenting business growth and operational efficiency through its diverse range of account options. These accounts are tailored to the unique needs of each entity. This guide will take you through the application process for the RAK bank business account opening and navigate you through its benefits and eligibility requirements so that your business can flourish with business banking solutions presented by the RAK bank. 

RAK Bank for Businesses: Overview

RAK Bank is known for providing tailored financial solutions to businesses, which makes it a top banking choice for enterprises. Its policies are designed to meet the specific needs of businesses of all sizes. Moreover, it offers an extensive range of services to support and manage the diverse financial needs of the corporate community. 

Originally based in the Ras Al Khaimah emirate of the UAE, the RAK Bank has received several awards and recognitions for its excellence in banking and customer service. As per the reports, it has around 27 branches and 400 ATMs throughout the country. 

Types of Business Accounts 

The RAK Started Account is ideal for new entrepreneurs and startups. The zero-balance account scheme lessens the burden of maintaining a minimum balance which is crucial during the initial phase of operations. 

On the other hand, the RAK Bank Business Elite Account is for Islamic business and conventional banking clients. This account takes the financial activities of the business to another level. For instance, preferential pricing, priority services, and a bunch of lifestyle advantages. Besides, businesses can also enjoy cost-saving products and outstanding privileges. 

Here are some more perks of opening a RAK Bank business elite account: – 

  • Valet services 
  • Dedicated relationship manager 
  • Fast track services 
  • Free fund transfers 
  • Preferential exchange rates 
  • Golf course access 

RAK bank company account opening: Advantages

For the last 45 years, RAK Bank has been consistently delivering the finest financial solutions tailored to the needs of both local and international businesses in the UAE. Here are some of the key benefits of opening a RAK Bank Business Account: – 

  • Seamless banking operations – RAK Bank provides the convenience of seamless banking facilities such as setting up standing instructions, transferring funds, tracking payments, etc. around the clock. Moreover, individuals and businesses can avail these services through the 24/7 phone banking facility. 
  • Access to funds – Once the business account is set up, the individuals can gain instant access to the funds through mobile and online banking services.
  • Multi-currency support – From EUR (European currency), GBP (British Pound), and USD (United States Dollar) to UAE Dirhams, RAK accepts multiple foreign currencies. 
  • Favorable rates – Business account holders at the RAK Bank can benefit from competitive trade finance and foreign exchange rates. 
  • Bespoke assistance – A dedicated relationship manager is assigned to the RAK Bank Business Current Account of the individual that ensures easy management of finances and guides on future investment opportunities. 
  • Unlimited checkbooks – RAK bank provides unlimited checkbooks at no extra cost, enabling multiple and sizable transactions without any hassle. 
  • Access to business financing – RAK Bank business banking current account holders can get exclusive access to various business financing products. 
  • Detailed statements – Account holders can keep an eye on their expenses and maintain transaction records conveniently with monthly account statements. 

These benefits not only enhance the lifestyle of business owners but also provide them with essential tools and services to maintain their business’s overall financial health.

RAK bank company account opening: Eligibility Requirements

There are certain specified eligibility criteria for businesses to apply for a business account with RAK Bank in the UAE, such as – 

  • Applicants must keep a minimum monthly balance of AED 25,000. 
  • They must possess all relevant business-related documents, including a valid UAE trade license. 
  • UAE nationals and expatriates must submit specific documents. 

Documents required for RAK bank business account opening: – 

Once the individuals meet the eligibility requirements, they must submit all applicable documents pertaining to their identity, business, and financial position. 

  • List of current and potential clients and investors 
  • Address proof and passport of all representatives and signatories 
  • Registry of the shareholders 
  • Emirates ID of the company representatives or shareholders 
  • Reference letters from all business partners 
  • Articles of Association (AOA) and Memorandum of Association (MOA) 
  • Six-month bank account statements of all business partners 
  • Description of the business account activities 
  • A valid trade license issued by the Department of Economic Development (DED) 
  • Certificate of Incorporation 
  • Office lease agreement 
  • Existing agreements with partners 
  • Cash flow scheme 
  • Ownership structure 

The bank may also request additional documentation as per the requirements. 

Key points to remember: – 

  • The bank only allows accounts for domestic companies that include LLCs, free zone companies, and offshore entities incorporated in the UAE. 
  • Offshore companies registered in other countries cannot open their accounts in the RAK Bank. 
  • Companies from the gambling and adult entertainment industry are also prohibited from opening their accounts in the RAK Bank. 
  • The company’s shareholders and account managers have to visit the bank in person and the beneficiary has to visit the UAE to open a business account. 

Foster business success with RAK Bank Business Current Account

In the dynamic economic arena of Dubai, UAE, RAK Bank stands as a dedicated companion for businesses striving to establish a solid financial foundation. The business banking solutions offered by Shuraa Business Setup cater to all financial needs of businesses, starting from RAK starter Accounts to the esteemed Business Elite memberships. 

Through dedicated Relationship Managers and advanced digital banking platforms, Shuraa enables you to focus on driving your business forward. For better assistance with RAK bank company account opening, connect with Shuraa Business experts at +971 44081900 or email [email protected].

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