RAKBANK Business Account Opening

Key points

Crucially, rAKBANK is a frequent first choice for Ajman, Sharjah and RAK free zone companies. Just as important, rAKBANK is known for SME specialist, practical documentation requirements, good for northern emirates businesses and RAKstarter package for new companies, which is why we shortlist it for companies with that profile. Put simply, account opening at RAKBANK is a compliance process, not a sales process: the bank wants to understand who you are, what you sell, who pays you and where the money comes from. GoldenKey prepares a one-page business profile, a projected cash-flow summary and a document pack in the format RAKBANK relationship managers expect.

Step by step

1. 
   Step 1

   Profile review

   In our experience, we review your licence, activity, shareholder nationalities and expected turnover and confirm that RAKBANK is a sensible match.

2. 
   Step 2

   Document pack

   On the ground, we compile the licence, memorandum, passport and visa copies, address proof, business profile and sample contracts in the layout RAKBANK expects. Nothing is submitted for RAKBANK Business Account Opening until you have reviewed and approved it.

3. 
   Step 3

   Introduction and meeting

   Day to day, we introduce you to a RAKBANK business banking officer and sit with you for the application meeting, in person or by video.

4. 
   Step 4

   Compliance and activation

   RAKBANK's compliance team reviews the file, raises any follow-up questions (which we help answer) and activates the account on approval. If the authority raises a query on RAKBANK Business Account Opening at this stage, we handle it the same day.

Documents required

Here is what you will need for RAKBANK Business Account Opening; GoldenKey checks every item before submission.

• Trade licence, certificate of incorporation and memorandum of association
• Office tenancy contract or flexi-desk agreement
• A CV for each shareholder and the company's website or social links
• Passport, visa and Emirates ID copies of all shareholders and signatories
• Sample invoices, contracts or purchase orders where available
• Personal or corporate bank statements for the last three to six months

Pricing

All prices for RAKBANK Business Account Opening are indicative, shown in AED and confirmed in writing before any payment. Use the table below to compare packages for RAKBANK Business Account Opening; we will confirm the exact total for your case in a written quotation.

RAKBANK accounts by company type

Free Zone Companya company licensed in a UAE free zone such as Ajman, IFZA …Mainland LLCa mainland limited liability company licensed by an econom…Offshore Companya non-resident Ajman or IFZA offshore company…Branch Officea UAE branch of a foreign parent company…Sole Establishmenta mainland business owned by one individual…Freelanceran individual holding a freelance permit…

RAKBANK guides by nationality

IndianPakistaniBritishRussianChineseNigerianSaudiEgyptianKenyanGermanSingaporeanOmaniFrenchItalianSpanishPortugueseDutchBelgianSwissAustrianSwedishNorwegianDanishFinnishIcelandicIrishPolishCzechSlovakHungarianRomanianBulgarianGreekCroatianSerbianSlovenianUkrainianEstonianLatvianLithuanianAmericanCanadianAustralianNew ZealanderJapaneseSouth KoreanTurkishMalaysianIndonesianThaiVietnameseFilipinoBangladeshiSouth AfricanEmiratiQatari

Why the UAE

For most clients, there are no restrictions on repatriating profits or capital, so earnings from RAKBANK Business Account Opening can be moved to your home country or reinvested freely. In practice, english is the working language of business, contracts are routinely drafted in English, and government portals are bilingual, which simplifies RAKBANK Business Account Opening for international founders.

Why GoldenKey

GoldenKey is based in Ajman Free Zone and has helped entrepreneurs from more than 60 countries with RAKBANK Business Account Opening, so the paperwork, approvals and timing hold no surprises for us. Our quotations for RAKBANK Business Account Opening list every government fee and our service fee on one page, in writing, before you pay anything. GoldenKey builds its own CRM and client portal, so you can see the status of your RAKBANK application, download your paperwork and pay invoices from your phone.

Frequently asked questions