RAK Bank Business in UAE

RAK Bank Business in UAE

Opening a business bank account is an important part of setting up a business in the UAE. You need a reliable banking partner that can manage your transactions, receive payments, and build financial credibility if you are starting a mainland company, a free zone company, or an offshore business. Among all the banks in the UAE, RAK Bank - National Bank of Ras Al Khaimah is a most preferred option for business owners because of its customer-friendly approach, fast processes, and affordable services.

This article is about the Services Offered by RAK Bank and Everything You Need to Know About Doing Business With RAK Bank in the UAE

RAK Bank is one of the oldest and most reputable Banks in the UAE. RAK Bank, which is also referred to as RAK Bank Abu Dhabi, was founded in 1976 and has been consistently committed to assisting Small-Medium Enterprises - SMEs and startups. Individual Entrepreneurs and Large Corporations by providing them with Flexible Banking Solutions. The focus of RAK is to help new businesses, which makes it a top choice for many investors and entrepreneurs in Dubai and other emirates. The bank also offers a wide variety of business banking services, including:

• Current accounts
• Payment and digital banking solutions
• Corporate cards
• Trade finance
• Business loans
• Cash management services

Why Choose RAK Bank for Business Banking?

You have many bank options in the UAE, but RAK Bank stands out for some reasons:

1. Startup-Friendly Requirements

RAK Bank is also known for supporting new entrepreneurs. The bank has flexible criteria, and it does not require very high balances as compared to other major banks.

2.  Affordable Minimum Balance

Many UAE banks require high monthly average balances, but RAK Bank provides an affordable option, which starts from AED 10,000* - AED 25000*. The minimum required balance also depends on the account type.

3. Quick Account Opening

When all the documents are ready, the bank usually activates the account faster than many other institutions. This is helpful for the investors who need immediate banking access for payments and transfers.

4. Excellent Digital Banking

RAK Bank also offers the most efficient online banking platforms in the UAE. You can handle all the business transactions through mobile or desktop, and it can save you time.

5. Wide Range of Business Products

The bank provides complete support to run and grow your business with trade finance, POS machines, and SME loans.

Types of RAK Bank Business Accounts

RAK Bank also offers different business account options to support all the company structures:

1. Business Current Account

This is the most popular account for daily transactions. It includes the following:

• Multi-currency options such as AED, USD, EUR, GBP, etc.
• Chequebook facility
• Online and mobile banking
• Low minimum average balance requirements
• Free debit card

2. Business Elite Account

It is designed for mid-size or rapidly growing companies. The benefits include:

• Priority banking support
• High transaction limits
• Multi-currency support
• Cash management services

3. Business Account for Offshore Companies

RAK Bank provides accounts for some offshore jurisdictions. These accounts include the following:

• Secure cross-border transaction facilities
• Multi-currency support
• International payment options

4. Business Plus Account

A flexible business account ideal for small and medium enterprises, with features like:

• Lower Fee Structure
• Lower Minimum Balance Requirement
• Digital-Only Option

Who is Eligible for a RAK Bank Business Account?

Ras Al Khaimah Bank will allow you to open a business account based on your company’s structure. The following are usually accepted as being eligible by the bank:

• Companies based in the mainland area
• Free Zone Companies
• Offshore Companies

Companies that hold professional and commercial licenses
Individual sole traders and Partnerships

Ras Al Khaimah Bank will evaluate each application based on business type, ownership structure, and shareholder background before approval.

Documentation Needed to Establish RAK Bank Business Account

The following documentation is needed to establish a business account through RAK Bank:

Company Documentation

• Trade License for the Business
• Memorandum of Association for the Business
• Certificate of Incorporation for the Business
• Office Ejari or Lease Agreement
• Company Stamp

Sponsor Documentation

• A copy of each Sponsor’s Passport
• Visa and Emirates ID for each Sponsor
• Evidence of Address for each Sponsor
• Personal Account Statements for each Sponsor

Supporting Documentation

• Business Plan
• Invoices or Contracts with Customers
• Company Profile
• Evidence of Sources of Funds

RAK Bank - The Process for Opening a Business Bank Account

You can perform this by following these steps:

1. Company Setup

You should have a valid license before applying for a bank account. This also includes the mainland, free zone, and offshore company formation.

2. Document Preparation

You have to gather all the company and shareholder documents. Any missing documents can cause a delay in your account opening.

3. Application Submission

An appointment is scheduled with the bank where forms are filled and documents are submitted.

4. Compliance Review

The bank reviews the application as per the UAE Central Bank guidelines. They also need additional details.

5. Account Activation

When your documents are approved, the account will be active. You can start using online banking, chequebooks, debit cards, and other services.

Benefits of RAK Bank Business Account

Here are the top benefits of choosing a RAK Bank:

• Simple and fast account opening
• Low minimum balance requirements
• Excellent support for the SMEs
• Fast international transfers
• Reliable customer service
• Strong digital banking platform
• Multi current options
• Business loans and credit facilities

How Flyingcolour Business Setup Helps You?

Opening a business bank account in the UAE can sometimes be challenging for new entrepreneurs. Flyingcolour Business Setup has years of experience in supporting startups, SMEs, and foreign investors. We provide a smooth and stress-free bank account opening experience. 

Bank account eligibility asseIn an effort to assist you with business banking in the UAE, RAK Bank can provide you with the following:

• Assessment
• Preparation of documents needed for banking purposes
• Appointment Scheduling
• Compliance with UAE Banking Regulations
• Liaison with RAK Bank to facilitate fast and easy banking approval
• Recommendations regarding which type of bank account would be best for your business needs.

Frequently Asked Questions about Business Banking with RAK Bank

1. What is the minimum balance required to open a RAK Bank business account?

Typically, RAK Bank requires customers to maintain a minimum balance between AED 10,000* and AED 25,000*. However, depending on the type of account, some types of special SME Business Accounts do not have minimum balance requirements.

2. Can a startup company open a business account in the RAK Bank?

Yes, RAK Bank is one of the Most Startup-friendly Banks in the UAE. As long as you have the Documents and Business Activity in Compliance with the relevant Laws, you Will Be Able to Open An Account Easily.

3. What is the time frame for opening a Business Account in RAK Bank?

The approximate time frame for opening a Business Account in RAK Bank is 5-14 Business Days; this depends on the Type of Company, Shareholder Background, and the Approval Procedures that need to be completed.

4. Does RAK Bank offer Multi-Currency Business Accounts?

RAK Bank offers Multi-Currency Business Accounts. The currencies that have been added to RAK Bank are AED, USD, EUR, GBP, and many more. RAK Bank provides a Full-Service Account for International Companies as well.

5. Can Flyingcolour® help to open a RAK Bank business account?

We will help you with the documentation, compliance, bank coordination, and smooth account opening to save your time and effort.

Therefore, to learn more about a RAK Bank Business in UAE, Book a free consultation with one of the Flyingcolour Business Setup team advisors.

The article was published on 12/1/2026. It is important to note that the federal policies and updates mentioned may have changed since then. For the most current information, please contact our consultant!