By Adil Ahmad, Business Setup Consultant at Gulf Corporate Services · · @Adil
Summary
RAKBANK business account opening is popular with UAE startups and SMEs because the RAKstarter account has no minimum balance, while the Business Current account needs an average balance of about AED 25,000. You can apply online or through the RAKBANK Business app with your trade licence, MOA and shareholder IDs. This guide covers account types, requirements, documents, fees, timelines and approval tips.
Why Choose RAKBANK for Your Business Account?
RAKBANK, the National Bank of Ras Al Khaimah, has built a strong reputation with small and medium businesses across the UAE. From what I see with clients, founders usually pick RAKBANK for four reasons:
- Zero balance option for startups through the RAKstarter account
- Multi-currency accounts in AED, USD, EUR and GBP
- Strong SME focus, including a long running partnership with Dubai SME that has supported hundreds of startups
- Useful add-ons like the RAKvalue SME package, payroll and business finance
It is not the only good bank for small companies, but it is one of the most practical first accounts for new mainland and free zone businesses.
Types of RAKBANK Business Accounts
| Account | Minimum average balance | Best for |
|---|---|---|
| RAKstarter | No minimum balance | Startups, freelancers and new small businesses |
| Business Current Account | About AED 25,000 | Growing SMEs with regular turnover |
| Business Elite | About AED 250,000 or more | Established companies wanting a dedicated relationship manager |
| Commercial and corporate accounts | Higher, case by case | Larger trading and commercial businesses |
Balances and fees change from time to time, so always check the latest Service and Price Guide on RAKBANK’s website before you apply.
RAKstarter Account
The RAKstarter account is RAKBANK’s zero balance business account, designed for startups from day one. It is available in AED, USD, EUR and GBP and includes a free chequebook each year and access to the RAKBANK Business app. Digital banking or maintenance fees may still apply after any introductory period.
Business Current Account
This account suits established SMEs. It requires a minimum average monthly balance of around AED 25,000 and comes with a relationship manager, phone banking and access to business financing.
Business Elite Account
Business Elite is aimed at companies with higher balances that want priority service, a dedicated relationship manager and preferential pricing.
RAKvalue SME Package
The RAKvalue SME package is an add-on bundle for business accounts. It comes in Plus and Max tiers and can include:
- Free international remittances each month
- Preferential foreign exchange rates
- Cloud accounting, payroll and VAT tools
- Business insurance cover such as public liability and workmen’s compensation
- Vendor discounts for common business services
For many SMEs, the bundle pays for itself if you send regular international payments.
Eligibility for a RAKBANK Business Account
RAKBANK generally accepts companies that have:
- A valid UAE trade licence from a mainland authority or a free zone
- A clear business activity that is not on the bank’s high risk list
- Shareholders and signatories who can pass KYC and source of funds checks
- A genuine business presence, such as an office, Ejari or flexi desk agreement
- A believable business plan with expected turnover
Both mainland and free zone companies can apply, including companies licensed in RAKEZ, Dubai free zones and the Dubai mainland. Budget for both setup and banking using our guide to the cost of a trade license in Dubai. Read our guides on mainland company formation in Dubai and free zone company setup if you are still choosing a jurisdiction.
Documents Required to Open a RAKBANK Business Account
- Valid trade licence
- Memorandum and articles of association, or share certificates for free zone companies
- Certificate of incorporation (free zone companies)
- Passport copies, visa copies and Emirates IDs of all shareholders and signatories
- Office tenancy contract or Ejari, or a free zone lease agreement
- Board resolution or power of attorney for authorised signatories
- Company profile and business plan, including expected monthly turnover
- Proof of address for shareholders
- Bank statements from previous or existing businesses (if available)
- Supplier and client contracts or invoices (helpful for trading companies)
Corporate shareholders will also need attested parent company documents.
How to Open a RAKBANK Business Account: Step by Step
- Choose the right account. RAKstarter for new businesses, Business Current for established SMEs.
- Prepare your documents. Missing or unclear documents are the biggest cause of delays.
- Apply online or through the RAKBANK Business app, or visit a branch to start the process.
- Upload your documents and complete the application form.
- Complete KYC checks. The bank may call you, request extra documents or visit your office.
- Sign the account opening forms, usually in person or through a verified digital process.
- Receive approval and account details.
- Activate online banking, debit cards and chequebook.
How Long Does RAKBANK Account Opening Take?
Simple applications with complete documents can be approved within a few working days. Most business accounts take one to four weeks, depending on your activity, shareholder profile and how quickly you answer the bank’s questions. Higher risk activities and complex ownership structures take longer.
RAKBANK Business Account Fees and Minimum Balance
These are the key charges to understand. Confirm the current figures with RAKBANK, because pricing changes.
| Charge | What to expect |
|---|---|
| Minimum balance | None for RAKstarter, about AED 25,000 average for Business Current |
| Fall below fee | Charged monthly if you drop below the required average balance |
| Digital banking or maintenance fee | May apply to some accounts, often waived with packages |
| Cheque books | One free chequebook a year on some accounts |
| International transfers | Charged per transfer, unless covered by RAKvalue SME |
| Early closure | A fee may apply if you close the account soon after opening |
RAKBANK Online Account Opening and Digital Banking
RAKBANK lets you start your business account application online or in the RAKBANK Business app. Once open, the app supports:
- Local and international payments
- Payroll and WPS salary transfers
- Multi-user access with approval levels
- Real time balances and statements
- Integration with accounting tools through RAKvalue SME
Online opening is fastest when all shareholders are UAE residents with Emirates IDs and UAE Pass.
RAKBANK Account Opening for RAKEZ and Ras Al Khaimah Companies
Many founders who set up in Ras Al Khaimah choose RAKBANK because it is the emirate’s home bank and knows local free zones well. If you are forming a company in RAKEZ, you can usually start the bank account process as soon as your licence and share certificate are issued. Prepare your RAKEZ lease or flexi desk agreement, licence and incorporation documents together, so the bank sees one consistent file. For licensing steps, see our guide on how to get a trade licence in Ras Al Khaimah.
Business Finance and Loans from RAKBANK
Once your account has some history, RAKBANK can also offer business finance, such as working capital loans, trade finance and business credit cards. Banks typically look at:
- At least one to two years of trading history
- Audited or well kept financial statements
- Regular turnover through the account
- A clean credit record for the company and shareholders
Good bookkeeping makes a big difference here. Our accounting services team helps SMEs keep bank ready records.
Banking Rules Every UAE Business Should Know
All UAE banks follow anti money laundering, sanctions and know your customer rules set by the Central Bank of the UAE. That is why every bank asks about your beneficial owners, source of funds and expected transactions. Expect periodic KYC updates after opening, especially when your licence, shareholders or activities change.
Can Non-Residents Open a RAKBANK Business Account?
Non-resident shareholders can sometimes open a business account, but it is harder. Expect more questions about source of funds, the business’s link to the UAE and your home country. In-person signing may be required. If you live outside the UAE, read our guide on the non-resident bank account in UAE.
Tips to Get Your RAKBANK Account Approved Faster
- Choose a licence activity that matches what you actually do
- Prepare a short, clear business plan with realistic turnover figures
- Show proof of your experience, clients or suppliers
- Keep ownership simple and documents consistent
- Respond quickly to compliance questions
- Avoid large unexplained cash deposits early on
RAKBANK vs Other UAE Business Banks
RAKBANK is a strong option, but it is not the only one. Digital banks are often faster for very small businesses, while large banks suit companies with bigger turnover. Compare options in our guides on how Wio Bank is changing business banking in the UAE and the top international banks in Dubai.
Common Reasons for Rejection
- High risk activities, such as crypto, money exchange or some general trading routes
- Incomplete or inconsistent documents
- Unclear source of funds
- No real office or business presence
- Shareholders linked to sanctioned or high risk countries
Expert Tip from Adil Ahmad
Banks approve businesses they understand. Before you apply, write one page that explains what you sell, who your customers are, where your money comes from and how much will move through the account each month. In my experience, that simple page answers most compliance questions before they are asked, and it often cuts approval time in half.
Still setting up your company? Our corporate bank account opening team works with RAKBANK and other UAE banks. If you are forming a company in Ras Al Khaimah, read our RAKEZ company formation and business setup in Ras Al Khaimah guides. We also support business setup in Saudi Arabia, and our main guide covers business setup in Dubai.
Frequently Asked Questions
What is the minimum balance for a RAKBANK business account?
RAKstarter has no minimum balance. The Business Current account needs an average monthly balance of about AED 25,000.
Does RAKBANK have a zero balance business account?
Yes. The RAKstarter account is RAKBANK’s zero balance business account for startups and small businesses.
Can I open a RAKBANK business account online?
Yes. You can start the application online or through the RAKBANK Business app. Some signatories may still need to sign in person.
How long does it take to open a RAKBANK business account?
Simple cases can take a few working days. Most applications take one to four weeks.
Can a free zone company open an account with RAKBANK?
Yes. RAKBANK accepts both mainland and free zone companies, including RAKEZ companies, if they meet its compliance criteria.
What documents does RAKBANK need for a business account?
Trade licence, MOA or share certificate, shareholder passports, visas and Emirates IDs, office lease and a business plan.
Can non-residents open a RAKBANK business account?
Sometimes, but expect extra checks and possibly an in-person visit.
What happens if my RAKBANK application is rejected?
You can strengthen your documents and reapply, or apply to another bank. A consultant can help choose the bank that best fits your activity.
Open Your Business Account with Gulf Corporate Services
From company formation to bank introductions and compliance documents, we help founders open business accounts faster. Book a free consultation with our business setup consultants today. Check our guides on corporate tax and VAT consultancy once your account is live.
