Open RAKBANK Bank Account in UAE

RAKBANK is a public joint stock company based in the Ras Al Khaimah emirate of the UAE. The bank’s stocks are traded on the Abu Dhabi Securities Exchange (ADX) and on the open market.

As of 2021, RAKBANK had a network of 27 branches and more than 400 ATMs throughout the UAE. The Bank has also received several awards and recognitions for its excellence in banking and customer service.

• Corporate banking.
• Personal banking.
• Administration of assets.
• Investment products.
• Loan extension

Personal and corporate (current/savings/investment) accounts – the required minimum account balance per month is AED 25,000. The amount of transfers is unlimited for business accounts. The payment orders are executed on the same day.

The client should have a UAE resident visa and an original Emirates ID (the Emirates ID app is not suitable) to open RAKBANK Personal Bank Account in UAE. A personal current account with RAKBANK can be opened in dirhams, US dollars, euros and British pounds. Other currencies are available upon special request. The bank does not pay any interest to current account holders.

Generally required documents to open RAKBANK Bank Account in UAE:

• Passport.
• Application form.
• Copy of Emirates ID and UAE resident visa.
• Salary certificate.
• Copies of the company’s incorporation documents.
• CV of the company’s director, company profile and bank statement.

For an individual account:

• ID card (passport).
• Proof of address (not older than 3 months).
• Resident Visa.
• CV.
• Bank reference and bank extracts for the last 6 months.

To open RAKBANK Bank Account in UAE, the client also has to provide information about the source of funds (source of wealth), i.e. information on the transactions from which the capital has been generated (dividends, wages, borrowed capital, sale of assets, etc.). This information must be documented.

For a corporate account:

• Completed bank forms for the company and owner.
• Statements of the business’s bank account for the last 6 months (if the company is a fresh start-up, then bank statements of another company account of the owner).
• Copies of existing agreements with counterparties.
• Office lease agreement.
• Cash flow scheme.
• Ownership structure.

NOTE for Bank Account in RAKBANK:

1. The bank sets up accounts for domestic companies: LLC, free zone companies, offshore companies incorporated in the UAE.
2. There bank does not open accounts for offshore companies registered in other countries.
3. The bank does not serve companies from the gambling and adult entertainment industry.
4. The following mandatory requirements apply to open RAKBANK Business Bank Account in UAE: the company’s shareholder and account manager must pay a personal visit to the bank, and the beneficiary must visit the country to open an account.

The timeline for opening a bank account is from 1 to 3 months.