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RAKBANK

Bank account opening

RAKBANK account in the UAE: RAKstarter, business account and Business Elite

RAKBANK is the National Bank of Ras Al Khaimah. It opens business accounts for UAE residents and UAE and GCC nationals: online application, signing in person in the UAE, the account within 2–3 working days of signing. For a start — RAKstarter with no minimum balance; for an operating company — a business account from AED 25,000.

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AED 0
Balance on RAKstarter — with the mandatory RAKvalue package
AED 25,000
Average balance on the business account; in USD, EUR, GBP — 10,000
2–3 days
Working days to open after signing the application
In person in the UAE
The signatory signs the confirmation and shows the Emirates ID

Other banks in the UAE

Emirates NBDEmirates IslamicAbu Dhabi Islamic Bank (ADIB)Dubai Islamic Bank (DIB)United Bank Limited (UBL)MashreqBanque Misr
All banks in the UAE

In short

RAKBANK opens business accounts for UAE residents, UAE nationals and GCC nationals: apply online, sign in person in the UAE, and the account opens 2–3 working days after signing. RAKstarter has no minimum balance, with the RAKvalue package; the business account needs an average balance from AED 25,000.

Checked 18 October 2026 · Elizaveta Germash

Cost of a mistake

AED 367.50 a month

What RAKBANK charges if it has no renewed licence 60 days after the old one expired — and it keeps charging until it receives one.

How to avoid it

RAKBANK — a bank for companies whose owners live in the UAE

RAKBANK opens the business account and Business Elite for UAE and GCC nationals and UAE residents, and the signatory must come to the bank to sign the documents in person. In return — opening within a few working days and a starter account with no minimum balance.

  • RAKstarter — for new companies

    No minimum balance, but the RAKvalue SME package is mandatory — AED 51.45 or 156.45 a month — plus AED 103.95 for maintenance. For companies older than a year — at the bank’s discretion.

  • Business account — from AED 25,000

    In USD, EUR or GBP — from 10,000. Below the threshold — AED 52.50 a month. With an average balance from AED 250,000 the bank charges no maintenance fee.

  • Signing — in the UAE

    The application is submitted online, but the signatory signs the confirmation in person and the bank checks the original Emirates ID. Before signing, the account can be funded but not debited.

  • First 3 months — no fees

    For new customers, RAKBANK charges no maintenance fee and no minimum-balance shortfall fee for the first three months after opening.

Expert tip

The signatory needs an Emirates ID and must be in the UAE for signing. No residence visa yet — we start with that and apply to RAKBANK as the next step.
Elizaveta GermashElizaveta GermashLawyer · Bank accounts

Bank dossier

RAKBANK: who it opens for and on what terms

RAKBANK

RAKBANK

The National Bank of Ras Al Khaimah · licensed by the UAE Central Bank

  • For residents and GCC nationals
  • Signing in the UAE
  • AED · USD · EUR · GBP
  • 2–3 working days
Open to
Business account and Elite — UAE and GCC nationals and UAE residents with a company under a UAE licence
RAKstarter
Companies with a UAE licence and a legitimate source of income; older than a year — at the bank’s discretion
Age
Signatory — 21 or over
Company forms
Est, FZE, FZ LLC, LLC, FZCO — in the bank’s online application
Currencies
AED, USD, GBP, EUR; others subject to approval
Opening
Online application; signing and the original Emirates ID — in person in the UAE
Timeline
After signing: RAKstarter — up to 2 working days, business account and Elite — up to 3
Card and cheques
Business account: a free debit card for each signatory; card and chequebook — on the AED account
Personal manager
Relationship manager for business accounts; the bank sets the transfer limit at opening and changes it on request

Terms and tariffs — per the business account KFS (V012026), the business schedule of charges from 30 September 2026, the personal account KFS and rakbank.ae pages, checked on 18 October 2026. Schedule of charges amounts include VAT. The bank decides whether to open the account.

Who it suits

Who it suits — and when to choose something else

A good fit if

  1. 01The owners and signatories are UAE residents, UAE or GCC nationals.
  2. 02The company is new and has nothing to keep as a balance yet — RAKstarter with no minimum balance.
  3. 03An operating company needs an account with a balance from AED 25,000 or from 10,000 in USD, EUR, GBP.
  4. 04The signatory can sign the documents in person in the UAE.
  5. 05Cheap online transfers matter: AED 26.25 per transfer abroad, free on Business Elite.
  6. 06The company is an Est, FZE, FZ LLC, LLC or FZCO: these are the forms the bank lists in its online application.

Consider something else if

  1. 01The owners and signatories do not live in the UAE, or the signatory cannot come for signing.UBL
  2. 02You need a personal account as a non-resident, but USD 100,000 won’t be in it.Emirates Islamic
  3. 03The company is more than a year old and needs RAKstarter specifically: for such companies the bank opens it at its discretion.
  4. 04There is no company yet: the bank needs a valid UAE licence.Freezone

Business accounts

RAKstarter, business account or Business Elite

Three RAKBANK accounts side by side. Amounts follow the bank’s schedule of charges from 30 September 2026, including VAT; new customers pay no maintenance or shortfall fees for the first 3 months. The bank decides whether to open the account.

Average balance

Not required

Monthly fee

From AED 155.40

maintenance 103.95 + RAKvalue package from 51.45

Transfer abroad online

AED 26.25

Open to

Companies with a UAE licence

older than a year — at the bank’s discretion; package signatories must be residents

Benefits

What you get

An account for the company’s stage

A new company — RAKstarter, an operating one — a business account, a large one — Business Elite. We work out where a month comes out cheaper at your turnover.

One trip for signing

We prepare the documents and application in advance so the signatory needs only one visit to the bank in the UAE.

Documents from the bank’s list

Licence, articles, free zone agreement or Ejari, proof of the owners’ income — in exactly the forms RAKBANK accepts.

The monthly budget in advance

Maintenance fee, RAKvalue package, online banking, transfers and teller — we show what you will pay every month.

Signatory’s visa

If the signatory is not yet a resident, we first arrange the residence visa and Emirates ID, then apply to the bank.

The account after opening

We remind you to send the renewed licence to the bank: 60 days after expiry, RAKBANK charges AED 367.50 a month.

Let’s discuss the details

RAKstarter or a business account — which pays off for your company?

Tell us your average balance, number of transfers and the company’s age — we will cost a month at RAKBANK on each of the three accounts.

Process

7 steps from the first conversation to the result

Every step is visible in the client portal: what’s happening now and whether we need anything from you.

Steps on your side: 3 of 7

We handle it · 2Needed from you · 3Bank · 2

  1. Nationality and residence of the owners and signatories, the signatory’s age — 21 or over, the company’s age and type. We decide which RAKBANK account fits.

Documents

What to prepare for RAKBANK

Information

Documents

Ready

0 / 12

The lists follow RAKBANK’s online application and web pages; the bank may ask for additional documents. Documents not in English or Arabic need a translation.

Timing and budget

What makes up the budget

A month at RAKBANK means the maintenance and package fees, online banking and transfers. Amounts follow the RAKBANK schedule of charges from 30 September 2026, already including VAT; indicative as of October 2026, the bank has the final say.

  • Account maintenance feeDepends onAED 103.95 a month on RAKstarter and the business account; not charged with an average balance from AED 250,000. No fee on Business Elite. The first 3 months are free for new customers.WhenMonthly
  • RAKvalue SME packageDepends onMandatory for RAKstarter: Plus — AED 51.45, Max — AED 156.45 a month. In total, RAKstarter costs from AED 155.40 a month.WhenMonthly
  • Minimum balanceDepends onBusiness account — AED 25,000 or 10,000 in USD, EUR, GBP, AED 52.50 a month if the balance falls short. Business Elite — AED 500,000 at company level, AED 262.50 if it falls short.WhenMonthly
  • Online bankingDepends onBusiness login — AED 52.58 a month, corporate login — AED 105. On a business account with a balance below AED 250,000 and on RAKstarter with an active package, the business login is free.WhenMonthly
  • TransfersDepends onOnline abroad and in a foreign currency — AED 26.25, in dirhams within the UAE — AED 3.15 plus AED 1.05; free on Business Elite. At a branch — AED 52.50–105. Incoming — free; correspondent bank charges are separate.WhenPer transaction
  • Teller transactionsDepends onRAKstarter — AED 52.50 per transaction, business account — 2 transactions a month free, then AED 52.50, Business Elite — free.WhenPer transaction
  • Closing and switchingDepends onClosing the account within the first 6 months — AED 210. Switching from RAKstarter to the business account within the first 12 months — AED 262.50, to Business Elite — free.WhenOn closing or switching accounts
  • Signatory’s visa and tripDepends onIf the signatory is not a resident — a residence visa and Emirates ID first. Signing — in person in the UAE.WhenBefore applying
  • Document preparation and supportDepends onOur work: checking conditions, choosing the account, the document set, the application and replies to the bank’s requests.WhenAt the start of work

Getting it right

Common mistakes — and how to avoid them

Click a card to see how to do it right · 0 of 6 open

  1. 01 What people often do

    Applying when the signatory doesn’t live in the UAE and can’t come over.

  2. 02 What people often do

    Thinking RAKstarter is free because no balance is required.

  3. 03 What people often do

    Keeping AED 100,000 on the business account and expecting the maintenance fee to be waived.

  4. 04 What people often do

    Opening RAKstarter and switching to the business account six months later.

  5. 05 What people often do

    Delaying sending the renewed licence to the bank.

  6. 06 What people often do

    Expecting a chequebook and card on a dollar or euro account.

FAQ

Expert answers

Elizaveta Germash — Bank accounts

Under the bank’s KFS, the business account and Business Elite are opened for UAE and GCC nationals and UAE residents who hold a company with a valid UAE licence. The signatories of the RAKvalue SME package, which is mandatory for RAKstarter, must also be residents. If the owners do not live in the UAE, we look at banks that open accounts for non-residents — for example, UBL.

Elizaveta Germash · Bank accounts

Sources

  1. RAKBANK — Business Banking Accounts Service and Price Guide (incl. VAT)
  2. RAKBANK — business current account
  3. RAKBANK — RAKvalue SME terms and conditions
  4. RAKBANK — online account application
  5. RAKBANK — corporate digital banking
  6. RAKBANK — non-resident bank account

Deadlines, amounts and rules are based on these sources as of the check date. Rules change: check with us before deciding.

Often goes with this

What else you may need

Bank Accounts

UBL

The owners don’t live in the UAE: UBL opens accounts for companies and individuals remotely, through us.

Bank Accounts

Mashreq

Another bank for a company with a resident: NEO BIZ with an online application and Business Banking with a manager.

Company Registration

Freezone

There is no company yet: a free zone licence, establishment card and the signatory’s visa — without them RAKBANK will not open an account.

Next step

Is RAKBANK right for your company?

Tell us who the owners and signatories are, where they live and how old the company is. We will say which RAKBANK account fits and prepare the documents for signing.

Elizaveta GermashElizaveta GermashLawyer · Bank accounts
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