How to Open a Business Bank Account in RAK

Opening a business bank account in RAK with RAKBANK is a smart first step for your UAE company. Whether you run a startup or a growing SME, RAKBANK gives the right tools to handle money easy and safe.

Why Smart Companies Pick RAKBANK

No Big Starting Money Needed: RAKstarter has zero minimum balance. Current accounts only need AED 25,000.
Multi-Currency Power: Hold AED, USD, EUR, GBP in one account.
Earn on Your Cash: Get 0.10%-0.25% interest on AED/USD balances over AED 25,000.
Free Tools That Save Time: Unlimited chequebooks on Elite accounts. Free monthly statements.

Select Your Account Type

RAKstarter Account: Best for new startups and freelancers. Zero minimum balance.
Business Current Account: Best for SMEs with steady daily transactions. AED 25,000 average balance.
Business Elite Account: Best for growing companies with AED 500K+ balances. Personal manager and VIP perks.
Business Call Account: Best for firms wanting interest with flexible access.

Step-by-Step Process for Business Account Opening

Step 1: Select Your Account
On the RAKBANK website or app, select RAKstarter, Current, or Elite.

Step 2: Complete the Digital Form
Fill in the corporate name, trade license number, and owner particulars.

Step 3: Collect and Upload Documents
Trade license copy, passports, MoA, Ejari, and bank statements.

Step 4: Bank Assessment
The RAKBANK team reviews your documents (2-4 weeks).

Step 5: Personal Verification
Visit the branch with original documents to sign the application.

Step 6: Account Activation
Get chequebook and debit cards. Make initial deposit.

Financing and Eligibility

A RAKBANK Business account is complemented with a business loan of up to AED 3 million. They back businesses in all stages, be it working capital or equipment finance.

Who is eligible?

Existing Customers: 6+ months RAKBANK account activity
New Firms: Strong trade license + business plan
Minimum Turnover: AED 1M yearly
Clean Records: No bounced cheques