Wondering how to open a company account in RAK bank in the UAE? The bank is a trusted financial institution in the UAE, offering customized business banking services. The National Bank of Ras Al Khaimah (RAK) offers modern, efficient, and flexible services to companies of all sizes. The bank offers a diverse range of account options for startups and established businesses.
RAK bank was established in 1967, offering dynamic services to its customers in the UAE. The bank stands out because of its modern and seamless services, making it one the best options for a stable financial future. Let us discuss the necessary steps, requirements to ensure the process to open a bank account in RAK bank in the UAE is smooth and easy.
Primary Features of RAK Business Account
The RAK business bank account has the following main features:
Various Account Options
The bank offers various account options from current account to elite business accounts, according to the specific needs of the businesses.
Personalized Assistance
The bank offers designated managers for smooth business operations.
Competitive Loan Options
Different loan options for SMEs and big corporations with flexible repayment plans.
Innovative Banking Services
Innovative and seamless banking services to easily manage banking operations.
Preview of RAK Business Banking in the UAE
Ras Al Khaimah Bank is one of the top financial institutions in the UAE, offering inclusive business banking services for businesses of all sizes. Whether you’re a small business, an SME or an established business, RAK offers services according to your business needs and helps you manage your finances efficiently.
How to Open a Company Account in RAK Bank?
The process of opening a company bank account is straightforward, requiring minimal paperwork and ensuring quick access to banking services. Whether you are a small business, an SME or an established business, you can apply through an online portal as well as through visiting its branches. Let us discuss the steps of RAK company bank account opening in detail.
Decide the Right Account Option
Select the type of business account that suits the needs of your business from the following three options:
- Business Current Account
- Multi-currency Account
- Business Elite Account
Submit Your Application
You can submit your application through one of the following options:
-
Online Platform
You can visit the official website of RAK and submit the application by filling out an online form.
-
Through a Branch
Visit the nearest branch of RAK Bank and consult the branch manager to submit your application.
Gather Required Documents
Gather all required documents ensuring they are complete and verified.
Application Review & Verification
The bank will review your application, verify the given documents and run compliance checks.
Account Activation
After the bank approves your application, they will activate your business account. You will get your checkbooks, corporate cards and access to RAK’s online platforms.
What are the Eligibility Requirements to Open a Company Account in RAK Bank?
RAK offers business bank accounts for various types of businesses in the UAE which include the Following:
| Type of Business | Eligibility |
| Free Zone Companies | Needs to provide a free zone license along with proof of ownership of the company. |
| Sole Properietorship | Needs owners IDs and a trade license |
| Limited Liability Company | Must provide trade license and Memorandum of Association (MoA) |
| Partnership Firms | Must submit a trade license and a partnership agreement |
The business must be registered in the UAE in order to qualify and comply with the RAK Bank’s Know Your Customer (KYC) policies.
Documents Needed to Open a Business Account in RAK Bank
Here is a checklist of the main documents you need to open a business bank account in the RAK Bank:
| Document | Details |
| Trade License | A business license issued by a relevant UAE authority |
| Memorandum of Association (MoA) | Needed for corporations, LLCs and partnerships. |
| Proof of Business Address | Lease contract or company’s utility bills |
| Shareholder Details | Emirates id and passport copies of all owners and signatories |
| Bank statement (If needed) | Business bank statements for past few months |
| Board Resolution | For corporations, authorizing the business account opening |
RAK Bank Account Application Processing Time
- For online applications, the processing time is 2-3 business days.
- For in-person applications, the account is opened immediately if you submit the correct documents required by the bank.
Ensure you meet the requirement criteria and submit the documents to open your RAK business account without any delays.
Why Open a Company Account in RAK Bank?
Among various banks in the UAE, RAK stands out because of its reliable, flexible and innovative banking services. Here is why opening a company account in RAK bank is best option for you:
- Advanced Digital Tools. The bank offers 24/7 online banking services and mobile banking to let you manage your business finances efficiently.
- Efficient Banking. The process of opening a bank account is quick and requires minimal paperwork.
- Dedicated Services. RAK Bank offers personalized services through dedicated managers to assist you with financial services according to your business needs.
Overview of Services of RAK Business Banking in UAE
RAK business banking includes a variety of business services to accommodate the financial needs of your business.
| Service | Details |
| Business Accounts | Include current accounts and business elite accounts |
| Financing and Loans | Financing solutions for SMEs, credit facilities and short term loans |
| Trade Finance Services | Support for trade companies with letter of credit, trade financing and guarantees. |
| Digital Banking | Secure mobile and online banking for financial management. |
| Business Credit Cards | Credits cards for businesses with financial management features and benefits. |
RAK stands out because it combines traditional banking with modern solutions to help companies access finances with ease and manage their business operations efficiently.
What are the Types of Business Accounts RAK Bank Offers?
The bank offers various types of business accounts in the UAE, considering the specific needs of different businesses.
| Type of Account | Details |
| Business Current Account | An account for daily transactions with online access and fund management. |
| Multiple-Currency Account | Offers multiple-currency accounts, which support international transactions. |
| Business Elite Account | A premium account with exclusive services, personalized assistance and added benefits. |
How RAK Bank Supports the Growth of Business in UAE?
RAK bank offers various resources and tools to support the business growth,
- Provides funds to manage business inventory, operational needs and supplier payments.
- Helps optimize cashflow with streamline payables and automate receivables.
- Quick and easy access to loans for project management, expansion or purchase of equipment.
- Advanced digital banking services and tools to manage payroll, transactions and financial reports.
Endnotes
We hope this article has answered the question: how to open a company account in RAK Bank? Whether you apply online or in a branch, the process is quick and convenient. Their advanced accounts with low minimum balance requirement and exceptional customer services make it the top choice for businesses in the UAE. The bank empowers businesses to operate efficiently and achieve long-term success.
For expert guidance, contact Al Riyady and learn how to make your business successful. Our team can help you with Golden Visa Services, Trade license and more.
