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Opening a company bank account in the UAE is one of the first and most important steps after starting your business, and RAK Bank (RAKBANK) is a popular choice for many entrepreneurs. RAKBANK is known for being startup-friendly, easy to work with, and supportive of small and growing businesses. With strong online banking services and flexible business accounts, it has become a trusted name for companies across the UAE.
Having a corporate bank account is not just about convenience, it’s a legal requirement. You need it to receive payments from clients, pay suppliers, manage salaries, and handle everyday business expenses. It also helps keep your business finances organised and transparent, which is especially important for VAT, audits, and overall compliance in the UAE.
If you’re starting a new business or already running one and want to open a company account in RAK Bank, this guide is for you.
RAK Bank, officially known as the National Bank of Ras Al Khaimah, was established in 1976. Over the years, it has grown into one of the most reliable and widely used banks in the UAE. Today, RAKBANK is known for its strong focus on digital banking, customer service, and business-friendly solutions.
Types of Business Customers It Serves
RAKBANK mainly caters to:
RAK Bank enjoys a strong reputation in the UAE for being practical, supportive, and entrepreneur-friendly. It is especially popular among SMEs for its simple processes, fast support, and modern online banking features. Many business owners prefer RAKBANK for its balance of affordability, reliability, and ease of use.
RAK Bank corporate account opening comes with several practical benefits that make everyday business banking easier.
RAKBANK is especially known for supporting startups and small to mid-sized businesses. Compared to many larger banks, their requirements are often more practical and realistic for new companies, which makes the account opening process less stressful for first-time entrepreneurs.
One of the biggest reasons business owners choose RAKBANK is its relatively lower minimum balance requirement compared to premium UAE banks. This helps new businesses manage their cash flow better, especially during the early months.
Doesn’t matter if you’re dealing with UAE-based clients or international suppliers, RAKBANK supports both local and cross-border transactions efficiently. This makes it a good option for trading, consulting, e-commerce, and service-based businesses.
RAKBANK offers secure and user-friendly internet and mobile banking, so you can manage transfers, track payments, download statements, and approve transactions anytime without visiting a branch frequently.
If your business deals with different countries, RAKBANK’s multi-currency account feature allows you to receive and hold funds in multiple currencies. This helps reduce conversion charges and simplifies international payments.
RAKBANK accounts work smoothly with cheque facilities, POS machines, payment gateways, and accounting systems, making day-to-day business operations more organised and professional.
RAKBANK offers different types of business accounts to suit the needs of startups, SMEs, and established companies.
This is the most commonly used corporate account by businesses in the UAE. It is ideal for managing daily transactions like receiving payments, paying suppliers, issuing cheques, and handling salaries. It comes with online banking, cheque book facilities, and easy fund transfers.
RAKBANK also offers savings account options for businesses that want to park surplus funds safely while earning some interest. This is usually used alongside a current account for better fund management.
For businesses dealing with international clients or suppliers, the multi-currency account is a big advantage. It allows you to hold, send, and receive funds in multiple currencies, helping you save on repeated conversion charges.
RAKBANK is well known for its SME-focused banking solutions. These accounts are specially designed for startups and small to medium businesses, with practical balance requirements, digital banking support, and flexible transaction facilities.
For well-established companies with higher turnover and complex banking needs, RAKBANK also offers advanced corporate banking solutions with higher transaction limits, trade finance options, and dedicated relationship management.
Struggling to open a UAE bank account? Our banking desk has a 90%+ approval rate for Indian clients
RAKBANK allows a wide range of businesses to open a corporate bank account in the UAE. You may be eligible if you fall under one of the categories below:
To open a company account in RAK Bank, you’ll need to submit a set of standard business and personal documents:
Opening a company account with RAK Bank is a straightforward process when you know what to expect. Here’s how the entire journey typically works:
Before approaching the bank, make sure your UAE business formation is fully completed. This includes having your trade licence issued, your company documents ready, and any initial approvals completed. Banks will only proceed once your business is officially registered.
Collect all necessary documents such as passport copies, Emirates ID (if available), MOA/AOA, incorporation documents, and proof of address. RAKBANK may also ask for a simple company profile and details about your business activity and expected transactions. Having everything ready speeds up the process.
Once your documents are in order, submit your application either through a branch, a relationship manager, or an authorised agent. The bank will review your paperwork and may request additional details depending on your business type or activity.
Alternative Option: Digital Onboarding (Quick Apply)
The digital method is best for simple structures like Sole Establishments or single-owner Free Zone companies. Visit the RAKBANK website or download their app to start the “RAKstarter” application. You will upload scanned copies of your documents and use your Emirates ID for digital verification.
Most UAE banks, including RAKBANK, require a brief KYC (Know Your Customer) meeting. Shareholders or authorised signatories may need to visit the bank or join an online meeting. This is where you explain your business model, target customers, and expected monthly transactions.
After the meeting, the bank’s compliance team reviews your documents and business background. They assess factors like your industry, ownership structure, transaction patterns, and risk level. This step ensures your company meets UAE banking regulations.
If everything looks good, RAKBANK will approve your application. You’ll receive confirmation and your account details. In some cases, the bank may request final clarifications before giving approval.
After approval, you can activate your digital banking, collect your debit card, request a chequebook, and start using your account. You’ll also be assigned a relationship manager for ongoing support and banking queries.
You can also register your company for the WPS (Wage Protection System) if you have employees to pay.
This is one of the most frequently asked questions by international entrepreneurs. The short answer is: Yes, you can own the company as a non-resident, but significantly more difficult than for UAE residents.
What RAK Bank May Require:
Because non-residents don’t have a UAE Emirates ID or local address, the bank will focus more on compliance and verification. This can include:
Non-Resident Shareholder: You can own 100% of a UAE company (Mainland or Free Zone) while living abroad. This is common and accepted.
Non-Resident Signatory: This is where the challenge lies. The Signatory (the person authorized to sign cheques and make transfers) is usually required to have a UAE Residence Visa and an Emirates ID.
If the company owner (you) wants to be the sole signatory but does not have a UAE visa, the application is often rejected or subjected to enhanced due diligence that can take months.
Important: If your goal is a smooth banking experience, the time and cost spent obtaining a UAE residency visa (approx. AED 3,000 – 5,000 depending on the zone) is almost always worth it. It reduces the bank account opening time from 2-3 months (for non-residents) to 5-10 days (for residents).
Opening a company account with RAK Bank is an essential step in getting your business up and running smoothly in the UAE. Once your account is set up, handling payments, managing expenses, and keeping your finances organised becomes so much easier.
Of course, the process can feel a little confusing at times. But the good news is, you don’t have to figure it out on your own. Shuraa India is here to guide you through everything, from setting up your company to opening your bank account without any hassle.
So whenever you’re ready, just reach out. We’ll make the whole process smooth and stress-free for you.
About the author
Ritish SharmaRitish Sharma is a professional writer and UAE business advisor with expertise in corporate regulations and company setup. He helps Indian entrepreneurs understand and navigate the UAE’s dynamic business landscape, simplifying complex legal and business concepts. With actionable insights and practical guidance, Ritish empowers Indian businesses to establish, grow, and succeed in the UAE market confidently.
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