Opening a business account with RAK Bank Business presents a strategic opportunity for entrepreneurs and companies seeking to capitalise on the bank’s extensive financial services in Dubai. As a dedicated financial institution committed to bolstering business growth and operational efficiency, RAK Bank offers a diverse range of account options tailored to suit the specific requirements of each business entity.
RAK Bank equips businesses with the tools and resources for effective financial management from the beginner-friendly RAK starter Account, ideal for emerging enterprises, to the robust Business Current Account tailored for established firms. Our team is readily available to assist you in selecting the most suitable business banking product, comprehending its advantages, and navigating through the application process, empowering your business to succeed with RAK Bank’s tailored solutions.
This guide, provided by Shuraa Business Setup, is a valuable resource to facilitate your understanding of the process involved in opening a company account with RAK Bank. Continue reading to gain further insights.
Exploring RAK Bank’s Dynamic Banking Solutions
With over 45 years of expertise in the banking sector, RAK Bank is a dynamic and proactive corporate bank within the United Arab Emirates, originating in 1976. Catering to a diverse clientele, including retail customers, small business owners, and large corporations, RAK Bank provides exceptional financial solutions tailored to modern business needs.
Offering a wide array of banking products, such as deposit schemes, investment banking, and loan & credit services, RAK Bank facilitates the financial requirements of its customers, be it personal or business-related. With a widespread network of 27 branches across the Emirates, clients can conveniently access their services from any part of the country. Additionally, digital kiosks throughout the UAE further enhance customer accessibility.
For entrepreneurs, RAK Bank business offers a suite of business bank accounts designed to meet various financial management needs. Among these, the Business Current Account stands out, characterised by flexible criteria, including acceptance of multiple currencies and modest minimum balance requirements, ensuring convenient access to funds. Further details on this business account will be elaborated on in the subsequent discussion.
Applying for a Business Account with RAK Bank
To apply for a business account with RAK Bank, entrepreneurs can explore the options of the RAK Bank business current account and business elite account, both tailored to suit varying business needs. Whether opting for one of these accounts or others offered by RAK Bank, the application process is streamlined and accessible through various online and offline channels. However, you must ensure you meet the RAK Bank account opening requirements before proceeding. Here are the possible ways to initiate the application process for a business account with RAK Bank.
Online Application
Opting for the convenience of an online application, you can easily open a RAK Bank business account. Simply visit RAK Bank’s official website and select the business account option (we suggest choosing a current version). Provide accurate and updated information, such as your contact details and upload the necessary documents (which will be discussed later). Upon successful registration, you’ll receive an inactive account number. If you require professional guidance for opening a RAK Bank account online, consider contacting expert business consultants in Dubai, such as Shuraa Business Setup.
Offline Application
For those preferring the traditional route, businessmen can visit the nearest RAK Bank branch in person. Bring along the identities of all shareholders and the relevant company documents. At the branch, fill out the application form for a new business current account. Once completed, submit the form along with the required documents. Your business account will be activated after the bank representative reviews the submitted papers.
Eligibility Requirements for Opening a RAK Bank Business Account
To apply for a business account with RAK Bank in the UAE, businessmen must adhere to legally stipulated eligibility criteria. The following requirements must be met:
- Individuals must maintain a minimum monthly balance of 25,000* AED.
- Individuals should possess all pertinent business-related documents, including a valid trade license issued in the UAE.
- Business current accounts are open to UAE nationals and expatriates; however, the bank requires the submission of specific documents.
Documents Required for RAK Bank Business Account
Upon meeting the eligibility criteria, individuals must submit all pertinent documents relating to their identity, business, and financial standing. Here is a detailed list of documents necessary to open a RAK Bank Business account:
- List of potential clients, investors, and current clients.
- Residence proof and valid passport of all representatives and signatories.
- Registry of the company’s shareholders.
- Copies of the national Emirates ID of representatives or shareholders (original and copy).
- Reference letters from all business partners.
- Articles and Memorandum of Association.
- Latest six-month bank account statements of all business stakeholders.
- Details regarding the business account activities.
- The Department of Economic Development (DED) issues a valid trade license.
- Certificate of Company Incorporation.
- Valid passport of the company’s director.
Note: RAK Bank reserves the right to request additional documentation beyond the abovementioned requirements at its discretion.
Advantages of RAK Bank Business Account Opening
With a legacy of 45 years of continual innovation, RAK Bank Business Account Opening Group has consistently delivered top-tier financial solutions tailored to the needs of both local and international businesses in the UAE. Here are some key benefits of the RAK Bank Business Current Account:
- Seamless Banking Operations: Enjoy the convenience of setting up standing instructions, transferring funds, and tracking payments round the clock through the 24/7 phone banking facility.
- Convenient Access to Funds: Gain instant access to your funds through mobile and online banking services upon opening a RAK Bank business account.
- Multi-Currency Support: RAK Bank accepts many foreign currencies, including EUR, GBP, USD, and UAE Dirhams.
- Favourable Rates: Business account holders benefit from competitive trade finance and foreign exchange rates RAK Bank offers.
- Personalised Assistance: Avail the services of a dedicated relationship manager assigned to your RAK Bank Business Current Account, ensuring easy management of finances and guidance on future investment opportunities.
- Unlimited Checkbooks: Conduct multiple and sizable transactions hassle-free with unlimited cheque books provided by RAK Bank at no extra cost.
- Access to Business Financing: Open doors to various business financing products exclusively available to RAK Bank business banking current account holders.
8. Detailed Monthly Statements
Keep track of your expenses and maintain transaction records conveniently with monthly account statements provided by RAK Bank.
Benefits of RAK Bank Business Elite Account
Opening a RAK Bank Business Elite Account is effortless for Islamic and conventional banking clients. This elite business account empowers your enterprise to elevate its financial endeavours. Individuals can capitalise on a diverse range of cost-saving products and exceptional privileges. The account entitles you to preferential pricing, priority services, and various lifestyle benefits.
Upon opening a new RAK Bank Business Elite Account, you can enjoy the following advantages:
- Dedicated relationship manager
- Fast track services
- Free fund transfers
- Preferential exchange rates
- Access to golf courses
Fostering Business Triumph with RAK Bank
In Dubai’s dynamic economic arena, RAK Bank emerges as a steadfast companion for enterprises endeavouring to establish a sturdy financial foundation. Our business banking solutions range from the accessible RAK starter Account to the esteemed Business Elite memberships, catering to all your financial needs.
Supported by RAK Bank’s dedicated Relationship Managers and state-of-the-art digital banking platforms, Shuraa Business setup enables you to focus on propelling your business forward. Entrust RAK Bank as your reliable financial ally and experience the tranquility of knowing that your business finances are in capable hands. For better assistance with opening a business bank account, connect with Shuraa Business experts today via phone at +971 4 4081900, WhatsApp at +971 50 7775554, or email at info@shuraa.com.