RAK Bank is a financial entity that helps companies with tools and resources for effective financial management. Opening a business account with RAK Bank serves as a thoughtful opportunity for entrepreneurs and companies looking to capitalize on their bank’s vast financial solutions in Dubai. This specific bank offers a comprehensive range of account choices that are tailored to meet the exact needs of every business entity.
From RAK Starter Account to Current Business Account, entrepreneurs can make the most of the financial services offered by this financial institution. With the help of a reliable business setup company in Dubai, business owners can choose the most suitable banking service, by evaluating its advantages and disadvantages.
Through this blog, let’s understand how to open a company account in the RAK Bank, including its application process, documentation, and more.
What is a RAK Bank and Its Offerings?
With 45 years of experience, RAK Bank offers a wide range of banking solutions to individuals and corporations in the United Arab Emirates (UAE). It provides a diverse range of banking products, such as deposit schemes, investment banking, loans, and credit services, to fulfill the diverse financial needs of its customers.
The Business Current Account is particularly popular, as it holds flexible requirements such as the ability to handle multiple currencies and a low minimum balance, which makes it a convenient option for business owners.
How to Apply for a Business Account with RAK Bank
If you want to open a business account with RAK Bank, you have two main options: applying online or applying offline. With the adequate assistance of a business setup company in Dubai, you can simplify this process. Here is how you can open a business bank account with RAK:
1. Online Application
- To apply for a business account online, simply visit the official RAK Bank website.
- Choose the business account option.
- Fill in your personal details and upload the necessary documents which will be explained later.
- After submitting your application, you will receive an inactive account number.
2. Offline Application
- If you prefer to apply through the offline method, you can visit the nearest RAK Bank branch.
- Bring identification for all shareholders, as well as the necessary company documents.
- After reaching the branch, complete the application form for the business’s current account.
- After filling out the form, submit it along with the required documents.
- The bank representative will then review your paperwork, and once everything is fine, your business account will be activated.
Eligibility Requirements for Opening a RAK Bank Business Account
Before applying for a business account at RAK Bank, you must know the eligibility criteria as required by UAE law. These requirements include:
- Maintaining a minimum monthly balance of 25,000 AED.
- Having all the required business-related documents, including a valid UAE trade license.
- Both UAE nationals and expatriates are eligible to open a business account but specific documents are needed from both groups.
Documents Required for Opening a RAK Bank Business Account
Get in touch with a reliable business setup company in Dubai that can help you gather all the documents adequately. Here is a list of the necessary documents that you need to open a business bank account with RAK Bank.
- Reference letters from business partners.
- Articles and Memorandum of Association.
- The last six months of bank account statements for all business stakeholders.
- Information about the activities of the business account.
- A valid trade license issued by the Department of Economic Development (DED).
- Copies of the national Emirates ID for representatives or shareholders (both original and copy).
- A Certificate of Company Incorporation.
- A valid passport for the company’s director.
- A list of clients, investors, and current clients.
- Proof of residence and a valid passport for all representatives and signatories.
- A registry of the company’s shareholders.
RAK Bank may request additional documents as needed.
Advantages of RAK Bank Business Account Opening
Opening a business account with RAK Bank comes with a range of benefits. These include:
1. Multi-Currency Support
The primary advantage of the RAK Bank Account is the multi-currency support. It accepts numerous foreign currencies such as EUR, USD, UAE Dirhams, and GBP.
2. Unlimited Cheque Books
A business can carry out a range of sizeable transactions without any stress with the advantage of unlimited chequebooks offered by the RAK Bank at no additional expense.
3. Easy Banking
You can set up automatic payments, send money, and keep track of your payments anytime you want with phone banking which is available 24/7.
4. Quick Access to Your Money
When you open an RAK Bank business account, you can quickly get your money through mobile and online banking.
5. Good Rates
When you have a business account with RAK Bank, you get good rates for trade finance and currency exchange which helps your business save money.
6. Personalized Assistance
A special relationship manager will help you with your business account. They can make managing your money easier and help you plan for future investments.
7. Easy Business Loans
Having an RAK Bank business account gives you the chance to apply for business loans and financing options that are only available to account holders.
8. Detailed Monthly Statements
You will get clear monthly statements that show your account transactions, so you can easily keep track of your spending and savings.
Conclusion
In the dynamic business environment of Dubai, RAK Bank comes across as a leading partner for businesses looking to create a substantial financial basis. From the RAK Starter Account to the prestigious Business Elite memberships, RAK Bank offers a range of solutions to meet all your financial requirements.
With the support of a business setup company in Dubai like Start Any Business (SAB) in UAE, you focus on growing your business. We assist you in finding your suitable bank account, simplifying the process, gathering the required documents, and much more. Get in touch with our experts to experience a smooth and hassle-free business bank account opening in Dubai.
