If you are planning on starting a business in Dubai or any other part of the UAE, you will be needing a business account to make transactions for various purposes. One of the best banks to choose for opening a bank account is RAK bank.
By owning a RAK bank business account, you will be granted effortless access to your funds whenever you want. The account provides a huge range of deposit and current accounts to fulfill different requirements of your business and personal needs. It is a marvelous option for businessmen due to countless benefits including a low minimum balance requirement and a choice of international & national currencies.
Here, in this piece of writing, we will guide you on how to open a business account in RAK bank. Let’s get going.
About RAK Bank
RAKBANK has more than 45 years of experience in the banking field. It is known as an extremely active and dynamic corporate bank in the United Arab Emirates. The bank was established back in 1976. Retail customers, small business people, and huge corporations can avail of the bank’s outstanding financial solutions to meet the modern requirements of businesses.
RAK bank also allows its customers to open a variety of business and personal bank accounts.
The bank offers various banking products including deposit schemes, investment banking, and loan & credit services. With a large banking network of 27 branches across the Emirates, customers can easily enjoy their services residing in any part of the country. Customers can also benefit from digital kiosks in all regions of the UAE.
Businessmen can manage their finances, thanks to the different business bank accounts offered by the bank. RAK bank provides different products and a wide range of services that support newly established and firmly running businesses.
Business Current Account is one of the business accounts of RAK bank that you can opt for. This business account comes with lenient criteria including different currencies acceptance, very low minimum balance requirements, etc., and offers easy access to your money. We will talk about this business account offered by RAK bank in detail ahead.
How to Apply for Business Account in RAKBank?
For businessmen, the RAKBank business current account and business elite account is best. For any of the types of accounts, you can easily submit your application to open a new business account in RAKBANK through different online and offline channels. There are some RAK Bank account opening requirements that you need to meet. Following are the possible ways in which you can apply for a business account in RAKBANK.
By Visiting Etisalat Hello Business Hub
You can pay a visit to the Etisalat Hello Business Hub in order to open your business current account. The business hub is located at One JLT. Its timings are between 8 am to 4 pm during business days.
You have the choice of opening a RAK Bank online business account. If you opt for the online channel, you can submit your online application by going to RAKBANK’s official website and selecting the business account (we recommend choosing a current account). There, you are asked to provide your authentic and up-to-date information such as contact number and other personal details. You will also be asked to upload the documents which we will talk about later. Once the registration is successful, the bank will provide you with the inactive account number. In order to open a RAK Bank account online, you may need some professional assistance. For that, you can reach out to any expert business consultants in Dubai such as Riz and Mona.
Businessmen who are interested in choosing the offline application route can go to the nearest RAKbank branch in person along with the identities of every shareholder and the documents associated with your company or business. There, you will be asked to fill out the application form for opening a new business current account. Once the application form is filled out, you will submit it to the bank along with some required documents. Your business account will become active once the bank representative reviews the submitted documents.
Eligibility Criteria for Opening RAKBANK Business Account
The UAE demands businessmen meet legally issued eligibility criteria if they want to apply for a business account. For opening a business account with RAKBank, you must meet the following criteria:
- It is necessary for individuals to have a balance of at least 25,000 AED on a monthly basis.
- Individuals should have all the business-related documents including a valid trade license in the UAE.
- Business current accounts can be opened by UAE nationals and expats alike, but they are required to provide the bank with some required documents.
Document Required for RAKBANK Business Account
The individual must submit all relevant documents related to his or her identity, business, and finances upon meeting the eligibility criteria. Here is a list of documents you will need to open a RAKBANK Business account.
- A list of potential clients, investors, and current clients
- Residence proof and valid passport of all the representatives and signatories
- Registry of the company’s shareholders
- A copy and an original national Emirates ID of the representatives or shareholders
- Reference letter from all of the business partners
- Articles and Memorandum of Association
- Latest six-month bank account statements of all the stakeholders of the business
- Details about the activities related to the business account
- A valid trade license from the Department of Economic Development (DED)
- Certificate of Company Incorporation
- A valid passport of the company’s director
RAKBANK may demand some extra proof at its discretion other than the above-mentioned documents.
Benefits of RAKBANK Business Accounts
Advantages of RAKBank Business Current Account
The RAKBANK Group has continuously innovated its products and services for the past 45 years. Their products provide the highest standard of financial solutions in the UAE to support local and international businesses. A few of the advantages of RAKBank Business Current Account are as follows:
- You are given the facility to easily set up standing instructions, transfer your funds, and track payments using the 24/7 working phone banking facility.
- Upon opening a RAKBANK business account, you are given access to your money conveniently using the mobile and online banking service.
- RAKBank accepts a wide range of foreign currencies including EUR, GBP, and USD other than UAE Dirhams.
- RAKBANK offers business account holders handsome trade finance rates and foreign exchange rates.
- The bank provides a personal dedicated relationship manager with your RAKBANK Business Current account so that you can easily manage your finances and funds and gives you guidance with future and safe investment opportunities.
- RAKbBank offers unlimited checkbooks with zero extra charges when customers are making multiple and large transactions.
- Opening a RAKBANK business banking current account gives you exclusive access to countless business financing products.
- This business banking current account comes with monthly account statements to keep a track of your overall expenses and make your transactions record convenient.
Advantages of RAKBank Business Elite Account
Both Islamic business and conventional banking clients can open a RAKBank Business Elite Account with ease. RAKBank Elite Business gives your business the power to take your financial activities to another level. Individuals can benefit from a huge variety of cost-saving products and outstanding privileges. The account offers preferential pricing, priority services, and a bouquet of lifestyle advantages.
Some of the pros that you can avail yourself upon opening a new RAKBank business elite account are:
- Valet services
- Dedicated relationship manager
- Fast track services
- Free fund transfers
- Preferential exchange rates
- Golf course access
If you want to open a business account in RAK Bank, you can go to their official website or visit any branch. RAK Bank online account opening is an immensely convenient and quick process. If you still want any assistance, you can contact Riz & Mona and we will provide you with expert guidance. You can also get in touch with us if you plan on establishing your business in the UAE.