What You Should Know About Banking In Ras Al Khaimah (RAK)

Ras Al Khaimah (RAK), one of the seven emirates that make up the United Arab Emirates (UAE), boasts a flourishing banking sector known for its stability and innovation. Governed by the Central Bank of the UAE, the banking system in RAK adheres to stringent regulations, ensuring a secure environment for both individuals and businesses.

RAK hosts a variety of banks, including local UAE banks and branches of international banks. Some prominent local banks include RAKBANK (National Bank of Ras Al Khaimah) and Emirates NBD, while international banks such as HSBC and Standard Chartered also have a presence.

The country follows an advanced banking model with the utilization of technological advancements like AI, Blockchain, banking automation, and so on. Moreover, there is no foreign exchange control, so funds can be easily moved in and outside the country. Accounts opened within UAE banks will be provided with a unique IBAN for international fund transfers.

Wondering which bank is best for your Ras Al Khaimah (RAK) company? Find out with our Banking Tool

Open a Bank Account for RAK Company

Note: Our banking support fee does not include the fee for bank account application or any other required fee (if any) chargeable by the bank you choose to apply.

Order Banking Support Separately

US$499*

* This fee is only for customers who have already used our company formation service

Order Package that Includes Banking Support

US$400*

Save US$99 when ordering Standard or Premium Package

Wave top

What's Included In Our Fee

  • Consultancy on best-suited bank options for your business needs
  • Consultancy and review of the application process and document preparation
  • Support for preparing certified documents when needed – i.e., Certificate of Incumbency and Courier hard copy
  • Appointment arrangements with the bank(s)
  • A dedicated support team available for banking-related questions
why our service is unique

Why Our Service is Unique

  • One-time fee for multiple bank applications with premium package (if you fail to open a bank account in one bank, we continue to assist you in applying for other banks, without extra charge)
  • Affordable and efficient pricing plan
  • Support for opening a RAK bank account remotely
  • A proven record of over 12 years of experience with international banks
  • Prompt response and a step-by-step guide to the application
why our service is unique
Wave bottom

Need more references? Here is a Banking Tool to make your decision easier!

Try Now

Required Documents

The specific documents needed will vary depending on the bank you choose. Here are some commonly requested items:

  • Account application forms

    • Bank statements and bank reference letter

      • Short background descriptions of all directors/shareholders/account signatories

        • Certified copies of valid passports and recent address proofs (within 3 months) for all directors, shareholders, and account signatories

          • Business plan including business structure, estimated turnover, and source of funds

            • Certified copies of RAK incorporation documents

              For precise document requirements tailored to your situation, please contact our support team.

              placeholder

              Industry News & Insights