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Banking in Ras Al Khaimah

Ras Al Khaimah is one of seven emirates constituting the United Arab Emirates (UAE).

The UAE has a stable and well-regulated banking sector. The country has built and maintained its status as the financial hub in the Middle East and the world’s leading financial centre.

The Central Bank of UAE takes main responsibilities for overseeing, developing and maintaining the soundness of the financial system. Specifically, the Banking Supervision Department will control over licensing of financial institutions, issue and make changes to legislation for effective management, enforce compliance by regulated entities.

The banking sector in the UAE is believed to be overcrowded by domestic and large international banks in comparison with population size. At March 2019, there are 22 national banks and 27 foreign commercial banks, totaling up to 60 licensed banking institutions with more than 800 branches of which domestically owned banks dominates the industry with over 85% and 90% in terms of gross sector assets and network coverage, respectively.

UAE banks follow the modern banking model with the utilization of technology advancement i.e. AI, Blockchain, banking automation… 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 transfer.

Banking Options for Ras Al Khaimah Company

CountryBankOnline BankingPersonal VisitCredit CardDebit CardIntial Deposit
BelizeCaye International Bank Ltd.USD 1,000
Heritage BankUSD 3,000
British Virgin IslandFirst Caribbean International BankUSD 25,000
MauritiusABC Banking CorporationUSD 5,000
Bank One LimitedUSD 10,000
Mauritius Commercial BankUSD 50,000
Investec BankUSD 50,000
Puerto RicoEuro Pacific BankUSD 500
SingaporeCiti BankUSD 300,000
DBSUSD 50,000
OCBC BankUSD 30,000
UOBUSD 100,000
UAERAK BankUSD 10,000

Required documents

The below list shows general documents required by most banks. Additional documents might be needed depending on your case, so you might consider contacting us to get more details.

  • Account application form
  • Bank statements and bank reference letter.
  • Short background descriptions of all directors/shareholders/account signatories
  • Certified copies of passports, recent address proofs within 3 months for all directors/shareholders/account signatories
  • Business plan including business structure, estimated turnover, source of funds…
  • Certified copies of RAK incorporation documents.

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