Banking in Ras Al Khaimah (UAE)

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.

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

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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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