Opening a bank account remotely i.e. without a personal visit is very different from walking into your local branch to open an account for a local company. This is due to the bank's compliance requirements and risk assessment procedures.
Typically opening an account remotely can take anything from 2 to 6 weeks and you can expect to be asked detailed questions about your business plan and potential customers and suppliers.
As part of our incorporation service, we offer assistance with opening a corporate bank account for RAK companies: RAK International Companies and RAK Free Zone.
For clients establishing a RAK International company we offer several banks outside the Emirates:
Belize (Choice Bank)
Cyprus (Bank of Cyprus)
Mauritius (ABC Banking Corporation, and Afrasia Bank)
Singapore (DBS Bank, and OCBC bank)
In the case of Singapore a personal visit is required by the owner / signatory to the bank in question. Accounts in other jurisdictions can be opened remotely. Please contact us for the detailed information about the above banks, as they change their criteria frequently and it is difficult for us to keep all the details up to date on our website.
Bank account in UAE
In common with all Dubai/Emirate banks a personal visit to the bank by the shareholder(s) and signatories is an absolute requirement. Setting up a bank account in the UAE for
RAK ICs has become difficult with high minimum balance requirements and may take around 8 weeks.
We, therefore, can no longer offer our full bank account opening service for UAE banks. As a service to clients, however, we will, on request, set up an appointment with the chosen bank without charge. We can also provide a full set of company documents. If requested by the bank, we can provide a Certificate of Incumbency for which an additional fee of US$250 is payable.
The following requirements are common to all the banks we work with, although the amount of information requested will depend on the bank:
Professional CV (short and relevant) -
Our fees are in respect of two elements -
To summarise, whilst we use our best efforts to assist clients, we cannot guarantee success.