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Q. Which type of RAK company do I need - RAK IC or Free Zone?

Q. Do I need to visit RAK to form a RAK IC company?

Q. What paperwork do I need to open a RAK IC company?

FREQUENTLY ASKED QUESTIONS Company incorporation Bank account opening

Q. Can I open a bank account for RAK IC company in the UAE?

Q. Can I open a bank account for RAK IC remotely elsewhere?

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Corporate accounts in and outside the UAE

Bank accounts for RAK companies in Dubai, UAE

As part of our incorporation service, we offer assistance with opening a corporate bank accounts in both the UAE and other countries. Please see our Fees & Costs page for information about our costs.

Banks we work with

For clients establishing a RAK International company, a Free Zone company we offer several banks in the Emirates. In common with all Dubai/Emirate banks a personal visit to the bank by the shareholder(s) is required.  Please refer to the comparison table below.

Timescales for bank account opening

Setting up a bank account in the UAE takes around 6 weeks.

As part of our incorporation service, we offer assistance with

opening a corporate account in and outside the UAE

Important. Banks change their criteria frequently and without notice. Clients are therefore requested to send required documents without delay in their own interest.

Open a Bank Account

Bank compliance procedures

(Boring but important!)

In recent years banks have been under increasing pressure by their own regulators who in turn are being coerced by, inter alia, the US government (through extra-territorial legislation such as FATCA), the OECD and the EU.  This has resulted in banks offering accounts to international customers (and particularly offshore banks) in becoming very risk adverse.

Banks nowadays are requesting, for example, details of to whom payments will be made (and received from) even in the case of start up company, which by its very nature does not have customers in many cases. Likewise detailed business plans are generally  requested even where the proposed business is simply a consultancy. This can be extremely frustrating but if not properly presented the bank will simply turn down the application. We can assist clients as we are familiar with the banks we offer/introduce to and, at a glance, can usually tell whether an application is likely to be  successful.

Clients should also be aware that ‘remote opening’ of accounts is considered much higher risk than accounts opened ‘face-to-face’ and that this is the major cause of extended account opening procedures.

General documentary requirements

RAK IC company:

Free Trade Zone company:

Our assistance with opening a corporate account outside UAE

We also offer bank accounts outside of the UAE where a personal visit is not convenient, and where debit/credit cards are available.  However, depending on the bank chosen account opening can take  between a week and a month.

Contact us for bank opening assistance