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Licensed Corporate Service Provider

RAK - UAE COMPANY FORMATION SERVICES

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?


Visit our international websites

CORPORATE BANK ACCOUNTS FOR
RAK INTERNATIONAL COMPANIES

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.

Bank account for RAK IC

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.













As part of our incorporation service, we offer assistance with

opening corporate accounts for RAK ICs.
For RAK Free Zone banking please visit our sister site formarak.ae


Important. Banks change their criteria frequently and without notice - even during the application process. Clients are therefore requested to respond promptly to any bank request for further information.

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 for all banks

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) - for each director,  and signatory.












Application Success

Our fees are in respect of two elements - a) our advice and b) assistance in being compliant with the bank's requirements.  We cannot guarantee that your chosen bank will approve your application and indeed there may be factors of which we are not aware causing an application to be declined even if it otherwise appears to be compliant. For example one of the parties to the account may be blacklisted on the bank's database. This is becoming more common with the increased use of compliance software such as World Check.


To summarise, whilst we use our best efforts to assist clients, we cannot guarantee success.












Contact us for bank opening assistance