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Licensed Corporate Service Providers

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?


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UAE BANK ACCOUNT OPENING FOR
RAK IC (OFFSHORE) & FREE TRADE ZONE (FTZ)
BANK REQUIREMENTS & COMPARISON TABLE

Without exception the various UAE banks have become resistant to opening account for trading ICs, although they will still open accounts for ICs simply holding assets & Free Zone companies.

What do you need to know before opening a UAE bank account:

Personal visit

In common with all Dubai/Emirate banks a personal visit to the bank by the shareholder(s) and signatories is an absolute requirement.  


Ease of opening

Setting up a bank account in the UAE for RAK ICs has become difficult with high minimum balance requirements. However, these requirements are different for RAK Free Zone companies. It is much easier to open a UAE bank account for RAK Free Zone companies.


Time scale

Bank account opening process for RAK ICs may take around 8 weeks, for RAK Free Zones around 2 to 3 weeks.


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.











COMPARISON TABLE

General documentary requirements for all UAE banks

The following requirements are common to all the banks we work with, although the amount of information requested will depend on the bank:

RAK IC (Offshore) company:

All shareholders and account signatories must:

Free Trade Zone company:

All shareholders and account signatories must: