Exactitude Business Services FZCO is an independent private consultancy, not a bank or government entity. Exactitude is not affiliated with, endorsed by or acting on behalf of RAKBANK. RAKBANK and its logo are trademarks of their owner. To open an account directly, visit the bank’s official website, rakbank.ae.
Starting a business in the UAE? This independent guide explains RAKBANK’s business account options. RAKBANK’s RAKstarter account is built for companies in their first year in Ras Al Khaimah and beyond. Discover requirements and why it’s a top choice.
RAKstarter account: who it’s for and what you need
RAKstarter is RAKBANK’s business account for new companies. It is only open to companies that are less than 12 months old and hold a valid UAE trade licence. If your company is older, RAKBANK’s Business Current Account is the usual option.
What RAKstarter gives you:
- Accounts in AED, USD, EUR or GBP
- A dedicated relationship manager
- Lower transaction fees when you bank digitally
- The RAKvalue SME Plus package included (connected banking, accounting and VAT tools, and basic business insurance)
What it costs: RAKstarter has no minimum balance requirement, but RAKBANK charges a monthly maintenance fee of AED 103.95 (including VAT). Fees can change, so we confirm the current figures with the bank before you apply.
Why RAKBANK Stands Out for UAE Businesses
RAKBANK, a leading UAE bank, focuses on SMEs and startups. With branches across Dubai, Abu Dhabi, and Ras Al Khaimah, it supports local entrepreneurs. Its digital tools make banking efficient.
For businesses in RAK Free Zone or mainland, RAKBANK aligns perfectly. Pair it with company formation services in UAE from Exactitude for fast setup.
Explore RAKBANK Business Account Types
RAKBANK provides tailored accounts:
- RAKstarter Account: Perfect for new ventures. No minimum balance (AED 103.95 monthly fee). Multi-currency (AED, USD, EUR, GBP).
- Business Current Account: For established firms. Low average balance of AED 25,000. Unlimited transactions and dedicated manager.
Both include online and mobile banking, mobile app for payroll, and payments.
RAKBANK business account minimum balance and fees
| RAKstarter | Business Current Account | Business Elite | |
|---|---|---|---|
| Who it’s for | Companies under 12 months old | Established companies | Larger businesses |
| Monthly average balance | No minimum | AED 25,000 or equivalent | AED 500,000 or equivalent |
| Fee if balance not kept | Not applicable | AED 52.50 per month | AED 262.50 per month |
| Monthly maintenance fee | AED 103.95 | AED 103.95 (waived from AED 250,000 average) | None |
| Monthly digital banking fee | None | AED 52.50 (only from AED 250,000 average) | AED 52.50 |
All figures include 5% VAT, as published by RAKBANK. The bank can change its fees at any time.
RAKBANK pays interest on AED balances from AED 500,000 (0.10%), rising to 0.25% from AED 15 million.
RAKBANK business account requirements
RAKBANK usually asks for:
- A valid UAE trade licence
- Memorandum of Association (for LLCs) and other company documents
- Passport and Emirates ID of every authorised signatory
- Proof of business address, such as Ejari or a utility bill
- Proof of income or source of funds for the shareholders, for example personal or sister-company bank statements or VAT returns
- A short business profile: your activity, main clients and suppliers, and expected monthly turnoverSignatories need to be in the
UAE during the process. The bank may ask for more depending on your activity and ownership. Our corporate bank account opening service prepares and checks this file with you.
How to open a RAKBANK business account: step by step
- Speak to our banking team. We look at your company age, activity and expected turnover and confirm whether RAKstarter or the Business Current Account fits.
- We prepare your file. We check your trade licence, company documents, address proof and source-of-funds papers against RAKBANK’s list, so nothing is missing or inconsistent.
- We support application preparation and bank introduction, and help you answer RAKBANK’s questions. The bank makes the final decision.
- Bank review. RAKBANK checks the company, its owners and the planned activity. It may call you or ask for more documents.
- Bank decision and activation. If RAKBANK accepts the application, you sign the account confirmation and the account is activated. The final decision is always the bank’s.
Key Pros of RAKBANK Business Accounts
- No minimum balance on RAKstarter: a monthly maintenance fee applies.
- Multi-Currency: Hold 6 currencies, perfect for imports/exports.
- RAKvalue packages: business insurance, accounting and VAT tools (package fees apply).
How Exactitude Helps With Your RAKBANK Application
Struggling with documents? Exactitude Business Services specializes in RAK Free Zone company formation and bank accounts.
Our Services:
- Full PRO services in UAE
- Accounting & bookkeeping
- Offshore setups
- Remote bank openings
Contact Us Today:
- WhatsApp: +971 52 177 1150
- Email: sales@exactitudebusiness.com
- Visit: exactitudebusiness.com
Final Thoughts
Planning a RAKBANK business account? Exactitude can prepare your application and introduce you to the bank. Its flexible balances and startup perks outperform many competitors. Combined with Exactitude’s expertise, Talk to our banking team.
Ready? Talk to our banking team now. Grow confidently in the UAE’s booming economy.
RAKBANK Business Account FAQs
What is the RAKstarter account?
RAKstarter is RAKBANK’s business account for companies less than 12 months old with a valid UAE trade licence. It is available in AED, USD, EUR or GBP and comes with a dedicated relationship manager.
How much does a RAKstarter account cost?
RAKstarter has no minimum balance requirement, but RAKBANK charges a monthly maintenance fee of AED 103.95, including VAT. Fees can change, so check the current figures before you apply.
What is the minimum balance for a RAKBANK Business Current Account?
RAKBANK asks for a monthly average credit balance of AED 25,000 or equivalent. If it isn’t maintained, a fee of AED 52.50 per month applies, including VAT.
What documents does RAKBANK need to open a business account?
A valid trade licence, MOA and company documents, passports and Emirates IDs of the signatories, proof of business address and proof of income for the shareholders. The bank may ask for more depending on your business.