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How to open new business account in rak bank in Dubai?

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Task Master Gulf Task Master Gulf, Taskmaster Commercial Broker LLC | Loan brokers in Dubai verified
Answered on March 07,2023

To open a new business account in RAK Bank in Dubai, you will need to follow these steps: 

Gather Required Documents

You will need to gather the following documents:

1. Valid trade license

2. Certificate of incorporation

3. Memorandum of association

4. Passport copies of all shareholders and signatories

5. Emirates ID copies of all shareholders and signatories

6. Utility bill or tenancy contract for the company's registered office 

Contact RAK Bank

Contact the RAK Bank customer service or visit their nearest branch to inquire about the account opening process, requirements, and fees. 

Submit Application and Documents

Fill out the application form and submit it along with the required documents. Make sure all documents are complete and accurate to avoid any delays in the application process. 

Wait for Approval

Once you have submitted your application and documents, RAK Bank will review your application and conduct due diligence checks. This process can take up to several weeks, depending on the complexity of your business and the information provided.

Activate Your Account

Once your application is approved, you will be asked to deposit the minimum required amount to activate your account. After depositing the funds, you will receive your account number and other relevant information.

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Best Practices while applying for Government services online

1. Check whether you are eligible to apply for this service.

2. Check the documents required for application before applying.

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6. Check the time required for the completion of the service. If the service is not completed within the due time, track the status online or reach out to the department.