RAKEZ and RAKBANK Introduce 60-Minute Business Account Service in the UAE
Eligible RAKEZ-licensed companies can open RAKBANK current accounts within an hour and receive zero minimum-balance requirements during their first year
RAS AL KHAIMAH, UAE — Businesses operating under Ras Al Khaimah Economic Zone (RAKEZ) can now access a faster route to corporate banking following the launch of a new service by RAKEZ and RAKBANK.
Under the new offering, eligible new and existing companies holding a RAKEZ trade licence can apply for a RAKBANK business current account with an account-opening process that can be completed within 60 minutes.
The partnership is designed to simplify banking access for companies setting up or expanding their operations in Ras Al Khaimah while providing additional financial incentives during the first year.
Zero minimum balance for 12 months
Eligible businesses will not be required to maintain a minimum account balance during their first 12 months.
The package also includes a reduced monthly account maintenance charge of AED49 for the initial year, giving qualifying companies lower banking costs while they establish their financial operations.
Businesses can also qualify for up to AED1,000 in cashback by maintaining an average monthly balance of AED25,000 during each of their first three months following account opening.
Additional banking benefits for RAKEZ companies
The new arrangement is available to businesses that are either establishing a new banking relationship with RAKBANK or transferring their existing business banking arrangements to the bank.
RAKBANK is also offering zero charges on domestic and international transfers under a separate current-account acquisition offer running until October 31, 2026, according to the announcement.
The combined package is intended to give RAKEZ companies faster access to banking facilities while reducing some of the costs associated with establishing a business account.
RAKEZ aims to simplify business setup
RAKEZ Group CEO Ramy Jallad said the expanded relationship with RAKBANK is intended to give businesses operating within the economic zone greater convenience when accessing banking services.
The 60-minute account-opening service is positioned as part of efforts to reduce administrative delays for companies and make it easier for newly established and existing businesses to select a banking partner.
RAKBANK expands support for growing businesses
RAKBANK said the initiative is also intended to provide companies with banking support beyond the account-opening stage.
According to the bank, eligible businesses can access services covering financing, payments, transaction banking and trade solutions as their operations develop.
The partnership combines faster account access with broader banking services, giving RAKEZ-licensed companies a more streamlined way to establish and manage their business banking relationships.
The initiative comes as Ras Al Khaimah continues to attract entrepreneurs and companies seeking to establish or expand operations in the UAE, with business infrastructure and access to financial services becoming increasingly important for companies entering the market.
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