Banks · corporate account
RAKBANK business banking for a new free zone company.
What the bank publishes about products, eligibility and the process, and where the research found no answer.
Typical opening time: 2-3 business days (official); RAKEZ promo claims 60 minutes for eligible businesses; agent reports 1-3 weeks
Free zones accepted or refused
RAKEZ and RAKIC free zones specifically mentioned as having strong relationship; other free zones likely accepted but not explicitly listed
Digital experience
Online application portal, digital banking platform and mobile app available; described as 'region's highest-rated digital banking platform' for She Means Business; real-time application tracking via email and portal
Partner programme for formation providers
RAKEZ partnership with exclusive offers (promo code RAKEZTL) for RAKEZ-licensed businesses
Products for a new company
| Product | Minimum balance | Monthly fee | Source |
|---|---|---|---|
| RAKstarter | 0 | amount not yet confirmed | source |
| Business Current Account | 25,000 | amount not yet confirmed (if monthly average balance < amount not yet confirmed; otherwise amount not yet confirmed digital banking fee) | source |
| Islamic Business Account (zero balance) | 0 | not published | source |
| She Means Business Package | 0 | 0 for first 12 months, thereafter unknown | source |
| RAKEZ Business Current Account (promo) | 0 for first 12 months | amount not yet confirmed + VAT for first 12 months | source |
Eligibility
Documents
- Valid trade licence source
- Memorandum of Association (MOA) / constitutional documents source
- Certificate of Incorporation source
- Passport copies of shareholders and authorised signatories source
- UAE residence visa copies (or in-process documentation) source
- Emirates ID of signatories source
- Proof of business address (e.g., Ejari, utility bill) source
- Proof of income for shareholders (bank statements, credit card statement, VAT return, etc.) source
- Bank reference letter (if available) source
The process
- step 1Submit digital application and upload required documents onlinecan be done remotely
- step 2Bank reviews application and documents (may request additional info)can be done remotely
- step 3Bank contacts applicant to schedule an in-person visit for signature collectionin person
- step 4Sign the Business Account Digital Application Confirmation Form in personin person
- step 5Account activated after physical Emirates ID validation and signed form collectionin person
Nationalities or activities restricted
- not researched
Pain points founders report
- Monthly maintenance fees apply even on zero-balance accounts (RAKstarter amount not yet confirmed)
- In-person signature collection required; account cannot be opened fully remotely
- Onboarding time may be longer than advertised (agent reports 1-3 weeks)
What the research does not settle
- Monthly fee for Islamic Business Account not provided in sources
- She Means Business fees after first 12 months not disclosed
- Nationalities or activities restricted not found in sources
- Exhaustive list of accepted free zones not available
- Partner program beyond RAKEZ not mentioned
Sources
Quick Apply | Online Application for Business ... - Rakbankhttps://quickapply.rakbank.ae/digitalbankread 2026-10-20
Quick Apply | Online Application for Business Accounts and Business Finance | RAKBANKhttps://quickapply.rakbank.ae/digitalbank/business/accounts/rakstarter/application-overviewread 2026-10-20
She Means Business Packagehttps://www.rakbank.ae/en/business/business-solutions/other-solutions/she-means-businessread 2026-10-20
Business Account Ready in 60 Minutes for RAKEZ Businesses | Rakbankhttps://www.rakbank.ae/en/business/promotions/campaigns/rakezread 2026-10-20
Banking that works for your businesshttps://www.rakbank.ae/en/islamic/business/promotions/rakbank-business-accountread 2026-10-20