RAKEZ and RAKBANK Launch 60-Minute Business Account Opening
Entrepreneurs and business owners in the United Arab Emirates can now bypass lengthy banking procedures thanks to a new collaboration between Ras Al Khaimah Economic Zone (RAKEZ) and RAKBANK. The partnership enables eligible RAKEZ license holders to open a RAKBANK Business Current Account in just 60 minutes.
This streamlined service is available to both new and existing companies operating under a RAKEZ trade license, significantly reducing the administrative hurdles often faced by business owners in the region.
Exclusive Financial Benefits for License Holders
To support growing businesses and ease the transition into the market, the new service comes with a suite of financial perks designed to reduce overhead costs during the initial stages of operation. Key advantages include:
- Zero minimum balance requirement for the first 12 months of the account.
- Discounted monthly maintenance fees, set at just AED 49 for the first year.
- AED 1,000 cashback incentive for businesses that maintain an average monthly balance of AED 25,000 during their first three months.
- Zero fees for local and international transfers, a benefit that remains in effect until October 31, 2026.
Streamlining the Entrepreneurial Journey
The initiative is specifically designed to help expatriates and entrepreneurs in Ras Al Khaimah move from business setup to full operation more quickly. By digitizing the application process, RAKEZ and RAKBANK aim to remove the time-consuming nature of traditional banking setups.
"This partnership simplifies banking for businesses," said Ramy Jallad, Group CEO of RAKEZ.
Vishal Shah, Managing Director of the Business Banking Group at RAKBANK, added that these expedited services allow entrepreneurs to focus more effectively on their core business operations rather than being bogged down by paperwork.
How to Apply
To take advantage of this 60-minute account opening and the associated financial incentives, businesses must apply through digital channels. Applicants are required to use the promo code RAKEZTL during the application process to access the offer.