Opening a business account with RAKBANK is a strategic step for entrepreneurs and companies aiming to leverage comprehensive financial services in Dubai. Whether you’re a startup, an SME, or an established business, RAKBANK offers tailored banking solutions to meet your unique needs.
This guide provides a comprehensive comparison of each RAKBANK business account type, thoroughly detailing the eligibility requirements, including the minimum balance and trade license needed for each account. It also highlights the key features and benefits of each account, discusses applicable interest rates, and identifies which type of business each account is best suited for. Additionally, we cover the RAKBANK business account opening process to help you navigate it with ease, ensuring you find the ideal solution for your business banking needs.
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Why Choose RAKBANK for Business Banking?
RAKBANK is a trusted financial partner for businesses across the UAE. Their offerings are designed to support business growth and operational efficiency through:
- Comprehensive Account Options: Zero-balance accounts for startups and premium accounts for established businesses.
- Multi-Currency Features: Accounts available in AED, USD, EUR, GBP, and more; supporting international trade.
- Competitive Interest Rates: 0.10% to 0.25% per annum for AED and USD accounts, calculated using a differential method to adapt to balance fluctuations.
- Robust Digital Banking: An advanced mobile app for seamless account management.
Types of Business Accounts Offered by RAKBANK
RAKBANK provides a range of business accounts to suit various needs:
1. RAKstarter Account
The RAKstarter account is designed specifically for startups and new ventures, providing a seamless entry into business banking.
Eligibility Requirement:
- Businesses holding a valid trade licence to operate in the UAE. No minimum balance is required.
Key Features:
- Complimentary Chequebook: Receive one free chequebook annually, facilitating smooth financial transactions.
- Upgrade: You have the option to upgrade to a RAKvalue SME (plus/max), for an additional fee.
- Multi-Currency Options: Available in AED, USD, EUR, and GBP, catering to businesses with international dealings.
Interest Rates:
AED Accounts:
- Balances between AED 500,000 and AED 4,999,999.99 earn 0.10% per annum.
- Balances between AED 5,000,000 and AED 14,999,999.99 earn 0.15% per annum.
- Balances of AED 15,000,000 and above earn 0.25% per annum.
USD Accounts:
- Balances between USD 500,000 and USD 4,999,999.99 earn 0.10% per annum.
- Balances between USD 5,000,000 and USD 9,999,999.99 earn 0.15% per annum.
- Balances of USD 10,000,000 and above earn 0.25% per annum.
Other Currencies:
- GBP: 0% per annum.
- JPY: -0.6% per annum.
- EUR: 0% per annum.
- CHF: 0% per annum.
Ideal For: Startups and new businesses seeking a flexible banking solution with the benefit of earning interest on higher balances.
2. Business Call Account
The Business Call Account is designed for businesses that need flexible access to funds while earning interest.
Eligibility Requirement:
- Must be 21 years or older.
- Businesses holding a valid trade license or non-resident entities (offshore companies).
- To earn interest, you must maintain a minimum average account balance of AED 25,000. For accounts in USD or GBP, the required minimum average balance is 10,000.
Key Features:
- Flexible Fund Access: Withdraw and deposit funds with just 2 days prior notice.
- Reports: One free monthly account statement detailing all transactions.
- Multi-Currency Options: Available in AED, USD, GBP, and EUR, supporting international business transactions.
Interest Rates:
- AED and USD Accounts: Earn 0.10% per annum on balances of AED 25,000 or more.
- Other Currencies: GBP and EUR accounts earn 0%, while JPY accounts may have a negative interest rate.
Ideal For: Businesses needing flexibility in fund accessibility while earning modest interest.
3. Business Current Account
The business current account is tailored for SMEs and established companies, providing essential banking services to support daily operations.
Eligibility Requirement:
- Must be 18 years or older.
- Businesses must possess a valid trade licence to operate within the UAE.
- A minimum average account balance of AED 25,000 (USD 6,800) is required; failure to maintain this balance will result in maintenance fees of AED 50.
Key Features:
- Multi-Currency Facility: Conduct transactions in AED, USD, EUR, and GBP, facilitating international business dealings.
- Digital Banking Services: Access to RAKBANK’s online and mobile banking platforms for efficient account management.
- Seamless financial transactions: Get a chequebook for AED accounts.
- Reports: Get one free monthly current account statement detailing all transactions.
- Upgrade: You have the option to upgrade to the RAKvalue SME package, subject to additional fees.
Interest Rates:
AED Accounts:
- Balances between AED 500,000 and AED 4,999,999.99 earn 0.10% per annum.
- Balances between AED 5,000,000 and AED 14,999,999.99 earn 0.15% per annum.
- Balances of AED 15,000,000 and above earn 0.25% per annum.
USD Accounts:
- Balances between USD 500,000 and USD 4,999,999.99 earn 0.10% per annum.
- Balances between USD 5,000,000 and USD 9,999,999.99 earn 0.15% per annum.
- Balances of USD 10,000,000 and above earn 0.25% per annum.
Other Currencies:
- GBP: 0% per annum.
- JPY: -0.6% per annum.
- EUR: 0% per annum.
- CHF: 0% per annum.
Ideal For: Small to medium-sized enterprises requiring a versatile account to manage daily transactions with the benefit of earning interest on higher balances.
4. Business Elite Account
The business elite account is crafted for businesses seeking premium banking services combined with exclusive lifestyle benefits.
Eligibility Requirement:
- Must be 21 years or older.
- Businesses must possess a valid trade licence to operate within the UAE.
- A minimum average account balance of AED 500,000 (USD 136,000) is required; failure to maintain this balance will result in maintenance fees of AED 250.
Key Features:
- Dedicated Relationship Manager: Personalised banking assistance to cater to your business needs.
- Preferential Exchange Rates: Benefit from competitive rates for foreign currency transactions.
- Lifestyle Perks: Access to exclusive privileges such as golf courses, valet services, and travel discounts.
- Enhanced Daily Withdrawal Limits: Benefit from increased limits for daily transactions.
- Reports: Free teller transactions and physical statements
- Seamless financial transactions: Get a free unlimited chequebook for AED accounts, as well as a free electronic fund transfer through digital banking where the RAKBANK charges are waived.
Interest Rates:
AED Accounts:
- Balances between AED 500,000 and AED 4,999,999.99 earn 0.10% per annum.
- Balances between AED 5,000,000 and AED 14,999,999.99 earn 0.15% per annum.
- Balances of AED 15,000,000 and above earn 0.25% per annum.
USD Accounts:
- Balances between USD 500,000 and USD 4,999,999.99 earn 0.10% per annum.
- Balances between USD 5,000,000 and USD 9,999,999.99 earn 0.15% per annum.
- Balances of USD 10,000,000 and above earn 0.25% per annum.
Other Currencies:
- GBP, EUR, and CHF accounts offer 0% interest, while JPY accounts have a negative rate of -0.6%.
Ideal For: Established businesses desiring enhanced banking services, personalised support, and exclusive lifestyle benefits.
5. Commercial Elite Account
The Commercial Elite Account caters to large-scale businesses seeking premium services and comprehensive banking solutions.
Eligibility Requirement:
- Must be 21 years or older.
- Businesses must possess a valid trade licence to operate within the UAE.
- Maintain a balance of AED 1,000,000 to avoid maintenance fees pf AED 1000.
Key Features:
- Dedicated Relationship Manager: Personalised service to cater to specific business needs.
- Preferential Rates: Access competitive interest rates and foreign exchange rates.
- Comprehensive Banking Solutions: Includes trade finance, cash management, and other tailored services.
- Lifestyle Perks: Access to exclusive privileges such as golf courses, valet services, and travel discounts.
Interest Rates:
This is a non-interest-bearing account. However, JPY accounts have a negative rate of -0.6%.
Ideal For: Large-scale enterprises seeking comprehensive financial services and premium banking privileges.
RAKBANK commits to a 30-day notification period for any rate adjustments, ensuring you have ample time to strategise financially.
RAKBANK Digital Banking Features
RAKBANK’s mobile app offers an innovative and user-friendly banking experience with:
- Biometric Login: Secure access for single signatories.
- Comprehensive Transaction Options: Fund transfers, VAT payments, and bill and credit card payments.
- Cardless Cash Withdrawals: Convenient access to cash using MobileCash.
- Service Requests: Easily request chequebooks, bank statements, and reference letters.
- Secure Transactions: Enhanced safety with RAKToken two-factor authentication.
Additionally, RAKBANK provides the Digital Access Card (DAC) for businesses seeking secure and flexible online banking. The DAC enables authorised representatives to access RAKBANK’s digital banking platforms and perform non-financial transactions without needing a traditional debit card. It is an excellent solution for businesses requiring multi-user account management with customisable permissions.
The RAKBANK app’s sleek design, intuitive navigation, and integration with tools like the DAC enhance the user experience, making banking more efficient and tailored for entrepreneurs.
Business Account Opening with RAKBANK
Follow these steps to open a business account with RAKBANK:
1. Provide Personal and Business Information
- Submit key details about your company’s operations, structure, and trade license.
- For partnerships or multi-owner businesses, include the details of all partners or shareholders.
2. Verify Your Identity
Ensure all identification documents are valid, including:
- Passports (for all business owners or authorised signatories).
- Emirates IDs (for UAE residents).
- Visa copies (for expatriates).
3. Submit Supporting Documents
Prepare and submit the required documents, which may include:
- Trade license and Memorandum of Association (MOA).
- Proof of office space (Ejari or tenancy contract).
- Six months of personal and business bank statements (if available).
- Proof of income or company financial statements.
- VAT registration certificate (if applicable).
4. Select Your Account Type
Choose the account that best suits your business needs:
- RAKstarter Account: Ideal for startups and small businesses with no minimum balance requirement.
- Business Current Account: Suited for SMEs and businesses with steady transaction needs.
- Business Elite Account: Designed for businesses seeking premium banking services and lifestyle benefits.
- Business Call Account: Ideal for businesses requiring flexible access to funds while earning interest.
- Commercial Elite Account: Tailored for large-scale enterprises in need of comprehensive financial solutions and exclusive banking privileges.
5. Review and Submit the Application
- Carefully review your application to ensure accuracy.
- Submit the application either online through RAKBANK’s secure portal or in-Branch by visiting your nearest RAKBANK branch for guidance and support from a Relationship Manager.
6. Application Processing and Account Activation
- The account opening process typically takes 2–4 weeks, depending on the complexity of your business structure and the completion of compliance checks and approvals.
- RAKBANK will notify you once the account is active and provide details for online banking access.
Documents Required for Business Account Opening with RAKBANK
To open a business account with RAKBANK, you’ll need to prepare the following:
Basic Documents:
- Trade licence.
- Memorandum of Association (MoA).
- Passports, Emirates IDs, and visas for all partners.
- Proof of office space (e.g., tenancy contract or Ejari).
Supporting Documents:
- Six months of bank statements.
- VAT certificate (if applicable).
- Business model, client list, and applicant profile.
- Proof of income to demonstrate financial stability.
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Financing Solutions for Businesses
Business Loans and Credit Facilities
Securing financial backing is crucial for business growth and expansion. RAKBANK provides business loans of up to USD 817,000 (AED 3 million) for eligible enterprises. These loans feature:
- Flexible repayment terms of up to 60 months, which allows for easier financial planning.
- Customisable options tailored to suit diverse business needs.
Understanding RAKBANK’s SME Financing
RAKBANK’s RAKvalue SME packages are specifically designed to support small and medium enterprises by addressing their unique financial challenges. Key features include:
- Complimentary International Remittances: Helps reduce the cost of overseas transactions.
- Business Insurance: This covers workmen’s compensation and public liability, with higher-tier packages such as RAKvalue SME Max offering additional property coverage.
- Cloud-Based Accounting Software: Streamlines banking features, allowing businesses to efficiently handle accounting tasks, payroll, and VAT compliance.
- Inventory Management: Included in the SME Max package, offering unlimited user access for growing businesses.
Enhancing Financial Flexibility with Digital Tools
RAKBANK integrates its financing solutions with robust digital banking services to simplify financial management:
- RAKBANK Business App: Enables businesses to manage loans and transactions on the go. Key features include biometric login, fund transfers, and VAT payments.
- RAKToken Two-Factor Authentication: Ensures secure transactions, adding an extra layer of protection for credit and loan-related activities.
- Seamless Integration with Accounting Software: Helps automate financial processes, reducing the administrative burden for SMEs.
Eligibility and Application Process for Financing
To access RAKBANK’s financing solutions, businesses must meet the bank’s eligibility criteria, which include an evaluation of financial stability and growth potential to ensure repayment capability.
Application Steps:
- Gather all necessary documentation, including financial statements, proof of income, and business plans.
- Submit the application online or visit a branch for guidance.
- Work with RAKBANK representatives to tailor your financing solution to your needs.
The process is designed to be straightforward, with RAKBANK providing personalised support throughout. By fulfilling the eligibility requirements, businesses can leverage these financing tools to thrive in Dubai’s competitive marketplace.
(source: https://www.rakbank.ae/en/business/everyday-banking/rakbank-for-you/business-elite)
RAKBANK’S Payroll Solutions for Businesses
RAKBANK’s RAKempower Payroll Solutions provides businesses with an efficient and cost-effective way to manage their payroll processes while ensuring employee satisfaction. These payroll solutions are designed to reduce administrative burdens and improve operational efficiency.
Key Features:
- Efficient Payroll Processing: A seamless system that helps businesses process salaries on time, enabling them to focus on core operations.
- Employee Benefits: Employees benefit from faster access to their salaries and convenient banking services, saving them time and money.
- Dedicated Support: RAKBANK offers guidance and assistance to ensure a smooth payroll experience for both employers and employees.
With these features, RAKBANK supports businesses in meeting their payroll needs while fostering better relationships with employees.
Personal Banking Services
In addition to its robust business offerings, RAKBANK also provides a comprehensive suite of personal banking services, ensuring individuals can manage their finances with ease and flexibility.
Key Offerings:
- Current and Savings Accounts: Flexible account options with competitive interest rates to help you manage and grow your personal finances.
- Credit Cards: A variety of credit cards offering cashback, rewards, travel perks, and more to suit diverse lifestyles.
- Personal Loans: Quick and convenient loan options with attractive interest rates and repayment flexibility to meet your financial needs.
- Digital Banking: Advanced online and mobile platforms provide 24/7 access, allowing you to manage your accounts anytime, anywhere.
RAKBANK’s personal banking services ensure that both entrepreneurs and individuals have access to reliable and convenient financial solutions.
How to Access RAKBANK Business Login and Manage Your Accounts
The RAKBANK Business Login portal offers secure and convenient access to manage your business accounts. Designed to streamline financial tasks, the portal is an essential tool for entrepreneurs and businesses in the UAE.
Steps to Log In:
- Visit the official RAKBANK website or download the RAKBANK mobile app.
- Locate the Business Login section on the homepage.
- Enter your username and password to access your account dashboard.
- Once logged in, explore features like:
- Managing fund transfers and payments.
- Monitoring account balances and transactions.
- Requesting chequebooks, bank statements, and reference letters.
Partnering with RAKBANK for Business Success
RAKBANK is committed to supporting businesses with innovative financial products, personalised services, and robust digital solutions. Whether you’re a startup looking for flexibility or an established business seeking premium benefits, RAKBANK provides the tools and resources you need to thrive.
With a range of account options, competitive interest rates, and advanced digital banking features, RAKBANK ensures that managing your business finances is seamless and efficient.
Ready to open your business account with RAKBANK? Visit the RAKBANK Business Login portal today and take control of your finances.
FAQ’s
If I Close My RAKBANK Account, Will There Be a Fee?
Yes, if you close your RAKBANK account within 6 months of opening your account, there is a AED 200 fee.
Is the RAKBANK Business Login Secure?
Yes, the RAKBANK Business Login portal prioritises security with features like RAKToken two-factor authentication and biometric login options. These measures ensure your account and sensitive data remain protected.
What Do I Do if I Forget My RAKBANK Business Login Credentials?
Use the “Forgot Password” option on the login page or contact RAKBANK support for assistance.
How Long Does it Take to Open a RAKBANK Business Account?
The account opening process usually takes 2–4 weeks, depending on the complexity of your business structure, completion of compliance checks and the submission of all required documents.
Can Non-resident Companies Open a Business Account with RAKBANK?
Yes, non-resident companies (offshore entities) can open a business account with RAKBANK. They must provide relevant documentation, such as a certificate of incorporation, trade license, and other supporting documents based on their business jurisdiction.
Can I Open a RAKBANK Business Account Online?
Yes, you can begin the account opening process online via the RAKBANK website. However, you may need to visit a branch to complete certain steps, such as document verification and account activation
