RAKBank (National Bank of Ras Al Khaimah) is one of the most popular banks among UAE free zone companies due to its relatively low minimum balance requirements and practical approach to SME banking. Here is the 2026 guide.
In this guide:
RAKBank Business Account Overview
| Account type | RAKBusiness Current Account |
| Minimum balance | AED 25,000 monthly average balance |
| Monthly fee (if below minimum) | AED 100-150 |
| Onboarding time | 1-3 weeks |
| Online banking | RAKBank Business Online Banking + Business App |
| Best for | SMEs, startups, trading companies, professional services with lower initial capital |
Why RAKBank is Popular for Free Zone Companies
- Lower minimum balance (AED 25,000 vs AED 50,000 at Emirates NBD)
- More flexible KYC approach for SMEs and startups
- RAK Free Zone (RAKEZ/RAKIC) companies have a strong relationship with RAKBank
- Digital banking app is well-regarded for daily business banking
- Cheque book, trade finance facilities available
- SME-focused support team
Documents Required
- UAE free zone trade licence
- Certificate of Incorporation
- Memorandum of Association
- Shareholder passport copies
- UAE residence visa copies (or in-process documentation)
- Emirates ID
- Proof of business address
- Bank reference letter (if available)
RAKBank Business Banking Features
- Multi-currency accounts (USD, EUR, GBP accounts available)
- SWIFT international transfers
- RAK Direct Remit for competitive India/Pakistan/Philippines corridor rates
- Business Mastercard debit card
- Trade finance: LC, LG, import/export financing
- Payroll (WPS) services
RAKBank vs Emirates NBD for Free Zone Companies
RAKBank is generally preferred for:
- Startups with limited initial capital (lower minimum balance)
- RAKEZ and RAKIC free zone companies (established relationship)
- South Asian entrepreneurs (strong remittance corridors)
- Companies with trading activities at lower transaction volumes
Emirates NBD may be preferred for:
- Companies with larger transaction volumes needing advanced trade finance
- Companies where the ENBD brand/name is important to international partners
- UAE residents with existing Emirates NBD personal accounts