Rakbank Accelerates Account Opening for RAKEZ Companies to 60 Minutes

Eligible companies holding a Ras Al Khaimah Economic Zone (RAKEZ) trade licence can now open a Rakbank Business Current Account within 60 minutes, according to Fintech News Middle East. The arrangement allows new and existing RAKEZ firms to establish new banking relationships or transfer their existing accounts to Rakbank.

Under the commercial terms, participating firms receive a 12-month waiver on minimum balance requirements and pay a reduced monthly account fee of AED 49 during the first year. Rakbank is offering AED 1,000 in cashback to businesses that maintain an average monthly balance of AED 25,000 across their first three months. Local and overseas wire transfers are free for new clients under a promotional offer running until October 31, 2026.

Our read: Corporate account onboarding delays and rigid balance thresholds remain persistent operational friction points for UAE free zone entities. Streamlining bank verification to under an hour and temporarily removing capital lock-up requirements significantly reduces administrative friction for early-stage commercial ventures operating out of Ras Al Khaimah.