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Get an expert's support and guidance on the step-by-step application process and documentation to open your business bank account.
If you are outside of the UAE, you can initiate your bank account opening through an online process. During the application, you will be required to get on a telephonic or virtual call with the bank representative. Once approved, you have to visit the bank to sign the required documents.
Your physical presence will be required during the application, so you can meet the bank representative, sign the application form and submit the required documents.
Assessing your company’s activities, operations and financials for opening the account to recommend the most suitable bank for your business.
Assisting you in collecting and preparing the documents required by the bank. These may include:
Submitting your application and acting as a focal point for your interactions with the bank to assist you in completing any additional requirements and keep you up-to-date with the status of your application.
This service is offered by an independent corporate service provider without any responsibility on RAKEZ for the services provided.
We have been in the economic zone for over a decade now and we can attest that RAKEZ’s business practices are at par with international standards. The economic zone’s customer service representatives are client-centred and quick to respond whenever there are issues that need to be resolved.
The main benefit of establishing our new headquarters in the RAKEZ is that it allowed us to completely own the company without needing to look for a local sponsor. RAKEZ has also simplified almost every aspect of doing business, which is great as we are able to process applications and get access to business support services easily.
If any businessman or investor wants to set up a business or an investment in the UAE, I would recommend them to come to Ras Al Khaimah, especially to RAKEZ. That’s the best place to grow and be successful.
When we were looking to set up the company, there were two things that were important. First, it had to be priced competitively -- setting up should not be overly expensive. And two, the facilities should be state-of-the-art. Competitive pricing would not come at the cost of the facilities offered, so these two criteria were fulfilled by RAKEZ.
The business set-up process in RAKEZ is very easy. Having seen the facilities of the free zone and hearing about their efficient services, I was encouraged to also set up my company here. RAKEZ did not disappoint me. I experienced first-hand the ease of not only registering a business but most importantly doing business in general.
What we like most about RAKEZ is that it provides the necessary infrastructure for different types of businesses. This minimises the heavy initial investment costs when setting up a business. Apart from that, RAKEZ provides accessible services with very friendly customer representatives.
We were immediately attracted to establish our manufacturing facility in RAKEZ when we found out that it offers ready-made facilities for affordable rates, which is a must for any startup company. Apart from that, the Al Hamra Industrial Zone is very accessible from Dubai and the rest of the emirates.”
The best thing about forming our UAE base in RAKEZ is that it strategically positioned us to be able to operate throughout the IMEA markets. Apart from that, the emirate of RAK has its own international airport and it is also close to Dubai International Airport. This makes it easy for us to travel back and forth for business-related matters.
Being an investor in a foreign land, I had initially had a set of worries but after speaking to the professional team of RAKEZ, I became more confident that I am making the right decision. The economic zone provided me with all the assistance that I needed, which enabled me to smoothly begin my business operations.
VAT stands for Value Added Tax. It is an indirect tax applicable to taxable goods and services in the UAE.
Detailed information on VAT are available on the website of the UAE’s Federal Tax Authority (FTA) at www.tax.gov.ae and relevant FAQs are available here.
A company can make the payment through the following channels:
• Online by topping up the portal accounts • RAKEZ Business Service Centres (cashier counters) • Bank Transfer
A Subsidiary is a company that is owned by another company where 51% or more of its shareholding is held by the other company.
The conditions in which RAKEZ can grant its approval to employee and non-sponsored employee are if the non-sponsored employee:
• Is a GCC National • Resides in the UAE on the visa sponsored by a relative • Is to be employed on a part-time or temporary basis • Works for a subsidiary or an associated company of a RAKEZ company
Yes, a company may employ a non-sponsored employee, temporarily or permanently.
The requirements for sub-leasing buildings/structures in RAKEZ are:
The requirements for sub-leasing vacant plots in RAKEZ are:
The types of sub-lease allowed by RAKEZ are: 1. Sub-lease of a vacant plot 2. Sub-lease of completed buildings/structures
Yes, it is, but subject to obtaining a prior written approval from RAKEZ.
Sub-leasing is an arrangement where a company (lessee) allows another company (sub-lessee) to use part of the leased premises.
As per the Immigration Authority’s mandate, any company having an immigration file is required to register in the EChannel Immigration System’s platform to further process visa related services.
While submitting the license renewal request, you may pay for the immigration file renewal, penalties incurred due to late renewal of the immigration file and for the E-Channel Immigration System registration.
For companies applying for closure, the Immigration Authority is currently granting a special approval to exempt them from registration in the system. Any changes in the requirements from the Immigration Authority will be communicated as and when received.
Registering in the system is not linked to obtaining visas. It is however, mandated for all companies with immigration file to register in the system.
For all your company visas, the service can be availed only through the Sponsor. RAKEZ being the Sponsor will be applying for the company’s visa, hence the applications may be submitted to RAKEZ.
An associated company is a company that is associated with another company where 51% or more of both companies’ shareholding is held by the same shareholders.
The application for registration of a company to carry out any activity classified as a DNFBP must be accompanied by a complete DNFBPs form signed by all shareholders who will jointly be and severally liable for the compliance with the laws and regulations of the UAE’s Central Bank and all relevant Federal Laws and Regulations for Combatting Money Laundering (AML) and Financing of Terrorism (CFT).
The activities that are classified as Designated Non-Financial Businesses and Professions (DNFBPs) are: • Legal Consultancy • Real Estate Agent • Real Estate Developer • Auditing of Accounts • Precious Metals and Stones Trading • Investment Consultancy • Company Service Providers
No, coworking space and business centre licensees are not required to submit the Operation Fitness Certificate (OFC).
Yes, the Operation Fitness Certificate (OFC) is mandatory before occupying the pre-built warehouses and the customized facility built on a plot of land.