RAKEZ and RAKBANK Launch 60-Minute Business Account Opening for Eligible Companies

RAS AL KHAIMAH, 2 October 2026 — Ras Al Khaimah Economic Zone and RAKBANK have launched a business-banking service that can enable eligible RAKEZ companies to open a RAKBANK Business Current Account within 60 minutes.

The partners described the proposition as a first in the UAE. It is available to eligible new and existing businesses holding a RAKEZ trade licence and is intended to simplify one of the key operational steps companies face when establishing or changing their banking relationships.

Under the announced proposition, eligible businesses receive a zero minimum-balance requirement for the first 12 months and discounted monthly account-maintenance fees of AED49 during the same period.

Businesses can also receive AED1,000 cashback by maintaining a monthly average balance of AED25,000 during each of their first three months after opening the account. The current acquisition offer additionally includes zero fees on domestic and international transfers and is valid until 31 October 2026, according to the announcement.

The 60-minute opening timeframe applies to eligible businesses rather than every company or applicant. Banking onboarding remains subject to applicable eligibility, verification, compliance and account-opening requirements.

Ramy Jallad, Group CEO of RAKEZ, said the strengthened partnership with RAKBANK is intended to simplify access to banking and provide businesses with greater convenience and choice as they establish and grow their operations.

Vishal Shah, Managing Director of RAKBANK’s Business Banking Group, said faster access to banking can allow entrepreneurs to focus more of their time on building their businesses. He also pointed to financing, payments, transaction banking and trade solutions as services the bank can provide as client companies expand.

The initiative addresses a practical component of the UAE business-formation ecosystem: the transition from obtaining a commercial licence to establishing the financial infrastructure required to receive payments, pay suppliers, manage payroll and conduct trade.

For economic zones, closer integration with banks can become part of the wider competition to improve investor onboarding and reduce administrative friction. For banks, partnerships with licensing jurisdictions create a channel for acquiring newly established companies at an early stage of their development.

The proposition also illustrates the increasing emphasis on digital and accelerated onboarding in SME banking. The significance will ultimately depend on how broadly businesses meet the eligibility requirements and how the service performs in practice, but reducing account-opening time for qualifying companies can improve the speed with which newly licensed businesses become operational.

Companies considering the offer should review the bank’s full eligibility criteria, account terms and the expiry dates attached to promotional benefits before making a banking decision.