RAKEZ Companies Can Open a Rakbank Business Account in 60 Minutes

Companies licensed in the Ras Al Khaimah Economic Zone can open a Rakbank Business Current Account in 60 minutes or less, under an arrangement between the bank and the free zone authority.

The fast-track process covers firms that already hold a RAKEZ trade licence as well as newly registered ones. Applicants can open their first business account with Rakbank, or move an account they already hold at another bank across to it.

Terms at a glance

• No minimum balance requirement for the first 12 months.
• A monthly account fee of AED 49 during that period.
• AED 1,000 in cashback for customers who hold an average monthly balance of AED 25,000 in each of their first three months.
• No charge on local and overseas transfers, under the bank's current offer for new clients.

The terms are available until 31 October 2026.

Two incentives, two conditions

The package separates fee relief from the cashback. A company that keeps its balance below the AED 25,000 threshold still avoids the minimum balance rule and still pays the reduced monthly fee. The AED 1,000 payment is conditional, and the test is applied three times over, once for each of the first three months, so the average has to hold from the start of the relationship rather than at the end of it.

What the two sides say

Ramy Jallad, group chief executive officer of RAKEZ, said the partnership with Rakbank gives businesses in the zone a notable new advantage. Letting eligible clients open a business account within an hour, he said, is an important step toward making banking access simpler.

Vishal Shah, managing director of the business banking group at Rakbank, said the bank is positioned to stay with these companies as they expand, pointing to financing, transaction banking, payments and trade solutions. He framed the proposition as digital convenience paired with the human expertise businesses need at each stage of growth.

Who qualifies

Eligibility runs through the trade licence. A company needs a RAKEZ licence to use the 60-minute route, and the same requirement governs access to the fee waiver, the cashback and the transfer waiver. Firms outside the zone are not covered by the terms as stated.

The arrangement applies to business current accounts, the account a company uses to receive customer payments and settle its own bills. Read together, the incentives are aimed at two groups: firms forming a banking relationship for the first time, and firms that already have one and are weighing a move.

What to weigh

For a company comparing providers, the arithmetic turns on cash flow rather than headline pricing. The zero minimum balance and the AED 49 monthly fee apply from the first month of the relationship. The AED 1,000 cashback depends on holding an average of AED 25,000 across each of the first three months, which puts the payout out of reach for a firm that runs its account close to zero.

Both the fee relief and the transfer waiver are tied to the offer window, which closes on 31 October 2026.