RAKEZ and Rakbank Launch UAE-First Sixty-Minute Business Account Opening
RAKEZ and Rakbank have launched a UAE-first service letting eligible RAKEZ-licensed businesses open a Rakbank Business Current Account in just 60 minutes, backed by a 12-month fee package. What this means for RAKEZ companies and foreign investors.
- 2026 — Key year
- 60 — Volume / scale
Ras Al Khaimah Economic Zone (RAKEZ) and Rakbank have introduced what they describe as a UAE-first service: eligible RAKEZ businesses can now open a Rakbank Business Current Account within 60 minutes.
The offer is open to new and existing businesses holding a RAKEZ trade license. Alongside the fast account opening, the package includes zero minimum balance for the first 12 months, a discounted AED 49 monthly maintenance fee for the same period, and AED 1,000 cashback for businesses maintaining an average monthly balance of AED 25,000 over three months. Zero fees on domestic and international transfers are also included, valid until 31 October 2026.
Ramy Jallad, Group CEO of RAKEZ, said speed matters to businesses and that the partnership gives eligible companies a faster route to banking, supported by benefits that deliver value from day one.
Vishal Shah, Managing Director of Rakbank, said access to fast, efficient and relevant banking services is an important part of creating the right environment for businesses to operate and grow.
For RAK, the move removes one of the most common friction points new businesses face after licensing: the wait for a functioning bank account. A same-day account opening shortens the gap between registering a company and actually being able to trade, invoice and pay suppliers.
InsideRAK is an independent publisher and is not affiliated with any Ras Al Khaimah government body. This report was compiled from the sources above and verified against published records. Spot an error? corrections@insiderak.com
