RAKBANK · startup business account
RAKBANK RAKstarter
Startup-tier business account: no minimum balance and no monthly fee for the first 12 months (then ~AED 104/mo). Strong fit for northern-emirates free zones.
Is RAKBANK RAKstarter worth it?
- free-zone companies: RAKBANK RAKstarter onboards free-zone entities on its published criteria.
- startups watching fixed cost: RAKBANK RAKstarter asks for no minimum balance and no monthly fee — workable before revenue is steady.
- founders outside the UAE: RAKBANK RAKstarter onboards fully remotely — no branch visit required.
Pricing
- Monthly fee
- AED 0
- Minimum balance
- AED 0
Eligibility
- Not suitable for
- established companies needing trade finance, treasury or a broad branch network — RAKstarter is a starter account for early businesses. Firms wanting private-banking relationships
Business operations
- Approval time
- ~3 days
- Free-zone companies
- Yes
- Branch visit
- Not required
How onboarding goes
- Application: Submit the request through the provider’s channel and upload documents
- Compliance review: KYC checks and document verification
- Decision: Typical timing: ~3 days
- Go live: Access activated and the product is live
Documents you'll typically need
- Valid UAE trade licence (mainland or free zone)
- Memorandum and Articles of Association
- Passports and Emirates IDs of shareholders and authorised signatories
- UBO (ultimate beneficial owner) declaration
- Office tenancy contract, Ejari or flexi-desk agreement
- Recent invoices or contracts for new companies; 6–12 months of bank statements for operating businesses
Typical pack for this category — the provider confirms the exact list on application.
Introductory AED 0 monthly fee applies for 12 months; ~AED 103.95/mo after. Verify schedule of charges before applying.
Verified answers
Does RAKBANK RakStarter have a minimum balance fee?
No — RAKBANK advertises the RakStarter account with no ledger or minimum balance fee, aimed at businesses just starting out.
Source: rakbank.ae · verified
Which currencies does the RAKBANK RakStarter account support?
The account is available in AED, USD, EUR or GBP, includes one free chequebook per year, and pays tiered interest on AED and USD balances.
Source: rakbank.ae · verified
Frequently asked questions
Is RAKBANK RAKstarter worth it for free-zone companies?
Yes — RAKBANK RAKstarter onboards free-zone entities on its published criteria.
Is RAKBANK RAKstarter worth it for startups watching fixed cost?
Yes — RAKBANK RAKstarter asks for no minimum balance and no monthly fee — workable before revenue is steady.
Is RAKBANK RAKstarter worth it for founders outside the UAE?
Yes — RAKBANK RAKstarter onboards fully remotely — no branch visit required.