RAKEZ and Rakbank Launch 60-Minute Business Account Opening With No Minimum Balance for 12 Months

1 October 2026

Companies licensed by Ras Al Khaimah Economic Zone (RAKEZ) can now open a Rakbank Business Current Account within 60 minutes, which both partners describe as a first in the UAE. RAKEZ announced the launch on 1 October 2026. The offer covers eligible new and existing RAKEZ companies and comes with no minimum balance requirement for the first 12 months, a discounted maintenance fee of AED 49 a month for the same 12 months, AED 1,000 cashback for keeping an average balance of AED 25,000 in each of the first three months, and zero fees on domestic and international transfers under the current Rakbank acquisition offer, which runs until 31 October 2026.

What RAKEZ and Rakbank announced

The new proposition is aimed at companies that want to set up their first banking relationship with Rakbank or move an existing one to the bank. According to the RAKEZ announcement, it is available to eligible new and existing businesses that hold a RAKEZ trade licence. The headline element is speed: a Business Current Account opened within one hour, against the 48 hours that Rakbank names for business account opening on its own campaign page.

Ramy Jallad, Group CEO of RAKEZ, said that “enabling eligible clients to open a business account within an hour represents an important step forward in simplifying access to banking”. Vishal Shah, Managing Director of the Business Banking Group at Rakbank, put it more briefly: “Speed matters to businesses.” He added that business owners should not be left “waiting for a bank account to become operational”, and that as these companies grow the bank can support them with financing, transaction banking, payments and trade solutions.

Who the 60-minute route is for

According to its own profile, RAKEZ hosts more than 50,000 companies from close to 200 countries operating in more than 50 industries. It issues both free zone and non-free zone licences and runs specialised areas: the Al Nakheel and Al Hamra Business Zones for commercial and service companies, the Al Ghail, Al Hamra and Al Hulaila Industrial Zones for manufacturers, and an Academic Zone for education providers.

The offer works for two situations. A newly registered RAKEZ company can use it to get its first operating account quickly after licensing. An existing RAKEZ company that already banks elsewhere can use it to move its banking relationship to Rakbank. The release uses the word “eligible” throughout but does not publish the eligibility criteria or the list of documents required for the 60-minute route.

What the first year costs

For the first 12 months the account carries no minimum balance requirement and a discounted maintenance fee of AED 49 a month. By our arithmetic that adds up to AED 588 in maintenance fees for the whole first year. The AED 1,000 cashback is paid when the company keeps an average monthly balance of AED 25,000 in each of the first three months after opening. A company that meets that condition receives more in cashback than it pays in maintenance fees during the first year, again by our calculation.

The announcement does not say which fee or minimum balance applies from month 13. That depends on the specific account and on the tariff in the bank’s Service and Price Guide, so it is worth asking about the terms after the first 12 months before the account is opened, not after.

Free transfers until 31 October 2026: how the waiver works

The transfer benefit is not a separate RAKEZ product. The release refers to the current Rakbank acquisition offer, and the bank’s published terms for its International and Domestic fund transfer fee waiver set the mechanics:

• the promotion runs from 1 August to 31 October 2026, both dates inclusive, and is aimed at business customers new to Rakbank;
• a conventional business account has to be opened during that period;
• the waiver covers AED and foreign currency transfers initiated through Rakbank digital banking from that account until 31 October 2026;
• the fee is charged first and refunded to the account within 30 days after the end of the promotion;
• only the Rakbank transfer fee is refunded, and any other bank charges continue to apply;
• claims about the promotion have to be raised within 60 calendar days after it ends.

In practice, a RAKEZ company that wants the transfer waiver has one month from the announcement: the account has to be opened, and the transfers made, by 31 October 2026.

How this fits the RAKEZ banking track record

RAKEZ has worked on faster bank accounts for its companies before. On 15 May 2024 it signed a memorandum of understanding with Rakbank to share verified e-KYC data through a blockchain platform hosted by Norbloc, with the aim of simplifying documentation and speeding up referrals. In August 2024 it signed a separate memorandum with Al Maryah Community Bank (Mbank), under which RAKEZ companies were to be able to open a fully digital business account in less than 48 hours. The new proposition with Rakbank sets a shorter time frame of 60 minutes.

A parallel effort is under way at national level. The Central Bank of the UAE and the UAE Banks Federation are building a unified golden source banking platform, under which customer documents such as Emirates ID and passport details are to be obtained electronically from official sources, with a target of the end of 2026. Rakbank itself has been expanding its offer in Ras Al Khaimah, including its off-plan home financing partnership with RAK Properties.

What the announcement does not say

• the eligibility criteria and the list of documents for the 60-minute route;
• at which point the 60 minutes start and end, for example from application to account number or to a fully operational account with online banking;
• whether Islamic accounts are covered, while the transfer waiver terms refer to conventional business accounts;
• the fee and minimum balance that apply after the first 12 months.

Checklist for a RAKEZ company planning to use the offer

• Confirm with the bank that your company and its activity are eligible for the 60-minute route.
• Prepare the corporate file in advance: trade licence, incorporation documents, passports of shareholders and managers (and Emirates IDs for UAE residents), proof of address and a short description of the business and its expected turnover.
• Ask which fee and minimum balance apply from month 13.
• If you need free transfers, open a conventional account and make the transfers through digital banking by 31 October 2026.
• If you count on the AED 1,000 cashback, plan to keep an average of AED 25,000 in each of the first three months.
• Keep the contracts and invoices behind the first payments at hand: the bank may ask for them during its compliance checks.

How Atlant Capital can help

We work with founders before and after licensing. If you are still choosing a jurisdiction, our company setup service compares RAKEZ with other free zones and mainland options for your activity, budget and visa needs. For companies that already hold a licence, our bank account opening support covers bank selection, the KYC file, the description of the business model and expected flows, and communication with the bank until the account is active. The full procedure, including documents and typical bank requirements, is described in our UAE bank account opening guide.

Conclusion

The RAKEZ and Rakbank proposition makes account opening a matter of an hour for eligible RAKEZ companies and sets the cost of the first year: no minimum balance, AED 49 a month and AED 1,000 cashback for companies that keep an average of AED 25,000 in each of the first three months. The transfer waiver is time limited and ends on 31 October 2026. The open questions, eligibility and the terms after month 12, are best clarified with the bank before applying.

Source: RAKEZ, Rakbank.

FAQ

How fast can a RAKEZ company open a Rakbank business account?

Eligible RAKEZ companies can open a Rakbank Business Current Account within 60 minutes under a proposition launched on 1 October 2026. RAKEZ and Rakbank describe it as a first in the UAE. Rakbank names 48 hours for standard business account opening on its campaign page.

How much does the RAKEZ Rakbank business account cost in the first year?

For the first 12 months there is no minimum balance requirement and the maintenance fee is discounted to AED 49 a month, or AED 588 for the year. A company that keeps an average monthly balance of AED 25,000 in each of the first three months receives AED 1,000 cashback. The terms after month 12 are not stated in the announcement.

Are transfers free for new Rakbank business accounts?

Under the current Rakbank acquisition offer, domestic and international transfer fees are waived until 31 October 2026. The conventional business account must be opened between 1 August and 31 October 2026 and the transfers made through digital banking. The fee is refunded within 30 days after the promotion ends, and only the Rakbank fee is covered.

Who is eligible for the 60-minute account opening?

The offer is open to eligible new and existing companies holding a RAKEZ trade licence that want to open or move their banking relationship to Rakbank. The detailed eligibility criteria and document list have not been published, so they should be confirmed with the bank before applying.