RAK ICC Bank Account

[davealsolh]

Hi, I am in the process of having a RAK Offshore company set up. The consultancy setting up are willing to introduce me to a banker for a fee however this just seems a bit silly. Does anyone have any experience recommendation for setting up a businesses bank account for the newly formed company? I’m of the undertaking that not all UAE banks are willing to accommodate.

Further on from this are there usually any issues with these types of accounts I.e withdrawal limits, transferring of money abroad and also sending money from UK business to this account?

thanks

 

[Fred]

Hi, I am in the process of having a RAK Offshore company set up. The consultancy setting up are willing to introduce me to a banker for a fee however this just seems a bit silly. Does anyone have any experience recommendation for setting up a businesses bank account for the newly formed company? I’m of the undertaking that not all UAE banks are willing to accommodate.

Further on from this are there usually any issues with these types of accounts I.e withdrawal limits, transferring of money abroad and also sending money from UK business to this account?

thanks

There is no longer any bank within the UAE that onboards you with a RAK ICC in 2021. Even if you are a long time customer and have already several accounts business and personal within a local bank they force you to 6 figure minimum balance and asking you why did you setup a RAK ICC in 2021.

Shame on the agent that set this up for you and really try to rip you off just for receiving a NO from every bank.

Even the National Bank of Ras Al-Chaimah doesn't support RAK ICC any longer. They are nowadays only used for holding property and trademarks.

If not yet. This post will make sense to you sooner or later and at this point we can setup something for you that gets a bank account.

 

[davealsolh]

There is no longer any bank within the UAE that onboards you with a RAK ICC in 2021. Even if you are a long time customer and have already several accounts business and personal within a local bank they force you to 6 figure minimum balance and asking you why did you setup a RAK ICC in 2021.

Shame on the agent that set this up for you and really try to rip you off just for receiving a NO from every bank.

Even the National Bank of Ras Al-Chaimah doesn't support RAK ICC any longer. They are nowadays only used for holding property and trademarks.

If not yet. This post will make sense to you sooner or later and at this point we can setup something for you that gets a bank account.

Hi Fred, many thanks for your response. Can I ask what you would propose for me to do. I carry out consultancy work for predominantly UK companies and which for income to be away from the UK and accessible to me to transfer and withdraw when required. I don’t require any staff.

 

[mike400]

Why UAE banks don't accept RAK free zone companies but accept Dubai ones?

Can other people confirm that there are no issues for Dubai companies opening bank accounts in UAE? What about opening bank accounts in other countries (e.g. Singapore) for the Dubai company?

 

[Fred]

Hi Fred, many thanks for your response. Can I ask what you would propose for me to do. I carry out consultancy work for predominantly UK companies and which for income to be away from the UK and accessible to me to transfer and withdraw when required. I don’t require any staff.

First of all I don't want to sell you anything. It's just that a RAK ICC have now banking options beside of some small EMI's.

If you want to use the bank account like a saving account and maybe invest the money on the company business bank account in stocks/ETF - go with a Dubai Company that gets a local resident business bank account as well as provides you with a resident visa so the banks here in UAE consider you as a local resident an no CRS reporting apply.

That's an important point because a RAK ICC is a non-resident company so even if it would be possible in 2021 to get a bank account for auch a company it would be simply reported under CRS by the end of the year. You even never received with such companies a real current account with debit card. 3-4 years ago they received Deposit Accounts.

 

[Fred]

Why UAE banks don't accept RAK free zone companies but accept Dubai ones?

Can other people confirm that there are no issues for Dubai companies opening bank accounts in UAE? What about opening bank accounts in other countries (e.g. Singapore) for the Dubai company?

Don't mix the things a RAK ICC isn't a freezone company it's a Offshore non-resident company.

As already mentioned many times - non-resident banking is coming to an end.

The difference is that the Dubai company grants you the right to get a residence visa therefore the banks are more willing to open an account.

Called OCBC in Singapore - currently they are only open for personal bank accounts with UAE residence - not for UAE companies.

 

[dirtyharry]

The difference is that the Dubai company grants you the right to get a residence visa therefore the banks are more willing to open an account.

that is very good and useful. I'm soon in contact with you to get my company set.

 

[davealsolh]

Don't mix the things a RAK ICC isn't a freezone company it's a Offshore non-resident company.

As already mentioned many times - non-resident banking is coming to an end.

The difference is that the Dubai company grants you the right to get a residence visa therefore the banks are more willing to open an account.

Called OCBC in Singapore - currently they are only open for personal bank accounts with UAE residence - not for UAE companies.

This makes sense. Fred are you able to assist advice in such matters I am yet to confirm with agent regarding the route I want to take i was simply advised a RAK was the best option but it seems like this isn’t the case. Thanks

 

[Fred]

This makes sense. Fred are you able to assist advice in such matters I am yet to confirm with agent regarding the route I want to take i was simply advised a RAK was the best option but it seems like this isn’t the case. Thanks

Glad yo hear that you didn't spent any money for the RAK ICC.

Send you PM.

 

[Flibustier]

Why UAE banks don't accept RAK free zone companies but accept Dubai ones?

Can other people confirm that there are no issues for Dubai companies opening bank accounts in UAE? What about opening bank accounts in other countries (e.g. Singapore) for the Dubai company?

RAK ICC is dead for some time now. ADIB closed my business account for RAK ICC company in 2019 and no other bank was willing to open the account regardless the amount I was willing to put in.
Other countries banks do require all companies certificates to be notarised, which is a huge upfront expense (for RAK ICC it is about USD 5-7k). Transferwise is now closing all accounts for all UAE companies and residents.

 

[rowena]

I have 2 recommendations for you.

Hi, I am in the process of having a RAK Offshore company set up.

Don't.

The consultancy setting up are willing to introduce me to a banker.

Find another agent.

 

[rey skywalker]

they wil accept a rak offshoe but only for investment , forget current account , and be ready put minimum 500k usd deposit

 

[BricMedia]

My dear friend, RAKICC are mainly used as "frame" companies, in the UAE you can open a company and get a bank account at a cheap rate. you will need to have an e-residency card and travel for it, it cannot be remotely.
Find alternative

 

[RAK2021]

I confirm that there is no real option for corporate banking with a RAKICC, I opened mine end of last year and I which I read this forum before throwing 2000 euros.
I went with SFM for registration and when I asked for banking options they just told me that they are working with professionals banks and that I can choose anyone
Avoid RAKICC, you can't conduct business through it.

 

[Fred]

I confirm that there is no real option for corporate banking with a RAKICC, I opened mine end of last year and I which I read this forum before throwing 2000 euros.
I went with SFM for registration and when I asked for banking options they just told me that they are working with professionals banks and that I can choose anyone
Avoid RAKICC, you can't conduct business through it.

In case you have a good business history, clean straight forward CV and company profile with decent 6/7 figures - we can help you.

Anyway if the above mentioned isn't available it's impossible to open with a real Bank within the UAE.

 

[RAK2021]

In case you have a good business history, clean straight forward CV and company profile with decent 6/7 figures - we can help you.

Anyway if the above mentioned isn't available it's impossible to open with a real Bank within the UAE.

No, I haven't these (except of the CV), it's a new company, perhaps in few years.
Thank you anyway.

 

[karishi]

I went with SFM for registration

Avoid SFM too

 

[RAK2021]

Avoid SFM too

To be honest, my experience with SFM was ok, if we "except" the Bank account service.

They are reactive, call you when needed and keep you posted during the process. Th registration worked as advertised and within the time framework.

But concerning their Bank account introduction service and information, they are really out of the scope and with very poor quality. One example, after I was rejected from a bank they said it was ok, they proposed me Transferwise, not knowing that TW don't serve UAE anymore. It was me who informed my agent about that. This was in January.

Bottom line : i f you know what you are doing, don't need advices and look for a cheap registration service go with SFM.
Otherwise (you need a more value added, integrated services and be guided) avoid them.

 

[Fred]

To be honest, my experience with SFM was ok, if we "except" the Bank account service.

They are reactive, call you when needed and keep you posted during the process. Th registration worked as advertised and within the time framework.

But concerning their Bank account introduction service and information, they are really out of the scope and with very poor quality. One example, after I was rejected from a bank they said it was ok, they proposed me Transferwise, not knowing that TW don't serve UAE anymore. It was me who informed my agent about that. This was in January.

Bottom line : i f you know what you are doing, don't need advices and look for a cheap registration service go with SFM.
Otherwise (you need a more value added, integrated services and be guided) avoid them.

Sadly the company isn't worth anything without banking and company can everybody register.

They simply reselled you the company with an overpriced add-up to cover the AdWords expenses.

 

[RAK2021]

Sadly the company isn't worth anything without banking and company can everybody register.

They simply reselled you the company with an overpriced add-up to cover the AdWords expenses.

Yes, this is unfortunately true.