UAE corporate banking: How to make it easyBlog
Banking is one of the biggest challenges facing entrepreneurs in the UAE – but extensive support is now available from local experts.
Startup specialist BIZ (Business Incorporation Zone) has partnered with RAKBANK to give you all the help you need to open a corporate bank account and finance your business.
The partnership offers big advantages to entrepreneurs looking to start a business in one of the UAE’s most exiting startup hotspots – Fujairah Creative City Free Zone.
- Extensive banking expertise
- Onsite support in Dubai
- Choice of financing options
- Support for all your banking needs
- Easy application process
Local banking expertise: New partnership with RAKBANK
Opening a corporate bank account is a legal requirement for startups in the UAE, but it is not easy to accomplish because of strict due diligence regulations. You need to provide a UAE business licence and a wealth of personal and company documents at the very least. Get it wrong and you may seriously threaten your startup plans.
With this in mind, BIZ has taken the stress out of bankingby partnering with RAKBANK– one of the oldest and most dynamic banks in the UAE. The partnership gives peace of mind to entrepreneurs thanks to RAKBANK’s expertise and reputation.
RAKBANK offers a wide range of banking services from 36 branches in the UAE. A public joint stock company, the bank is 52.76 % owned by the government of Ras Al-Khaimah and is a member of the UBF (UAE Banking Federation).
With the financing of your business at stake, it’s important to choose the right bank. Choose wisely, and you will foster a solid, dependable and supportive relationship.
Get help from a dedicated team in Dubai
A key benefit of the partnership is a dedicated RAKBANK team has been set up at BIZ headquarters in Dubai.
This means you can meet banking specialists, ask advice and solve any issues whenever you need support, without having to travel to more distant branches.
Importantly, the Dubai team provides you with all the assistance you need to open and run a corporate bank account in compliance with UAE regulations.
Choice of financing options
BIZ’s partnership with RAKBANK means entrepreneurs can benefit from a wider choice of financing options to start and a grow a business in the UAE.
Among the options available are:
- Business loans
- Islamic business finance
- Real estate finance
- Machinery finance
- Point of sale finance
BIZ’s Dubai team can provide help with applying for loans, credit and debit cards, as well as the new zero balance RAKstarter account specifically designed for entrepreneurs and startups.
Available in AED, US dollars, euros and pound sterling, the RAK starter account offers great benefits. These include attractive interest, no ledger or fall-back fee, access to business financing products and an unlimited check book facility.
The account also provides competitive foreign exchange, trade finance and fixed deposit rates, as well as a dedicated relationship manager and 24-hour phone banking.
Whatever finance assistance you choose, you can rest assured you will benefit from 0% interest on every service you select.
This will be a welcome relief to entrepreneurs looking to keep costs down when opening a corporate bank account and obtaining finance to start and grow a venture.
Support across the board
One of the most common reasons for account rejection is incorrect or incomplete documentation.
To avoid costly errors, the BIZ team provides assistance with the whole banking process from its dedicated team in Dubai.
Get help wherever you need it
For AED 2,625, you benefit from comprehensive support at every state of the process, including:
- Introduction to bankers
- Assistance with relationship manager contact
- Help with documentation and meetings
- Support with compliance
- Shared PO Box and address in Dubai
- Free document processing
- Dedicated customer service
You also get a money back guarantee of AED 2,100 if the bank account is declined due to any reason except fraud.
Easy application process
While the process is relatively straightforward, the actual documentation isn’t. This is where BIZ’s partnership with RAKBANK can help you save time and money.
You just need to:
- Meet with zone authorities
- Meet with bank representatives
- Submit your application
- Receive your account documents
With the support of the dedicated BIZ team, you can simplify all your corporate banking needs. This will free up more time to grow your business and enjoy all the benefits Fujairah Creative City Free Zone has to offer.