For any new founder, one of the first post-registration challenges is opening a corporate bank account. Without it, you cannot receive payments, run payroll, or demonstrate financial credibility to clients and partners. In the UAE, the banking onboarding process involves Know Your Customer (KYC) checks, compliance documentation, and shareholder verification, steps that can delay your first transaction by weeks. 

Dubai South Business Hub (DSBH) has partnered with RAKBANK to remove this friction. As part of the Corporate Partnerships Program, licence holders receive a structured banking onboarding pathway, meaning you move from registration to operational banking faster and with dedicated support. 

About RAKBANK

RAKBANK (National Bank of Ras Al Khaimah) is one of the UAE's oldest commercial banks, established in 1976 and listed on the Abu Dhabi Securities Exchange. With 20 branches and a full digital banking platform, RAKBANK has positioned itself as a leading bank for SMEs and new business ventures, including recognition at Euromoney's UAE Best Bank for SMEs. It offers both conventional and Sharia-compliant banking through its RAKIslamic division. 

The Banking Gap for New Free Zone Companies 

New Free Zone entities without an existing UAE banking relationship can face delays and uncertainty during account opening. These delays carry real consequences: companies cannot transact commercially, may struggle to meet Wages Protection System (WPS) obligations for staff, or appear financially unestablished to prospective clients. 

The DSBH-RAKBANK partnership creates a guided pathway that addresses these issues directly. Account officers familiar with the Free Zone's licence structure and documentation requirements handle onboarding, reducing back-and-forth and speeding up approval. 

What RAKBANK Offers DSBH Founders 

Startup-Friendly Account Options 

RAKBANK offers business current accounts with flexible minimum balance requirements, including startup-friendly options for early-stage companies managing tight working capital. All accounts are accessible via RAKBANK's digital platform, enabling online fund transfers, account monitoring, and transaction management from day one. 

Example: A sole-founder consultancy can open an account and begin invoicing clients within days of licence issuance, without maintaining a significant cash balance in the account. 

Multi-Currency Access for International Business 

For founders engaged in cross-border trade or international service delivery, common for companies in Dubai South given its proximity to Al Maktoum International Airport and the Dubai Logistics Corridor, RAKBANK provides dedicated support for multi-currency account functionality and international transfers. Premium packages include bundled international transfer allowances, reducing conversion costs. Explore the full range of permitted business activities to see how this applies to your sector. 

Bundled Business Tools 

Select RAKBANK account packages include access to corporate insurance, accounting software connectivity, and expense management services, reducing administrative overhead for early-stage companies. These complement the post-licensing tools available through the Beyond Hub platform, which covers residency, compliance, and business support services. 

Eligibility and Access 

All active DSBH licence holders are eligible for the RAKBANK partnership benefit. Use the Business Setup Cost Calculator to plan your investment before starting the banking process. For additional post-licensing support including visa processing, PRO services, and VAT registration, access Beyond Hub value-added services which runs in parallel with banking onboarding. 

Getting Started with RAKBANK 

DSBH licence holders can initiate their business banking application directly through RAKBANK's dedicated business banking portal at rakbank.ae/en/business. Full details of available account structures, documentation requirements, and application procedures are available there. 

Start your business with the right ecosystem

Explore company setup opportunities at Dubai South Business Hub where licensing, banking, payments, and more come together in one founder-first ecosystem. 

Frequently Asked Questions 

Can a newly licensed Free Zone company open a RAKBANK business account? 

Yes. RAKBANK accepts applications from newly incorporated Free Zone entities including DWC-LLC companies. You will need your trade licence, Memorandum of Association, and shareholder IDs or passports. The partnership means account officers are already familiar with DSBH's licence structure, reducing documentation queries. 

What are the minimum balance requirements? 

RAKBANK offers a range of accounts including startup-friendly options with no minimum balance requirement, suited to companies in their first months before revenue flows are established. The right tier depends on your expected transaction volumes and preferred features. 

Does RAKBANK support WPS salary payments? 

Yes. RAKBANK's platform is WPS-compliant, enabling companies to process salaries in line with MOHRE requirements. This is essential for any Free Zone company employing staff and directly relevant to companies managing visa sponsorships through DSBH's residency support services. 

Can I hold multiple currencies in my RAKBANK account? 

Yes. RAKBANK offers dedicated support for multi-currency accounts, particularly relevant for trading, e-commerce, or professional services companies billing international clients. This reduces conversion costs and simplifies cross-border settlement.