Offshore Bank Account Formation – Ras Al-Khaimah (RAK)
Banking System in RAK
RAK is also known as Ras al Khaimah. It is one of the seven emirates that constitute the United Arab Emirates or UAE. RAK is making significant developments in the areas of education, health and infrastructure development. Now it is also focussing on the field of economic development in the emirate.
Banking System in RAK
Banking system in Ras al Khaimah is mostly depending on RAKBANK. RAKBANK is the trading name of the National bank of Ras al Khaimah. This RAKBANK is basically a public joint stock company or PJSC, which is having its head quarter at Ras al Khaimah, in the United Arab Emirates.
RAKBANK is enlisted in the Security Exchange of Abu Dhabi, or in the ADX. The shares of RAKBANK are traded publicly. RAKBANK serves as a retail and a business bank in the UAE. It has an asset of close to AED 34.5 billion, as per estimate made in the year 2014.
RAKBANK provides banking services to conventional and Islamic small businesses, retail businesses and commercial banking, through its wide network of thirty nine branches and 293 ATMs throughout UAE. RAKBANK also provides its services through telephone banking, online banking and mobile banking, to its customers.
RAKBANK has been ranked as the 1st bank on the list in the UAE, among the top 1000 Arab banks, in the year 2014, by Return of Assets or the ROA. RAKBANK has also been ranked as 17th, in all over the world.
RAKBANK is a bank among very few commercial banks in the entire UAE, which recorded profit after the year 2009. RAKBANK started its Islamic Banking Unit, the RAKBANK AMAL and investments came in flooding from the entire Sharia compliant financial sector in Ras al Khaimah. RAK Islamic Finance Company is a subsidiary of RAKBANK, which offers all Islamic banking products and services to its customers.
RAK is one of the seven emirates of UAE. It is considered as one of the top rated regions for businessman as they have the minimum tax rates in the world. It has world class infrastructure, low labour rates and full privacy. The banks also offer maximum support to the account owners. They provide additional services like internet banking and access to debit/credit card.
Banks Available at RAK
The minimum balance you need to sustain bank account is AED 3000. Amount kept less than this in the account is charged with AED 25 as a penalty. This bank has interest rate of 0.75% on amount of more than 1Million USD or 100,000 AED. Recently the bank has started charging VAT at 5% on the service fee. The bank provides home and personal loan. Their digital banking is highly secured and the fee levied is comparatively lower than other banks in the same region.
It is one of the largest banks in UAE. They provide auto loans, home loans and personal loans. Account holders also get the option of credit and debit card, online banking and accessing other amenities. Other services include – Business Banking Solution, Business Financing Solution, Business Banking Packages and Smart Business.
The minimum account balance required is AED 3000. They provide various offers from time to time to keep their clients happy. They have a much secured online banking system. They also provide gold certificates which trades live with international market.
Documents Required For Opening Bank Account
Banking Benefits in RAK
- Best infrastructure
- Least tax rates as compared to other tax havens
- Low labour cost
- Online banking
- High confidentiality and privacy for clients
- Ease of business
- Minimum account balance is AED 3000
Why form an offshore bank account with DNS?
We have been helping individuals and companies to open up their bank account in various offshore locations. We have a cumulative experience of over 25 years in forming bank account for our customers. The process is hassle free and you just need to share some basic documents with us after which our account manager will handle all the necessary paperwork.