UAE Launches 60-Minute Business Bank Account Service

RAKEZ and Rakbank have launched a new service allowing eligible businesses with a RAKEZ trade licence to open a Business Current Account within 60 minutes.

The service is designed to reduce the time required for businesses to access banking facilities, supporting companies as they establish operations or expand in the UAE.

The offer is available to new and existing RAKEZ businesses and includes a zero minimum balance requirement for the first 12 months.

Businesses will also benefit from a discounted monthly account maintenance fee of AED49 during the first year, helping reduce initial banking costs for companies.

Eligible businesses maintaining an average monthly balance of AED25,000 can receive AED1,000 cashback during each of the first three months after opening the account.

The banking package also includes zero fees on domestic and international transfers under Rakbank’s current acquisition offer, valid until October 31, 2026.

The initiative is aimed at simplifying business banking for companies operating within RAKEZ, giving entrepreneurs faster access to essential financial services and transaction capabilities.