UAE corporate banking: How to make it easy


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Banking is one of the biggest challenges facing entrepreneurs in the UAE – but extensive support is now available from local experts.

Startup specialist Set Hub 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.

Benefit from:

  • 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, Set Hub 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 Set Hub 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

Set Hub’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


Set Hub’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.

If you are looking to get your company license in the UAE, free zone, or mainland, or even in Qatar and Saudi Arabia –  then our team can help. We also offer monthly installment plans for UAE company registration.

Support across the board

One of the most common reasons for account rejection is incorrect or incomplete documentation.

To avoid costly errors, the Set Hub 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 Set Hub 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 Set Hub 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.

We are the team of Set Hub, your best business setup advisor across the Gulf Region. If you are looking to open your company in Dubai, across the UAE, in KSA or Qatar, get a free zone license, or start a business in the mainland, then we can help. From visa applications to all the necessary admin tasks, we handle it all – leaving you free to get on with your business.