Onshore companies may open accounts in the UAE and abroad. Furthermore, those types of companies that oblige payment of share capital in the process of registration, are advised to open an account in the UAE.
In all other cases, the owners of the company may act at the own discretion. Furthermore, in practice, the majority of onshore companies in Ras Al Khaimah opt for opening an account in the country.
There are two option for opening the account – for those companies that require payment of the share capital, the account is opened in the course of company registration and completion of the registration is impossible without capital being paid in.
Those companies that do not prescribe payment of share capital, may be fully registered and the account may be opened later.
In case of annual renewal the company shall submit documents to the bank confirming its renewal.
In the event cheque book is required for onshore in Ras al Khaimah, it may be procured only if the director of the company has obtained resident visa in the UAE.
