The corporate legislation, which is applicable in the jurisdiction of the Ras Al Khaimah trade zone, provides the possibility of opening a bank account by the offshore company RAK ICC (former - RAK IBC) abroad. But, it should be noted that practically all foreign banking and financial institutions most likely would demand to carry out the legalization of the incorporation documents of the company. Such legalization is carried out via the Ministry of foreign Affairs of the UAE and the Consulate of the country which requires the documents.
Some banks, depending on their types, do not require personal presence of the applicant when opening a foreign bank account for RAK ICC offshore company. At the same time in other banks, your presence can be the obligatory condition.
As to the time required, under the condition of submitting of all the necessary documentation, the whole procedure of opening a corporate bank account can take several weeks.
What option to choose for opening bank account for RAK ICC?
In praxis opening a bank account for UAE offshore abroad is much more difficult and requires more efforts, for this reason, the majority of customers prefer the option of opening an account in the UAE.
