Bank account opening procedure in Dubai for RAK Offshore Company

To open a bank account for a RAK Offshore Company in the case that the Shareholder  and the Director are legal entities, the following are required:

• If the Shareholder of the company is a legal entity:

1. The Account Opening Form (AOF) to be signed by the Authorized Signatory/ies. This can        be established through a board resolution by the Parent Company / Shareholding Company;
2. A copy of the Certificate of Formation/ Incorporation issued by RAK FTZ;
3. A copy of the Memorandum & Articles of Association issued by RAK FTZ;
4. A copy of the Share Certificate (if share details are not mentioned in the MOA issued by RAK FTZ);
5. A Board Resolution to open a bank account (or Power of Attorney);
6. A copy of the Certificate of Formation/ Incorporation of the Parent Company;
7. A copy of the Memorandum of Association of the Parent Company;
8. Passport copies of all the Shareholders of the Parent company who hold 5% or more shares in the company;
9. An original Bank Reference Letter in favor of the Authorized Signatory.

Note: If the parent company is not incorporated in the UAE, then all the documents from the Parent Company (Board Resolution, MOA & AOA, Register of Shares etc) must be attested by the UAE Embassy in the respective country and by the Ministry of Foreign Affairs in the UAE (as per the requirement of the Central Bank of the UAE).

*We can assist you with the legalization of the documents by the UAE Ministry of Foreign Affairs, if required.

• General and Financial Company Information:

1. Nature of the business;
2. Experience and background of the Owner;
3. Monthly turnover expected in UAE Dirhams (AED);
4. Any two business partners and their respective countries;
5. Any two clients and their respective countries;
6. Source of initial funds;
7. Initial transfer;
8. Preferred currency/ies for the account opening;
9. Office address of the Company;
10. Home country address and contact details of the Managing Director of the company of this account;
11. Website if any;
12. Specify the name of the bank where the company currently holds an active bank account (please provide a scanned copy of a bank statement for the previous two months).

For any further information or any assistance/consultancy on the procedure, do not hesitate to contact us