What documents does a Bangladeshi national need to start a insurance brokerage business in the UAE?

You will need a valid Bangladesh passport (minimum 6 months validity), passport-sized photos, proof of address in Bangladesh, attested documents via Bangladesh Ministry of Foreign Affairs, and a business plan for your insurance brokerage venture.

How long does it take for a Bangladeshi citizen to set up a insurance brokerage company in RAK ICC?

The complete process — from initial application to trade licence issuance — typically takes 3–6 business days. Adding visa processing and bank account opening, the total timeline is approximately 13–23 business days.

What are the annual renewal costs for an Insurance Brokerage business in RAK International Corporate Centre?

The annual licence renewal for an Insurance Brokerage RAK ICC company costs approximately AED 12,500, which covers the trade licence fee. Additional annual costs may include office space rental, visa renewal, and establishment card fees. IBA provides renewal services to ensure uninterrupted business operations.

How much does it cost to set up an Insurance Brokerage business in RAK International Corporate Centre?

The total setup cost for an Insurance Brokerage business in RAK ICC starts from approximately AED 12,500 for the trade licence. Additional costs include visa processing (AED 0 per visa), office space, and establishment card fees. IBA provides a detailed cost breakdown during your free consultation.

How long does it take to get a Insurance Brokerage licence in RAK ICC?

The typical processing time for a insurance brokerage licence at RAK ICC is 3 business days, subject to document completeness and any regulatory approvals. As a regulated activity requiring Insurance Authority approval, additional time of 1-3 weeks may be required.

Do I need to be physically present in the UAE to set up a Insurance Brokerage company in RAK ICC?

Most of the setup process for a insurance brokerage business in RAK ICC can be completed remotely, with documents submitted online or via courier. Offshore company registration can typically be completed entirely remotely without any UAE visit.

What documents do I need to set up an Insurance Brokerage business in RAK ICC?

The standard documents required include: passport copies of all shareholders, passport-sized photographs, a completed application form, a business plan or activity description, and proof of address. As a regulated activity, you will also need to provide professional qualifications or certifications required by Insurance Authority. IBA handles all document preparation and submission on your behalf.

Insurance Brokerage in RAK International Corporate Centre for Bangladeshi nationals

OffshoreFinancialRegulated Activity

Insurance Brokerage in RAK ICC

Starting From

AED 12,500

Setup Time

3 Business Days

Visa Quota

0 Visas

Location

Ras Al Khaimah

About Insurance Brokerage

The UAE continues to attract Bangladeshi entrepreneurs seeking to tap into the Middle Eastern market, and RAK ICC is one of the most popular jurisdictions for insurance brokerage operations. Fourth-largest expatriate community in the UAE (~700,000), which means you will find an established support network, community events, and nationality-specific resources to help your business thrive.

Operating from RAK International Corporate Centre gives your Insurance Brokerage business access to Ras Al Khaimah's world-class infrastructure, including modern office facilities and excellent connectivity. As a regulated activity, you will need approval from Insurance Authority before commencing operations, but IBA's team handles this process seamlessly on your behalf.

IBA International has been helping entrepreneurs set up insurance brokerage businesses in RAK International Corporate Centre since 2004. Our team of incorporation specialists will guide you through every step, from initial consultation to licence issuance and bank account opening, ensuring a smooth and efficient setup experience.

Why RAK ICC for Insurance Brokerage?

Choosing RAK ICC for your insurance brokerage business comes with a host of strategic advantages that directly impact your bottom line and growth potential.

The jurisdiction offers cost-effective offshore structure, which is particularly valuable for insurance brokerage operations. Additionally, full foreign ownership ensures that your business remains competitive in the regional market. The offshore structure provides maximum confidentiality and is ideal for holding assets, intellectual property, and international trade operations. Many international businesses choose the offshore route for its streamlined compliance requirements and ability to open multi-currency bank accounts with leading UAE banks. No tax obligation further enhances the appeal of RAK ICC for insurance brokerage professionals. Furthermore, confidentiality protection positions your insurance brokerage business for long-term success in the region. With Ras Al Khaimah continuing to invest in infrastructure and business-friendly regulation, RAK ICC remains an excellent choice for both start-ups and established financial enterprises looking to expand into the Middle East and North Africa region.

For Bangladeshi nationals specifically, the Ras Al Khaimah government has fostered a business-friendly environment with streamlined processes that cater to the large Bangladeshi business community.

Cost-effective offshore structure

Full foreign ownership

No tax obligation

Confidentiality protection

International business flexibility

Visa Requirements for Bangladeshi Nationals

Bangladeshi nationals require a pre-arranged UAE visa. Employment or investor visa is processed through the company after incorporation. Once your insurance brokerage licence is issued by RAK ICC, IBA will process your residence visa application, Emirates ID, and medical fitness tests. The entire process typically takes 8–15 business days from licence approval to visa stamping.

Banking for Bangladeshi Business Owners

Bangladeshi entrepreneurs can open corporate accounts with standard documentation. Some banks may require additional proof of business activity. For your insurance brokerage business in RAK ICC, IBA recommends opening a corporate account with a bank that has experience serving Bangladeshi business owners. We will prepare your banking file including the trade licence, shareholder documents, business plan, and any Bangladesh-specific attestations required.

Document Attestation for Bangladeshi Nationals

Bangladeshi nationals setting up a business in the UAE will need to attest certain documents through Bangladesh Ministry of Foreign Affairs. This typically includes your passport copy, educational certificates (if applicable for insurance brokerage), and any existing business documents. The attestation must then be verified by the UAE Embassy in Abu Dhabi before submission to RAK ICC.

Requirements & Documents

1Valid Bangladesh passport (minimum 6 months validity)

2Documents attested by Bangladesh Ministry of Foreign Affairs

3UAE Embassy attestation from Abu Dhabi

4Proof of residential address (utility bill or bank statement)

5Passport copies of all shareholders and directors (valid for at least 6 months)

6Passport-sized photographs with white background

7Bank reference letter from your current bank

8Proposed company name (2-3 alternatives)

Regulatory Note: Insurance Brokerage is a regulated activity in the UAE. Additional approval from Insurance Authority is required. IBA can guide you through the full regulatory process.

Cost Breakdown

Item	Cost (AED)
License Fee	12,500
Estimated Total (Year 1)	From AED 12,500

* Costs are indicative and subject to change. Contact IBA for a personalised quote.

Setup Timeline

Consultation

Free consultation with IBA to discuss your insurance brokerage business plan and the best RAK ICC licence options for Bangladeshi nationals.

Document Preparation

Prepare and attest all required documents from Bangladesh through Bangladesh Ministry of Foreign Affairs and the UAE Embassy.

Licence Application

Submit the insurance brokerage licence application to RAK ICC. IBA handles all paperwork and government interactions.

Trade Licence Issued

Receive your official RAK ICC trade licence within 3–6 business days.

Visa Processing

Process your UAE residence visa, Emirates ID, and medical fitness. Bangladeshi nationals require a pre-arranged UAE visa.

Bank Account

Open a corporate bank account. Bangladeshi entrepreneurs can open corporate accounts with standard documentation.

Start Operations

Your insurance brokerage business is ready to operate in the UAE. IBA provides ongoing PRO, accounting, and compliance support.

Total estimated time: 3 business days. IBA handles the entire process end-to-end so you can focus on your business.

Frequently Asked Questions

Yes. RAK ICC allows 100% foreign ownership for all nationalities, including Bangladeshi nationals. No local sponsor or partner is required.

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