What documents does a British national need to start a money exchange business in the UAE?

You will need a valid United Kingdom passport (minimum 6 months validity), passport-sized photos, proof of address in United Kingdom, attested documents via Foreign, Commonwealth & Development Office (FCDO), and a business plan for your money exchange venture.

How long does it take for a British citizen to set up a money exchange 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.

How long does it take to get a Money Exchange licence in RAK ICC?

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

How much does it cost to set up a Money Exchange business in RAK International Corporate Centre?

The total setup cost for a Money Exchange 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.

Can I open a corporate bank account with my RAK ICC Money Exchange licence?

Yes, with a valid trade licence from RAK ICC, you can open a corporate bank account at any UAE bank. Offshore companies can open corporate accounts, though the choice of banks may be more limited. IBA assists with introductions and documentation for smooth bank account opening.

What are the annual renewal costs for a Money Exchange business in RAK International Corporate Centre?

The annual licence renewal for a Money Exchange 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.

What documents do I need to set up a Money Exchange 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 Central Bank of UAE. IBA handles all document preparation and submission on your behalf.

Money Exchange in RAK International Corporate Centre for British nationals

OffshoreFinancialRegulated Activity

Money Exchange in RAK ICC

Starting From

AED 12,500

Setup Time

3 Business Days

Visa Quota

0 Visas

Location

Ras Al Khaimah

About Money Exchange

As a British national looking to establish a Money Exchange business in RAK International Corporate Centre, the UAE offers one of the most welcoming environments for international entrepreneurs. United Kingdom has strong bilateral trade relations with the UAE, and thousands of British professionals have already successfully set up businesses across the emirates.

As an offshore entity regulated under Ras Al Khaimah's commercial laws, your Money Exchange business will benefit from cost-effective offshore structure and full foreign ownership. The RAK ICC licensing framework is designed to accommodate both start-ups and established firms, with annual licence fees starting from approximately AED 12,500.

With over two decades of experience in UAE business formation, IBA International provides end-to-end support for your money exchange setup in RAK ICC. Our dedicated advisors handle the paperwork, government liaisons, and compliance requirements, so you can focus on building your business from day one.

Why RAK ICC for Money Exchange?

There are several compelling reasons why RAK International Corporate Centre continues to attract money exchange entrepreneurs from around the world.

The jurisdiction offers cost-effective offshore structure, which is particularly valuable for money exchange 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 money exchange professionals. Furthermore, confidentiality protection positions your money exchange 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 British nationals specifically, the Ras Al Khaimah government has fostered a business-friendly environment with streamlined processes that cater to the large British business community.

Cost-effective offshore structure

Full foreign ownership

No tax obligation

Confidentiality protection

International business flexibility

Visa Requirements for British Nationals

British nationals can enter the UAE visa-free for 30 days. For business setup, a residence visa is processed after company incorporation. Once your money exchange 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 British Business Owners

British nationals generally experience smooth corporate bank account opening. UK-regulated banking history is viewed favourably by UAE banks. For your money exchange business in RAK ICC, IBA recommends opening a corporate account with a bank that has experience serving British business owners. We will prepare your banking file including the trade licence, shareholder documents, business plan, and any United Kingdom-specific attestations required.

Document Attestation for British Nationals

British nationals setting up a business in the UAE will need to attest certain documents through Foreign, Commonwealth & Development Office (FCDO). This typically includes your passport copy, educational certificates (if applicable for money exchange), 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 United Kingdom passport (minimum 6 months validity)

2Documents attested by Foreign, Commonwealth & Development Office (FCDO)

3UAE Embassy attestation from Abu Dhabi

4Passport-sized photographs with white background

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

6Professional qualification certificates or approvals from Central Bank of UAE

7Proof of residential address (utility bill or bank statement)

8Proposed company name (2-3 alternatives)

Regulatory Note: Money Exchange is a regulated activity in the UAE. Additional approval from Central Bank of UAE 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 money exchange business plan and the best RAK ICC licence options for British nationals.

Document Preparation

Prepare and attest all required documents from United Kingdom through Foreign, Commonwealth & Development Office (FCDO) and the UAE Embassy.

Licence Application

Submit the money exchange 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. British nationals can enter the UAE visa-free for 30 days.

Bank Account

Open a corporate bank account. British nationals generally experience smooth corporate bank account opening.

Start Operations

Your money exchange 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 British nationals. No local sponsor or partner is required.

Money Exchange in Other Jurisdictions

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IFZA

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DSO

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