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

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

How long does it take for an Egyptian 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.

Is RAK International Corporate Centre good for money exchange start-ups?

RAK ICC is well-suited for both start-ups and established businesses, offering cost-effective offshore structure and full foreign ownership.

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.

What business activities can I include on my RAK ICC licence?

Your RAK ICC licence can include money exchange as the primary activity, along with related activities that fall under the same category. Mainland licences can include multiple activities, provided they fall within the same licence category (professional, commercial, or industrial). IBA advises on the optimal activity selection for your business needs.

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

Most of the setup process for a money exchange 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.

Money Exchange in RAK International Corporate Centre for Egyptian 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

Setting up a Money Exchange business in RAK International Corporate Centre as an Egyptian citizen is a straightforward process when you understand the specific requirements that apply to Egypt-based entrepreneurs. IBA International has helped hundreds of Egyptian business owners navigate the licensing, visa, and banking procedures unique to their nationality.

The licensing process at RAK ICC has been streamlined significantly, with most financial licences processed within 3 business days. As an offshore entity, you benefit from maximum privacy and asset protection. The base licence fee is approximately AED 12,500, making it competitively priced for the services included.

At IBA International, we simplify the process of establishing your money exchange business in RAK International Corporate Centre. From selecting the right licence type to securing your visa and opening a corporate bank account, our experienced team ensures every detail is handled professionally and efficiently.

Why RAK ICC for Money Exchange?

RAK International Corporate Centre is widely regarded as one of the UAE's premier destinations for financial businesses, and for good reason.

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

Cost-effective offshore structure

Full foreign ownership

No tax obligation

Confidentiality protection

International business flexibility

Visa Requirements for Egyptian Nationals

Egyptian nationals require a pre-arranged UAE visa. Employment or investor visa is processed through the company after 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 Egyptian Business Owners

Egyptian entrepreneurs can open corporate accounts with standard documentation. Long-standing UAE-Egypt relations facilitate banking processes. For your money exchange business in RAK ICC, IBA recommends opening a corporate account with a bank that has experience serving Egyptian business owners. We will prepare your banking file including the trade licence, shareholder documents, business plan, and any Egypt-specific attestations required.

Document Attestation for Egyptian Nationals

Egyptian nationals setting up a business in the UAE will need to attest certain documents through Egyptian Ministry of Foreign Affairs. 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 Egypt passport (minimum 6 months validity)

2Documents attested by Egyptian Ministry of Foreign Affairs

3UAE Embassy attestation from Abu Dhabi

4Passport-sized photographs with white background

5Relevant industry experience documentation

6Proposed company name (2-3 alternatives)

7Notarised power of attorney (if applicable)

8Bank reference letter from your current bank

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 Egyptian nationals.

Document Preparation

Prepare and attest all required documents from Egypt through Egyptian Ministry of Foreign Affairs 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. Egyptian nationals require a pre-arranged UAE visa.

Bank Account

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

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 Egyptian nationals. No local sponsor or partner is required.

Money Exchange in Other Jurisdictions

DIC

From AED 15,000

RAKEZ

From AED 7,500

DIFC

From AED 12,000

SHAMS

From AED 6,150

JAFZA

From AED 16,000

DMCC

From AED 15,300

IFZA

From AED 11,750

DSO

From AED 12,000