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
The UAE continues to attract Pakistani entrepreneurs seeking to tap into the Middle Eastern market, and RAK ICC is one of the most popular jurisdictions for money exchange operations. Second-largest expatriate community in the UAE (~1.5 million), 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 Money Exchange 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 Central Bank of UAE before commencing operations, but IBA's team handles this process seamlessly on your behalf.
IBA International has been helping entrepreneurs set up money exchange 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 Money Exchange?
Choosing RAK ICC for your money exchange 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 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 Pakistani nationals specifically, the Ras Al Khaimah government has fostered a business-friendly environment with streamlined processes that cater to the large Pakistani business community.
Visa Requirements for Pakistani Nationals
Banking for Pakistani Business Owners
Document Attestation for Pakistani Nationals
Requirements & Documents
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 Pakistani nationals.
Document Preparation
Prepare and attest all required documents from Pakistan through Ministry of Foreign Affairs Pakistan 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. Pakistani nationals require a pre-arranged UAE visa.
Bank Account
Open a corporate bank account. Pakistani entrepreneurs can open corporate bank 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 Pakistani nationals. No local sponsor or partner is required.
Money Exchange in Other Jurisdictions
Get Started Today
Ready to set up your money exchange in RAK ICC? Our team is here to help.
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Official Source
www.rakicc.com ↗Popular in RAK ICC
By IBA Business Setup Team
Last updated: 26 February 2026
International Business Advisors DMCC has been helping entrepreneurs set up businesses in the UAE since 2004, with 20+ years of hands-on expertise.
Ready to Start Your Money Exchange?
Get a personalised quote for setting up your money exchange in RAK ICC. Our advisors are ready to guide you through every step.