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 RAKEZ?

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 much does it cost to set up a Money Exchange business in Ras Al Khaimah Economic Zone?

The total setup cost for a Money Exchange business in RAKEZ starts from approximately AED 7,500 for the trade licence. Additional costs include visa processing (AED 3,700 per visa), office space, and establishment card fees. IBA provides a detailed cost breakdown during your free consultation.

What documents do I need to set up a Money Exchange business in RAKEZ?

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.

Can a foreigner own 100% of a Money Exchange company in Ras Al Khaimah Economic Zone?

Yes, RAKEZ allows 100% foreign ownership with no requirement for a local partner or sponsor. This is one of the key advantages of establishing your business in this jurisdiction.

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

The typical processing time for a money exchange licence at RAKEZ 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.

Can I get a residence visa with my Money Exchange licence from RAKEZ?

Yes, your money exchange licence from RAKEZ entitles you to apply for residence visas. The standard package includes 3 visa(s), with the option to apply for additional visas based on your office space. Each visa costs approximately AED 3,700.

Money Exchange in Ras Al Khaimah Economic Zone for Egyptian nationals

Free ZoneFinancialRegulated Activity

Money Exchange in RAKEZ

Starting From

AED 7,500

Setup Time

3 Business Days

Visa Quota

3 Visas

Location

Ras Al Khaimah

About Money Exchange

As an Egyptian national looking to establish a Money Exchange business in Ras Al Khaimah Economic Zone, the UAE offers one of the most welcoming environments for international entrepreneurs. Egypt has strong bilateral trade relations with the UAE, and thousands of Egyptian professionals have already successfully set up businesses across the emirates.

As a free zone entity regulated under Ras Al Khaimah's commercial laws, your Money Exchange business will benefit from cost-effective licensing and industrial and commercial zones. The RAKEZ licensing framework is designed to accommodate both start-ups and established firms, with annual licence fees starting from approximately AED 7,500.

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

Why RAKEZ for Money Exchange?

There are several compelling reasons why Ras Al Khaimah Economic Zone continues to attract money exchange entrepreneurs from around the world.

The jurisdiction offers cost-effective licensing, which is particularly valuable for money exchange operations. Additionally, industrial and commercial zones ensures that your business remains competitive in the regional market. As a free zone entity, your business enjoys complete repatriation of profits and capital, with no currency restrictions on transactions. Office solutions start from AED 3,000 per year for a flexi desk, making it accessible for businesses of all sizes. The standard licence includes a visa quota of 3 residency visas, with options to increase this number as your team grows. 100% foreign ownership further enhances the appeal of RAKEZ for money exchange professionals. Furthermore, gateway to northern emirates 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, RAKEZ 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 licensing

Industrial and commercial zones

100% foreign ownership

Gateway to Northern Emirates

Manufacturing facilities

Visa Requirements for Egyptian Nationals

For Egyptian entrepreneurs, the visa process works as follows: Egyptian nationals require a pre-arranged UAE visa. Employment or investor visa is processed through the company after incorporation. IBA handles the complete immigration procedure — from entry permit to residence visa stamping — so you can focus on launching your money exchange business in RAKEZ.

Banking for Egyptian Business Owners

Opening a corporate bank account for your money exchange company in RAKEZ: Egyptian entrepreneurs can open corporate accounts with standard documentation. Long-standing UAE-Egypt relations facilitate banking processes. IBA has established relationships with major UAE banks and will personally introduce you to relationship managers who understand Egyptian business structures.

Document Attestation for Egyptian Nationals

Document attestation for Egyptian nationals involves: (1) Notarisation in Egypt, (2) Attestation by Egyptian Ministry of Foreign Affairs, (3) UAE Embassy attestation in Dubai. IBA provides a complete attestation checklist specific to money exchange businesses to ensure nothing is missed.

Requirements & Documents

1Valid Egypt passport (minimum 6 months validity)

2Documents attested by Egyptian Ministry of Foreign Affairs

3UAE Embassy attestation from Abu Dhabi

4Passport copies of all shareholders and directors (valid for at least 6 months)

5Proposed company name (2-3 alternatives)

6Completed application form for trade licence

7Passport-sized photographs with white background

8Detailed business plan or activity description

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	7,500
Visa Package (per visa)	3,700
Flexi Desk	3,000
Shared Office	7,000
Private Office	15,000
Estimated Total (Year 1)	From AED 14,200

* 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 RAKEZ 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 RAKEZ. IBA handles all paperwork and government interactions.

Trade Licence Issued

Receive your official RAKEZ 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. RAKEZ 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