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

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

How long does it take for an Indian 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.

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.

What are the annual renewal costs for a Money Exchange business in Ras Al Khaimah Economic Zone?

The annual licence renewal for a Money Exchange RAKEZ company costs approximately AED 7,500, 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 business activities can I include on my RAKEZ licence?

Your RAKEZ licence can include money exchange as the primary activity, along with related activities that fall under the same category. Most free zones allow multiple activities on a single licence, though some may charge a small fee for additional activities. IBA advises on the optimal activity selection for your business needs.

Is Ras Al Khaimah Economic Zone good for money exchange start-ups?

RAKEZ is one of the most start-up-friendly jurisdictions in the UAE, offering cost-effective licensing and industrial and commercial zones. Flexible office solutions starting from AED 3,000 per year help keep initial overheads manageable.

What are the tax implications for a Money Exchange business in Ras Al Khaimah Economic Zone?

The UAE introduced a 9% corporate tax on profits exceeding AED 375,000 (effective June 2023). Free zone companies like those in RAKEZ may qualify for a 0% corporate tax rate on qualifying income, provided they meet the substance requirements and do not conduct business with the mainland. There is no personal income tax in the UAE. VAT at 5% applies to most goods and services.

Money Exchange in Ras Al Khaimah Economic Zone for Indian 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

Setting up a Money Exchange business in Ras Al Khaimah Economic Zone as an Indian citizen is a straightforward process when you understand the specific requirements that apply to India-based entrepreneurs. IBA International has helped hundreds of Indian business owners navigate the licensing, visa, and banking procedures unique to their nationality.

The licensing process at RAKEZ has been streamlined significantly, with most financial licences processed within 3 business days. As a free zone entity, you will enjoy 100% foreign ownership with no requirement for a local sponsor. The base licence fee is approximately AED 7,500, making it one of the most affordable options in the UAE.

At IBA International, we simplify the process of establishing your money exchange business in Ras Al Khaimah Economic Zone. 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 RAKEZ for Money Exchange?

Ras Al Khaimah Economic Zone is widely regarded as one of the UAE's premier destinations for financial businesses, and for good reason.

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

Cost-effective licensing

Industrial and commercial zones

100% foreign ownership

Gateway to Northern Emirates

Manufacturing facilities

Visa Requirements for Indian Nationals

For Indian entrepreneurs, the visa process works as follows: Indian passport holders can obtain a UAE visa on arrival for 14 days. For business setup, a proper residence visa is required. 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 Indian Business Owners

Opening a corporate bank account for your money exchange company in RAKEZ: Indian nationals typically find it straightforward to open corporate accounts with UAE banks. Many banks have dedicated Indian business desks. IBA has established relationships with major UAE banks and will personally introduce you to relationship managers who understand Indian business structures.

Document Attestation for Indian Nationals

Document attestation for Indian nationals involves: (1) Notarisation in India, (2) Attestation by MEA (Ministry of External 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 India passport (minimum 6 months validity)

2Documents attested by MEA (Ministry of External Affairs)

3UAE Embassy attestation from Abu Dhabi

4Completed application form for trade licence

5Proof of residential address (utility bill or bank statement)

6Signed application form from RAKEZ authority

7Relevant industry experience documentation

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 Indian nationals.

Document Preparation

Prepare and attest all required documents from India through MEA (Ministry of External 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. Indian passport holders can obtain a UAE visa on arrival for 14 days.

Bank Account

Open a corporate bank account. Indian nationals typically find it straightforward to open corporate accounts with UAE banks.

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 Indian 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