The government of Ras al Khaimah in the UAE has created a special area called Ras Al Khaimah Digital Assets Oasis (RAK DAO) Free Zone. In this area, companies that deal with digital assets like cryptocurrencies can do business with fewer rules.
This is great for small and big businesses. Now, they’ve started a new place called RAK Digital Assets Oasis, the first place in the world just for digital and virtual asset companies. It is made to help these companies grow and come up with new ideas.
On October 19, a very important person named His Highness Sheikh Saud bin Saqr Al Qasimi opened RAK Digital Assets Oasis (RAK DAO). This place is meant to help people who work with Web3, which is all about the internet’s future and things like digital money and smart computers.
RAK DAO is there to help people and businesses in the Web3 world. It is for companies with digital money, virtual items, and other new things like blockchain and smart contracts. This special area gives them a good place to do their work and make new ideas.
What is RAK Digital Assets Oasis (RAK DAO)?
The government of Ras al Khaimah has set up a special area called RAK Digital Oasis Free Zone. It is a place where companies can do business with fewer rules, especially in the world of virtual assets. This is good news for entrepreneurs and all sorts of businesses.
They have also created a new free zone called RAK Digital Assets Oasis, just for digital assets and cryptocurrencies and the tokenization of real-world assets. As the world is moving and changing, and now everything is moving to the world of Artificial Intelligence (AI), It is a great time and chance to start a company in the UAE.
RAK Digital Oasis Free Zone is the first place in the UAE made just for companies and entrepreneurs in the digital assets and cryptocurrency business. It is also for service providers in the virtual assets world, especially in exciting fields like the metaverse, blockchain, virtual wallets, NFTs, DAOs, DApps, and other Web3-related industries.
Benefits of RAK DAO Company Setup
The following are the benefits of setting up a company in RAK DAO Company:
Complete Ownership:
You can enjoy the freedom of 100% ownership.
Profit and Capital Repatriation:
You can take back all the money you make and invest.
Investment Chances:
You can have many opportunities and chances to invest your money.
No Need for Physical Presence:
You can apply for a license without the need for a physical presence.
Minimal Requirements:
Your company can have at least one shareholder, director, and manager (if needed).
Local Bank Account Access:
You can open a local bank account for your company.
Adaptable and Hybrid Office Spaces:
You have access to flexible office solutions.
Business Activities in RAK DAO
This free zone is created to give strong support to businesses in the Web3 field, which includes digital assets, blockchain technology, and artificial intelligence (AI).
The digital asset industry is different in various parts of the world. Some places are unsure about these new developments, while others are excited about them.
Now, the UAE wants to be a leader in supporting these technologies. They have created a special free zone called RAK DAO to help Web3 and blockchain companies. This decision is expected to bring more economic diversity to Ras Al Khaimah.
Types of Company Formation in RAK DAO
To set up a company in the RAK DAO Free Zone is very easy as they have classified it into 3 further types. Following are the 3 types of companies that will be formed in RAK DAO
- Remote Company
- Standard Company
- Freelancing
Type of Businesses Licenses
The free zone caters to companies operating in emerging non-regulated virtual assets businesses and other future technology activities, such as the
- Blockchain
- Metaverse
- NFTs
- Gaming
- DApps
- AI (Artificial Intelligence)
- Web-3 related business activities
Documents required for Company registration in RAK DAO
The following are the documents required for both individuals and companies planning to set up their business in the newly launched Free Zone in Ras Al Khaimah, RAK DAO
For Individuals
- Passport copy
- Copy of visa (for UAE residents)/entry stamp
- Copy of Emirates ID
- Business Plan
- Power of Attorney (if applicable)
- Source of funding (if applicable)
For Corporates
- Certificate of Registration
- Certificate of Extract Commercial Register (if applicable)
- Incumbency Certificate or equivalent issued within three months)
- UBO Declaration
- Memorandum of Association or equivalent
- Resolution of Board/Shareholder
Requirements to Open a Bank Account in RAK DAO
RAK DAO has friends in important banks to help people who get a license open a local bank account easily. Each bank may need different things, but to get started, you usually need:
- Registration Certificate
- License to run and operate your business
- Memorandum and Article of Association.
- A list of people who are shareholders of your business.
- Lease Agreement
- Appointment of authorized signatories for the bank account
Company Set up Process Duration in RAK DAO?
RAK DAO is a fast way to help businesses set up in a special place called the UAE Free Zone. We believe your setup can happen very quickly, in just under 7 working days. This means from the time you apply online for a RAK DAO license to when you get your actual business license.
Future Trends and Developments in RAK DAO Company Formation:
RAK DAO is like a special place designed to help businesses working with new technologies like the metaverse, blockchain, virtual money, digital wallets, unique digital items (NFTs), decentralized groups (DAOs), and special computer programs (DApps).
People who start businesses there will have control over their companies and get some benefits like special tax rules and rules for how they do things. At first, they will focus on things that aren’t related to money, but later on, they might do things with money too.
The UAE, where RAK DAO is, is doing a lot in the world of Web3 technology. In Dubai, they are working on making cool digital things for shopping and entertainment using something called the “Mall of the Metaverse.” It is like a virtual shopping place made with the help of Decentraland.
Also, the national airline, Etihad Airways, is trying out something called NFTs. They are using these special tokens for things like Mission Impossible designs on their planes to make customers more excited about flying. They are using blockchain technology for this to make it better.
Conclusion:
RAK Digital Assets Oasis is a great place for both companies and individuals who want to get involved in digital money and cryptocurrencies. It has a good location, excellent facilities, and helpful rules that are important for success in this fast-growing industry.
This special area, RAK Digital Assets Oasis, is made to encourage new ideas and technology. It has rules that are designed to support businesses, and it follows international regulations. This shows that the UAE is serious about technology and wants to create a good place for future companies to grow.
Set Up Your Company in RAK DAO with RFZ
If you are a foreign investor looking to start a business in the RAK Digital Assets Oasis free zone. RFZ is the company that can assist you in registering your company
At RFZ, we offer personalized help to people who want to start businesses in the UAE. We can assist with everything from creating a company to managing finances and making sure you follow the rules. Our experienced team. We will give you trustworthy advice at every step of your business journey in the UAE. Top of Form
Are you ready to make your business dreams a reality? Partner with RFZ, and let us do it together.
For a free consultation, contact us at +971 4 589 0815. You can also send us a WhatsApp message at +971 4 589 0815 or email your questions to info@rfz.ae.
We are here to assist you!
FAQs
Following are faq’s:
What are the registration and licensing procedures for businesses in the RAK DAO Free Zone?
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Where is the RAK DAO Free Zone located?
RAK DAO Free Zone is located in the Emirate of Ras Al Khaimah, almost a 45-minute drive from Dubai.
Who does the RAK DAO Free Zone serves to?
RAK DAO helps and supports businesses and projects that are involved in decentralized technologies like metaverse, blockchain, gaming, NFTS, DAOS, DApps, and other Web3-related businesses.
Can I apply for an RAK DAO UAE Free Zone license online?
Yes, you can apply for the license remotely. For further information regarding the license feel free to contact RFZ.
Are their coworking spaces available in Ras Al Khaimah?
RAK DAO and its partner companies provide different options for coworking space.
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