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Looking to dive into UAE’s growing digital and virtual asset industry? Well, a special freezone, launched in Ras al Khaimah, might be the perfect location for you to set up. That freezone is Ras al Khaimah Digital Assets Oasis (RAK DAO), the first hub in the world created just for digital and virtual asset companies.
Freelancers, solo businessmen, and companies looking to pursue activities such as blockchain, metaverse, virtual wallets, and other Web3-related industries with minimal restrictions, are all welcome in RAK DAO freezone. Pro-business environment, 100% foreign ownership, major tax savings and strategic location make business setup here not just beneficial but exciting. The digital asset market is rapidly growing and evolving. By setting up your business in RAK Digital Asset Oasis, you are positioning yourself to be part of UAE’s digital revolution.
Dubiz Business Setup brings to you exclusive range of company formation services and team of industry experts. Whether starting a new business or scaling up, we offer expert assistance that helps you navigate the legal complexities of establishing yourself in RAK DAO.
In 2023, in Ras al Khaimah, a visionary initiative was taken leading to birth of futuristic and groundbreaking RAK DAO freezone. Created as an independent authority, RAK DAO freezone was established to transform the digital and virtual asset landscape.
Today it operates as an exclusive freezone determined for supporting digital and virtual asset companies. It provides a highly efficient and facilitative business environment for those engaged in Web3-related business, digital assets, new technologies, gaming, metaverse, NFTs, and beyond.
The freezone goes even beyond businesses by offering a charming, rich and luxurious living experiences. Along with the bustling business life, you will find a thriving community who call this freezone their home.
RAK DAO Freezone offers an exciting array of business activities designed for innovators and visionaries. It is the ultimate destination for anyone looking to dive into the dynamic world of digital asset and crypto industries.
Companies and individuals operating in non-regulated digital asset and related sectors can apply for business license in Ras al Khaimah Digital Assets Oasis (RAK DAO). The freezone offers license options catering to different business models and needs. Here are the general categories of trade license available within the freezone
Standard company license is meant for entrepreneurs looking to establish their startups and companies in DAO freezone and gain local presence. Operating within the zone gives access to robust legal framework and supportive ecosystem for innovation and experimentation.
Remote company license can be obtained by remote workers and business owners. It allows operating from anywhere in the world, eliminating the geographic limitations. Entrepreneurs can explore new markets and opportunities remotely.
Freelancer license is suitable for freelancers and solo entrepreneurs looking to operate in the digital space in RAK DAO freezone. This permit offers flexible and dynamic workspaces, access to wide range of business activities and access to UAE residence visa.
The following types of legal entities can be incorporated in RAK DAO:
In a company limited by shares, shareholders liability is limited to the number of shares or amount of stake they hold in that company. This structure is ideal for profit driven businesses where company can raise their capital by issuing shares.
Company limited by guarantee lets its members act as guarantors rather than shareholders who agree to contribute a specific amount in case any company liability or debt arises. This structure is suitable for non-profit business.
A foreign company can extend its branch to the DAO freezone. The business activities are carried under the name and corporate structure of parent company. Firms looking to establish their presence without forming a separate legal entity may go for it.
The following documents are needed for:
Please note that the list of documents needed is subject to changes by the RAK DAO authority and as per desired license type.
To make the procedure of RAK DAO company setup simplified and smooth, Dubiz Business Setup experts offer assistance at each and every step. Here are the steps for RAK DAO company formation:
Determine the primary activity you want to carry out in your business. The activity you choose must be allowed by DAO freezone authority. There are a wide range of activities you can choose from in the digital asset space.
Decide the legal structure for your business such as a sole establishment, company or branch. Our team will help you determine the structure that best meets your business requirements.
Decide a suitable and lawful name for your business. Our experts at Dubiz will guide you in choosing a name that not only is unique but also complies with the zone’s naming regulations.
Keep the necessary documents handy to avoid any later complications and delays such as passport copies, visa copies, business plan, trade name choices, corporate documents, as applicable.
Based on your business model and needs, apply for the suitable business license. Then, along with all the documents, fill the license application form and submit it to RAK DAO authority. Our legal experts handle all the documentation and license application process on your behalf, making sure it moves forward smoothly.
Once your application receives approval, you will need to clear any fees as required. After doing so, you will obtain your RAK DAO license along with registration documents for your business.
You can choose from a full-fledged office to more cost-effective options, such as a flexi desk, in RAK DAO freezone. We can help you secure the ideal workspace for your business while ensuring all regulatory formalities and requirements are met.
Next comes obtaining visas and Emirates ID for yourself and staff as needed. With our expert visa services, we will guide you through the entire visa application and processing, including medicals and biometric screening, ensuring you and your employees receive them on time.
For your business, a corporate business account will be needed. The process and paperwork involved can be a bit complex, but with our guidance, you do not have to worry about a thing. We will get your business bank account set up and running in no time.
RAK Digital Assets Oasis is a vibrant hub ready to nurture and support future-oriented and visionary projects. Starting and running a business in RAK DAO freezone brings some exclusive and exciting benefits to entrepreneurs and innovators, including:
There are around 170 business activities from which businesses can choose which includes digital assets, Web-3, metaverse, artificial intelligence, gaming, computer systems and many more.
RAK DAO features a strategic geographic location, acting as a bridge between the West and the East. This makes access to international markets easy for those looking to expand on global scale.
Foreign entrepreneurs get to enjoy 100% ownership of their businesses. They get full control and profit repatriation rights, without depending on local sponsor.
Firms operating in RAK Digital Assets Oasis benefit from favourable corporate and zero personal tax rates. This helps businesses retain more of the profits earned.
The freezone has a very conducive and facilitative business environment. The process to set up a business here is quite straight forward.
The presence of modern and advanced infrastructure, high speed digital connectivity, makes the conduct of business operations, especially for tech firms, smooth and efficient.
The freezone offers provision of growth, networking and incubation opportunities for businesses and entrepreneurs.
In 2024, RAK DAO attracted around 400 companies and is home to businesses operating in exciting tech segments. Thus, one can become part of a thriving community and gain technology partners there.
If you are someone looking to transform your futuristic idea into a groundbreaking reality, RAK DAO freezone is the perfect launchpad!
The cost of business setup in RAK DAO freezone starts from AED 6,250*. Please note that the cost of RAK DAO business formation depends on your business model and requirements. Here are the RAK DAO license packages:
A freelancer permit that lets you work independently. Enjoy being member of a developed community of professionals.
Starts From
Affordable entry-level business license for startups looking to enter the digital asset market. Get your venture started in RAK DAO quickly.
Starts From
Additional services and resources accompany the business license, including comprehensive legal, compliance and banking support.
Starts From
Business license for growing companies with well-established income streams. Get access to specialized Web3-focused ecosystem.
Starts From
Check out the latest and detailed license packages offered by RAK DAO freezone here.
Ras Al Khaimah Digital Assets Oasis (RAK DAO) is the perfect hub for the companies of the future. It presents the perfect conditions and business environment for the entrepreneurs and freelancers to thrive. While setting up a company in the freezone is highly beneficial, it is extremely important to partner up with the right business consultant who can bring your dream business to life.
Dubiz Business Setup is committed to help you begin your success journey in the Emirates. From choosing the right business entity to securing you RAK DAO license, our professional legal experts make everything extremely simple for you. We are here to empower your business setup in Dubai and UAE:
Get free consultation with our experts today.
RAK Digital Assets Oasis is located in the Emirate of Ras Al Khaimah, approximately 45 minutes drive away from Dubai. Its strategic location makes it a bridge between the West and the East.
Anyone working in the permitted sectors can apply for RAK DAO license and start a company there. They even can enjoy 100% ownership of businesses. However, there are some legal requirements that must be met.
Yes, one can easily apply for RAK DAO business license through the freezones 24/7 available online portal.
It takes less than seven working days from completion of application for the RAK DAO license to receiving it. The time, however, can vary based on the business license needed and other requirements.
The general requirements to open a bank account in RAK DAO freezone are as follows:
The RAK DAO freezone supports the entrepreneurs, freelancers and investors working in the decentralized space including block chain, gaming, NFTs. DAOs, metaverse and other web-3 related businesses.
The minimum cost offered by RAK DAO is AED 6,250* for a freelance permit. The cost of startup begins from AED 7,000*. For latest costs, contact our experts or check out the official website of the freezone.
Yes, RAK DAO freezone is one of the few freezones in UAE that accepts the payments in cryptocurrency for certain fees and services.
