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Business Setup in Innovation City Free Zone

Looking to dive into UAE’s growing digital and virtual asset industry? A special freezone - Innovation City Free Zone in Ras al Khaimah - is the perfect location. 100% digital setup, fully remote, with affordable packages.

Business Setup in Innovation City Free Zone

Innovation City, formerly known as Ras al Khaimah Digital Assets Oasis (RAK DAO), is the first hub in the world created just for digital and virtual asset companies. Freelancers, solopreneurs, and companies looking to pursue activities in blockchain, metaverse, virtual wallets, tech, and other Web3-related industries with 100% foreign ownership, easy taxes, and flexibility, are all welcome in Innovation City.

The digital asset market is rapidly growing and evolving. Through business setup in Innovation City Free Zone, you are positioning yourself to be part of UAE’s digital revolution.

Dubiz Business Setup brings to you exclusive range of UAE 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 company formation in Innovation City Free Zone.

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About Innovation City Freezone

Shaping the Future of Digital Enterprises

In 2023, in Ras al Khaimah, a visionary initiative was taken leading to birth of futuristic and groundbreaking RAK DAO Free Zone. Created as an independent authority, RAK DAO freezone was established to transform the digital and virtual asset landscape. Recently, RAK DAO was rebranded as Innovation City, further positioning it as world’s first AI powered free zone.

Today it operates as an exclusive free zone 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 free zone their home.

Business Activities in Innovation City UAE Freezone

Innovation City Free Zone 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, crypto industries, and beyond.

  • Artificial Intelligence

  • Digital Assets

  • General Trading

  • Consultancy services

  • Blockchain Development

  • Robotics & Gaming

  • Metaverse

  • VR & AR

  • Web3

  • NFT

  • Programming

To check out the complete list

Why Innovation City Is the Right Choice for Your Business Setup?

RAK Innovation City Free Zone is a vibrant hub ready to nurture and support future-oriented and visionary projects. Starting and running a business in RAK Innovation City in Ras Al Khaimah brings some exclusive and exciting benefits to entrepreneurs and innovators, including:

Broad range of activities

There are over 200 business activities from which businesses can choose which includes digital assets, Web-3, metaverse, artificial intelligence, gaming, computer systems, and many more.

Advantageous location

The free zone 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 level.

100% foreign ownership

Foreign entrepreneurs get to enjoy 100% ownership of their businesses. They get full control and profit repatriation rights, without depending on local sponsor.

Tax benefits

Firms operating in RAK Innovation City benefit from favourable corporate and zero personal tax rates. This helps businesses retain more of the profits earned.

Regulatory support

The free zone has a very conducive and facilitative business environment. The process to set up a business here is quite straight forward with no bureaucracy.

High-tech infrastructure

The presence of modern and advanced infrastructure, along with high-speed digital connectivity, make the conduct of business operations, especially for tech firms, smooth and efficient.

Funding opportunities

The free zone offers provision of growth, networking, and incubation opportunities for businesses and entrepreneurs.

Vibrant community

With over 400+ companies, Innovation City is home to businesses operating in exciting tech segments. Thus, one can become part of a thriving community and gain technology partners here.

If you are someone looking to transform your futuristic idea into a groundbreaking reality, business setup in Innovation City Free Zone is the perfect launchpad!

Legal Entities That Can Be Established in Innovation City

The following types of legal entities are available for business setup in Innovation City Free Zone:

Company limited by shares:

In a company limited by shares, each shareholder’s liability is fixed to number of shares or percentage of stake they hold in that company. It is found in profit driven businesses.

Ideal for:

  • Public joint stock company: Premier companies who sell shares to public
  • Private joint stock company: Large private enterprises with capital needs
  • Special purpose vehicles (SPVs): Separate entity for risk isolation or financial structuring
  • Segregated portfolio company: Structure for separating different assets and liabilities

Company limited by guarantee:

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.

Ideal for:

  • Non-profit associations
  • Social enterprises
  • Professional associations

Branch Office:

A foreign company can extend its branch to the RAK Innovation City Free Zone. The business activities are carried under the name and corporate structure of parent company.

Ideal for:

  • International businesses looking to start in Innovation City without forming a separate legal entity
  • Local UAE companies looking to expand from other Emirates (like Dubai, Abu Dhabi) to Ras al Khaimah.

How much Does it Cost to Start Business in Innovation City?

The cost of business setup in RAK Innovation City Free Zone starts from AED 6,600*. Please note that the cost of company formation depends specifically on your business model and requirements.

Here are the popular license packages:

Documents Required for Innovation City Freezone Business Setup

All documents needed for starting a business in RAK Innovation City Free Zone should be valid, current, and duly attested, which includes:

For corporate shareholders:

  • Passport copy
  • Visa copy & Emirates ID, if applicable
  • Certificate of incorporation
  • Good standing certificate
  • UBO declaration
  • Incumbency certificate or equivalent
  • 3 name choices
  • Memorandum and Articles of Association (MOA/AOA)
  • Board’s resolution

For individual shareholders:

  • Copy of valid passport
  • Valid residence visa and Emirates ID (for residents) or entry stamp
  • Business plan
  • Proof of address (utility bill/tenancy contract)
  • Bank reference (if applicable)
  • Power of attorney (if applicable)
  • Source of funding (for investments above USD 250,000)
  • 3 name choices

Documentation is subject to changes by the Innovation City authority and varies depending on license type.

How Fast Can You Start a Business in Innovation City Free Zone?

Your business idea could be the next breakthrough innovation. But in business, speed matters. If you want to make a shift in the market, the last thing you would want is long queues or months of approvals.

Innovation City changed the game, making business setup achievable in just a few days.

Timeline for business setup in Innovation City Free Zone

  1. 1

    Document legalisation

    1-2 days

  2. 2

    Licensing & incorporation:

    3 days

  3. 3

    Visa processing:

    7 days

  4. 4

    Bank account opening:

    4-5 days

Process Of Starting a Business in Innovation City

  • Entirely digital
  • Remote application
  • Fast & seamless approvals
  • 5-10 days setup
  • 200+ technology activities
  • Mix up to 10 activities

Simplifying the procedure of business setup in Innovation City Free Zone further, Dubiz Business Setup experts offer full support at each and every stage.

Here is how to setup company formation in Innovation City free Zone:

1

Select business activities

Determine the primary activity you want to carry out in your business, one that is allowed by the freezone authority. There are wide range of activities (over 200) you can choose from whether AI, robotics, health tech, Web3, gaming, tech consultancy, and so on.

2

Determine company structure

The legal structure of your business can be a sole establishment, private joint stock company, public joint stock company, or a branch. Our team will help you determine the structure that best meets your tax goals, ownership preference, and asset safety

3

Reserve unique trade name

Decide a suitable and lawful name for your business. Our experts at Dubiz will guide you in choosing a name which is compliant to UAE legal rules, sector standards, and trademark availability, eliminating any chances of rejections or delays.

4

Prepare the documents

Keep the necessary documents ready because that makes the Innovation City Free Zone business setup far smoother. Basic ones include your passport copies, visa copies, business plan, trade name certificate, corporate documents (MOA, board’s resolution), as applicable.

5

Receive Innovation City license

In this stage, you will take a backseat. Because our licensing experts will apply for the correct business license on your behalf with the Innovation City authority. Once application receives approval, you must pay the stipulated license fee. Once done, you will obtain your Innovation City trade license digitally along with registration certificate.

6

Secure office space

Often part of the packages, you can choose from a full-fledged office to more cost-effective options, such as a flexi desk, in the freezone. We can help you secure the ideal workspace for your business while ensuring all regulatory formalities and requirements are met.

7

Apply for visa and Emirates ID

Once licensed, obtain visas and Emirates ID for yourself and staff as needed. Our expert visa services guide with visa application, visa sponsorships, entry permits, medicals, Emirates ID biometric screening, and residency visa issuance, working directly with immigration authority and MoHRE. Ensuring you and your employees receive them on time.

8

Open business bank account

For your business, a corporate business account is a mandatory operational requirement. The paperwork involved can be a bit complex. But with our guidance, you will get your business bank account set up and running in no time with top UAE bank (Mashreq, Emirates NBD, Wio).

Types Of Business License in Innovation City

Ras al Khaimah Innovation City offers license options catering to different business activities and needs. On each license, you will find this common information:

  • Registered business address at Innovation HQ
  • Approved business activities
  • Company incorporation details
  • Access credentials to Innovation City’s partner ecosystem

Here are the general categories of trade license that you can get in RAK Innovation City:

Standard company license trade license in RAK Innovation City

Standard company license

Standard company license is for entrepreneurs looking to establish their startups and companies in Innovation City free zone.

Includes:

  • Professional license: consulting, advisory, training
  • Commercial license: trading, e-commerce, digital retail
  • Technology license: AI, virtual assets, gaming
Remote company license trade license in RAK Innovation City

Remote company license

Remote company license can be obtained by those wishing to run their business without being physically present in UAE.

Includes:

  • Operating from anywhere in the world
  • Eliminates the geographic limitations
  • Entrepreneurs can explore new markets and opportunities remotely
Freelance permit trade license in RAK Innovation City

Freelance permit

Freelance license is suitable for freelancers looking to operate independently in the digital space of Innovation City free zone.

Includes:

  • Scope of flexible and dynamic workspaces
  • Access to wide range of business activities and access to UAE residence visa.

Post Business Setup Compliance Services in Innovation City

After your business gets formally registered in Innovation City, your responsibility begins to follow the UAE federal, taxation, and compliance rules. Dubiz legal experts help your business stay compliant by offering comprehensive services:

  • Corporate tax registration and filing

  • Value Added Tax (VAT) consultation

  • Legal financial records and bookkeeping

  • Annual trade license renewals

  • IP, copyrights, patents, and trademark registration

  • Ongoing visa and employment compliance

Dubiz For Your Business Setup in Innovation City Free Zone

Ras Al Khaimah Innovation City 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 in UAE who can ease the entire setup process.

Dubiz Business Setup, a proud partner of over 7000+ global clients, is committed to help you begin your success journey in the Emirates. From choosing the right business entity to securing your business license, our professional business setup experts make everything extremely simple for you. We are here to empower your business setup in Ras al Khaimah, Dubai, Abu Dhabi, and across UAE.

  • In-depth knowledge of Innovation City regulations and procedures.

  • End-to-end guidance from initial consultation to business and operational setup.

  • Strong relationships with local government authorities and agents.

  • Customized packages for businesses of all sizes and kinds.

  • Expert PRO, taxation, and document handling services under one roof.

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Book Your Expert Consultation

Talk to one of our most professional UAE business setup experts in Ras al Khaimah free zone. Understand how businesses work in UAE followed by setup guidance.

Frequently asked questions (FAQs)

RAK Innovation City 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.