The UAE’s emirate of Ras Al Khaimah is evolving into a business destination, by following Dubai and Abu Dhabi. Ras Al Khaimah Digital Assets Oasis (RAK DAO) free zone is becoming a hot spot for FinTech and blockchain sectors. You can launch a business in RAK DAO to avail the true prospects of the virtual assets.
Globally, many countries are regulating the digital assets like cryptocurrencies. Similarly, the UAE is one of the early adopters of technologies which power these alt-coins. Enablement of the new technologies is resulting in the business transformation of Ras Al Khaimah, and the entire UAE.
As an important breakthrough, the emergence of RAK DAO is bringing Ras Al Khaimah forward on the corporate scene. Especially, it is playing a part in the evolution of the UAE on the virtual assets front. RAK DAO is proving itself a right host for numerous other tech-driven startups in the UAE.
Key takeaways of the RAK DAO free zone for businesses
These are the notable insights of the RAK DAO free zone for new businesses in the UAE.
- Global blockchain market size is projected to reach $1.4 trillion by 2030, making RAK DAO firms early beneficiaries of exponential growth.
- By 2028, the UAE digital economy is expected to contribute over 20% to GDP, amplifying opportunities for RAK DAO businesses.
- More than 65% of Middle East startups plan Web3 adoption by 2027, signaling strong demand for RAK DAO’s specialized ecosystem.
- A recent PwC report forecasts over 40 million global crypto users in MENA by 2030, creating prime markets for RAK DAO companies.
- Demand for blockchain talent in the GCC is projected to grow by 30% annually, increasing recruitment advantages for RAK DAO businesses.
- Over 70% of cross-border payments are expected to use blockchain-based solutions by 2035, strengthening RAK DAO’s role in fintech innovations.
- With UAE targeting net-zero by 2050, sustainable blockchain solutions from RAK DAO could capture significant funding and regulatory support regionally.
Process to register license for a company in RAK DAO
The mechanism of establishing virtual assets companies in RAK DAO can turn out cumbersome for foreign entrepreneurs. However, expert business setup consultants can streamline the whole corporate incorporation journey. This is the step-by-step procedure to open a business in RAK DAO, UAE.
- Select corporate structure: Decide the appropriate legal structure for your company.
- Reserve company and trade name: Choose suitable business name and trade name for your firm.
- Seek initial approval: Obtain a no objection certificate (NOC) from the RAK DAO regulatory authority.
- Arrange suitable office: Find a spacious office premises and sign a legal tenancy agreement.
- Get business license: Select your preference from Freelance Permit, Digital Nomads License, and Standard Company. File the licensing application form with these legal documents and pay the fee. Receive the relevant trade or professional license after the approval by the RAK DAO authority.
- Business Plan
- Initial NOC from RAK DAO authority
- Memorandum of Association (MoA)
- Articles of Association (AoA) detailing the shareholder information
- Certificate of Registration
- Resolution from the Board or Shareholders
- Incumbency Certificate for Tenancy
- Create banking account: Register a business banking account in the UAE to perform monetary transactions internationally.
- Acquire residency with UAE visa: If your business in Ras Al Khaimah requires physical presence, then receive the UAE residency with a valid visa.
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Permitted business activities in RAK DAO
For starting a company in RAK DAO, you need to understand the permissible business activities by the free zone authority.
- RAK DAO license is available for activities including Web3 consultancy, AI, meta-verse, NFT consulting, Web3 accelerator, blockchain, cyber-security, VR/AR, etc.
- Other business activities like programming, technology services, software development, gaming/eGaming, management services, and accounting are also up for selection.
Benefits of incorporating Web3 firm in RAK DAO
International investors can avail these fabulous advantages by forming business in RAK DAO.
- Full foreign ownership and profit repatriation
- Tech-enabled work-spaces
- Extensive professional services
- Innovation and growth
- Cyber-security for digital transactions
- Zero corporate and income tax
Now we briefly look upon the perks of setting up business in RAK DAO.
Full foreign ownership and profit repatriation
RAK DAO free zone offers 100% foreign ownership, and full repatriation of profits. This makes it an ideal location for company formation for Web3, virtual assets and relative sectors. Moreover, it enables expatriate business leaders to easily own and run ventures without a local partner in Ras Al Khaimah.
Tech-enabled work-spaces
RAK DAO delivers modern facilities and infrastructure, including tech-enabled work-spaces. Various sizes of workplaces, meeting rooms, work cafes, and event spaces, make business operations more efficient and hassle-free. The technology-driven work environment is making Ras Al Khaimah a preferable hub for digital businesses.
Extensive professional services
Ras Al Khaimah Digital Assets Oasis houses a network of top-tier professional services providers. For instance, financial institutions, tax auditing, business consulting, law advisory, visa consultancy, etc. Common companies, special-purpose businesses, and general public can utilize these professional services for fulfilling their needs.
Innovation and growth
RAK DAO presents a dynamic environment for innovation and growth. It encourages companies to adapt and thrive in the rapidly evolving digital asset and blockchain landscape. By fostering innovation, RAK DAO is showcasing advancement in the rapidly growing digital economy.
Cyber-security for digital transactions
The regulatory framework of Ras Al Khaimah ensures proper cyber-security and compliance. Blockchain uses smart contracts for providing transparent environment for creating, issuing, and managing digital assets. RAK DAO allows users to generate tokens, establish governance structures, and conduct transactions with confidence and transparency.
Zero corporate and income tax
RAK DAO enables foreign owners to enjoy the zero corporate tax. Also, the freelancers are subject to 0% income tax. It is encouraging the digital nomad culture in Ras Al Khaimah.
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Prospects of business formation in RAK DAO
The unique platform of RAK DAO assists businesses in venturing into new technology sectors. For example, Web3, meta-verse, blockchain, NFTs, FinTech, digital wallets, virtual money, Forex, DApps, etc. RAK DAO provides control over business operations, financial compliance, and special tax incentives.
Initially, businesses focus on non-monetary aspects, but they may eventually incorporate money-related activities. RAK DAO is developing a “Mall of the Metaverse” for shopping and entertainment. Accordingly, it is actively spreading the Web3 technology in Ras Al Khaimah.
Etihad Airways (one of the national airline of the UAE) is proudly embracing the Web3 technology. It is utilizing NFTs to enhance customer experience by offering unique designs on their planes. Likewise, it is using the blockchain technology to enhance the excitement of flying.
KWS ME assists in the RAK DAO business incorporation
Starting business in RAK DAO opens doors to one of the UAE’s most progressive hubs for digital assets and Web3. KWS Middle East simplifies this journey by handling everything from company registration to banking and compliance support. With our in-depth knowledge of RAK DAO’s regulations, we ensure your setup is smooth, cost-effective, and free from unnecessary roadblocks.
From preparing documentation to securing licenses and offering tailor-made consultation, professional advisors at KWS ME takes care of everything. We provide end-to-end assistance for licensing, so you can focus on building and scaling your new business. Do not worry as we have got your back as you begin your entrepreneurial journey in RAK DAO free zone.
Conclusion
The UAE’s focus on blockchain technology for customer engagement is driving the digital landscape in the country. The government support is empowering global entrepreneurs to establish their Web3 firms in the UAE. RAK DAO requires submission of these documents for Web3 company incorporation.
RAK Digital Assets Oasis is a prime location for companies and individuals taking interest in digital money and cryptocurrency trading. It presents excellent facilities, rules, and facilities that support businesses and adhere to international regulations. The commitment of RAK DAO to technology is creating a conducive environment for future growth.
Expert business consultants like KWS Middle East help the foreign investors in starting a Web3 business in RAK DAO. They offer personalized help, including company registration, financial management, and adherence to rules. Their professional team provides trustworthy advice at every step of the business journey in the UAE.
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FAQs about the RAK DAO free zone
These are the answers to the questions about Ras Al Khaimah Digital Assets Oasis (RAK DAO) free zone in UAE.
What kind of businesses can I set up in RAK DAO?
Ras Al Khaimah Digital Assets Oasis (RAK DAO) is designed for the digital-first businesses ready to scale. You can launch companies dealing in blockchain, crypto trading, NFTs, fintech, gaming, and Web3 services inside RAK DAO. If your idea is future-driven, RAK DAO free zone is the right home to thrive.
How do I get started with the RAK DAO business setup?
First, choose your business activity, corporate entity, license type, premises, and draft necessary legal documentation. Then, submit your licensing application with legal attachments to the RAK DAO free zone authority and complete the payment. After the approval, you are set to launch your business operations within days.
Why companies in RAK DAO free zone gain competitive edge?
Ras Al Khaimah Digital Assets Oasis (RAK DAO) gives businesses a real edge with focus on Web3 and digital assets. With supportive regulations and lower costs, RAK DAO free zone is built to help ideas grow faster in the UAE. Due to its prime location, RAK DAO is the perfect spot for the technology innovators to succeed locally and globally.
Is auditing mandatory for RAK DAO firms in the UAE?
Yes, businesses in RAK DAO must go through annual financial audits to stay compliant with local Emirati and international laws. Not just a formality, it ensures transparency, and keeps your company on the right side of regulations. Annual financial audits builds trust with the UAE regulatory authorities and investors alike.
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