Know Everything About the RAK Digital Assets Oasis (DAO)
Introduction
Ras Al Khaimah has established the world's first free zone exclusively dedicated to digital and virtual asset companies - RAK Digital Assets Oasis. This purpose-built innovation-enabling free zone is designed to provide a haven for companies operating in the ever-evolving digital landscape.
With bespoke legislation and state-of-the-art infrastructure, RAK Digital Assets Oasis offers a vibrant ecosystem where future tech companies can thrive and push the boundaries of innovation.
Ecosystem for Digital and Virtual Asset Companies
RAK Digital Assets Oasis is strategically located in Ras Al Khaimah and is known for its business-friendly infrastructure, progressive policies, and international lifestyle. As an embodiment of the UAE's commitment to innovation, the free zone is a globally connected hub for companies operating in the digital and virtual asset sectors.
The RAK Digital Assets Oasis encompasses features and services that foster innovation and support the growth of digital and virtual asset companies. These include robust adoption frameworks, advisory and professional services, hybrid workspaces, accelerators and incubators, sandboxes, and funding opportunities that encourages investment and entrepreneurship. By providing a comprehensive support system, RAK Digital Assets Oasis empowers companies to imagine, create, execute, and thrive.
Type of Businesses Licences
The free zone caters to companies operating in emerging non-regulated virtual assets businesses and other future technology activities, such as the
1. Blockchain
2. Metaverse
3. NFTs
4. Gaming
5. DApps
6. AI (Artificial Intelligence)
7. Web-3 related business activities
Benefits of RAK DAO Company Setup
- 100% ownership
- Full repatriation of profits and capital
- Investment opportunities
- No physical presence is required to apply for a licence
- Companies can have at least one shareholder, director and manager (if applicable)
- Companies can open a local bank account
- Flexible and hybrid office spaces
Types of Company Registration in RAK DAO
1. Remote Company
2. Standard Company
3. Freelancing
Documents Required for Business Setup in RAK DAO
1. For Individuals
1. Passport copy, 2. Copy of visa (for UAE residents)/ entry stamp, 3. Copy of Emirates ID, 4. Business Plan, 5. Power of Attorney (if applicable), 6. Source of funding (if applicable)
2. For Corporates
1. Certificate of Registration, 2. Certificate of Extract Commercial Register (if applicable), 3. Incumbency Certificate or equivalent one issued within three months), 4. UBO Declaration, 5. Memorandum of Association or equivalent, 6. Resolution of Board/Shareholder
Secure and Regulated Environment
RAK Digital Assets Oasis addresses the need for regulation to protect stakeholders and consumers by implementing transparent and comprehensive legislation. The freezone grants financial, administrative, and legislative independence, ensuring a secure environment for companies to operate while mitigating risks.
The legislation underpinning RAK Digital Assets Oasis provides a solid framework that safeguards the interests of all parties involved in transactions within the digital asset sector. By establishing clear guidelines and regulations, the freezone instils confidence in stakeholders and fosters a trustworthy ecosystem for the growth of digital and virtual asset companies.
Gateway for Global Companies
RAK Digital Assets Oasis positions Ras Al Khaimah as a gateway for global companies seeking to establish their operations in the UAE. The dedicated free zone for digital and virtual asset companies can attract global investments that foster technological innovation, and elevates the UAE's position as a leader in the digital and virtual asset markets.
With its unrivalled infrastructure, supportive regulatory environment, and comprehensive suite of services, RAK Digital Assets Oasis is to become a magnet for companies at the forefront of digital innovation.
Conclusion
RAK Digital Assets Oasis has created an environment where innovation can thrive by providing a purpose-built free zone with tailored legislation and international regulation. The establishment of RAK Digital Assets Oasis reinforces the UAE's commitment to technological advancement regulation and fostering a vibrant ecosystem for the companies of the future.
How can Ascent Partners help?
Ascent Partners is a boutique consultancy providing bespoke, end-to-end corporate services ranging from company formation to accounting, bookkeeping, and compliance services for entrepreneurs looking to set up their next venture in the UAE. We work alongside to strategise, startup, and scale businesses in the UAE and the broader region.
With a combined experience of 50+ years, our expert consultants provide reliable and unparalleled guidance throughout all strategic phases of a business' evolution.