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RAK DAO: The Future of UAE's Digital Assets Oasis

OOKC Labs
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489
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September 20, 2023

OOKC Group is thrilled to introduce the Ras Al Khaimah Digital Assets Oasis (RAK DAO) Free Zone, a groundbreaking initiative by the government of Ras al Khaimah in the UAE. This exceptional area has been specifically designated for companies operating in the digital assets sector, including cryptocurrencies, providing them with a conducive business environment with streamlined regulations.

The inauguration of RAK Digital Assets Oasis (RAK DAO) on October 19th marked a significant milestone, with the esteemed presence of His Highness Sheikh Saud bin Saqr Al Qasimi. RAK DAO is poised to become a global hub for Web3 technologies, focusing on the future of the internet, digital currencies, and intelligent computing systems.

RAK DAO is dedicated to supporting businesses and entrepreneurs in the Web3 ecosystem, encompassing companies dealing with digital currencies, virtual assets, blockchain technology, and smart contracts. This specialized zone offers them an ideal platform to conduct their operations and foster innovative ideas.

What Is RAK Digital Assets Oasis (RAK DAO)?


The government of Ras al Khaimah has established the RAK Digital Oasis Free Zone, designed to provide businesses, both large and small, with a regulatory environment conducive to growth and innovation, particularly in the realm of virtual assets.

Furthermore, a new free zone called RAK Digital Assets Oasis has been created exclusively for digital assets, cryptocurrencies, and the tokenization of real-world assets. As the world continues its rapid evolution toward Artificial Intelligence (AI), this presents an unprecedented opportunity for entrepreneurs to establish their companies in the UAE.

RAK Digital Oasis Free Zone is the first of its kind in the UAE, exclusively catering to companies and service providers in the digital assets and cryptocurrency sector. It encompasses exciting fields such as the metaverse, blockchain, virtual wallets, NFTs (Non-Fungible Tokens), DAOs (Decentralized Autonomous Organizations), DApps (Decentralized Applications), and other Web3-related industries.

Benefits of RAK DAO Company Setup


Setting up a company in RAK DAO offers numerous advantages, including:

1. Complete Ownership: Enjoy the freedom of 100% ownership.
2. Profit and Capital Repatriation: Repatriate all your earnings and investments.
3. Investment Opportunities: Access a plethora of investment opportunities.
4. No Need for Physical Presence: Apply for a license without requiring physical presence.
5. Minimal Requirements: Your company can have as few as one shareholder, director, and manager (if needed).
6. Local Bank Account Access: Easily open a local bank account for your company.
7. Adaptable and Hybrid Office Spaces: Benefit from flexible office solutions.

Business Activities in RAK DAO


RAK DAO is strategically designed to provide robust support to businesses in the Web3 domain, encompassing digital assets, blockchain technology, and artificial intelligence (AI).

The digital asset industry varies across the globe, with some regions expressing uncertainty while others embrace these innovations wholeheartedly. The UAE is determined to position itself as a leader in supporting these transformative technologies. The creation of RAK DAO is expected to bring greater economic diversity to Ras Al Khaimah.

Types of Company Formation in RAK DAO


Setting up a company in the RAK DAO Free Zone is a straightforward process, categorized into three types:

1. Remote Company
2. Standard Company
3. Freelancing

Types of Business Licenses


The free zone caters to companies engaged in emerging, non-regulated virtual asset businesses and future technology activities, including:

- Blockchain
- Metaverse
- NFTs
- Gaming
- DApps
- AI (Artificial Intelligence)
- Web-3 related business activities

Documents Required for Company Registration in RAK DAO


For both individuals and companies planning to establish their businesses in the newly launched Free Zone in Ras Al Khaimah, the following documents are required:

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 (issued within three months)
- UBO (Ultimate Beneficial Owner) Declaration
- Memorandum of Association or equivalent
- Resolution of Board/Shareholders

Requirements to Open a Bank Account in RAK DAO


RAK DAO has established partnerships with prominent banks to facilitate the process of opening a local bank account for license holders. While each bank may have specific requirements, the initial prerequisites typically include:

- Registration Certificate
- License to operate your business
- Memorandum and Articles of Association
- List of company shareholders
- Lease Agreement
- Appointment of authorized signatories for the bank account

Company Set-Up Process Duration in RAK DAO


Setting up your business in RAK DAO is a swift process, with the entire procedure typically completed in under 7 working days. This includes the time from your online application for a RAK DAO license to the issuance of your actual business license.

Future Trends and Developments in RAK DAO Company Formation
RAK DAO serves as a dedicated hub for businesses venturing into new technologies such as the metaverse, blockchain, virtual currencies, digital wallets, NFTs, DAOs, DApps, and specialized software programs. Entrepreneurs establishing their enterprises here will have full control over their companies and enjoy various benefits, including special tax regulations and operational freedoms. Initially, the focus may extend beyond monetary aspects, but the potential for financial endeavors remains.

The UAE, home to RAK DAO, is actively immersed in the realm of Web3 technology. For instance, Dubai is diligently working on creating innovative digital experiences for shopping and entertainment through the "Mall of the Metaverse," a virtual shopping destination developed in collaboration with Decentraland.

Moreover, the national airline, Etihad Airways, is pioneering the use of NFTs, employing these unique tokens for elements such as Mission Impossible-themed designs on their aircraft, enhancing the excitement of air travel. Blockchain technology plays a pivotal role in elevating these initiatives.

Conclusion
RAK Digital Assets Oasis presents an exceptional opportunity for both companies and individuals looking to participate in the digital money and cryptocurrency sector. It boasts a prime location, top-notch facilities, and supportive regulations essential for success in this rapidly evolving industry.

This specialized zone, RAK Digital Assets Oasis, aims to foster innovation and technological advancement while adhering to international standards and regulations. It underscores the UAE's commitment to technology and its endeavor to create an ideal environment for future companies to flourish.

Set Up Your Company in RAK DAO with OOKC Group


If you are a foreign investor aspiring to establish a business in the RAK Digital Assets Oasis free zone, OOKC Group is your trusted partner. We offer comprehensive assistance in registering your company in RAK DAO.

At OOKC Group, we provide personalized guidance to individuals and businesses seeking to embark on their entrepreneurial journey in the UAE. Our experienced team offers trustworthy advice at every step of your business venture in the UAE.

Are you ready to transform your business dreams into reality? Partner with OOKC Group, and let's embark on this journey together.

For a free consultation, Please contact us

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