What sets RAK DAO Free Zone apart from the rest is that it’s a new economic free zone developed for businesses dealing in digital assets, Web3, and Artificial Intelligence (AI). Yes, this new zone offers a wide range of business setup opportunities for digital and virtual asset service providers (VASPs) in the Metaverse, Blockchain, NFTs (non-fungible tokens), utility tokens, decentralized autonomous organizations, gaming and other Web3-related technologies.

Located in the Emirati of Ras AL Khaimah, just 45 minutes away from Dubai, RAK DAO is the world’s first free zone that is solely dedicated to digital and virtual asset companies and which offers an avenue for crypto firms striving to offer innovative solutions tailored to the client’s needs.

Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK International Corporate Centre, talking about the new free zone added that “We are building the free zone of the future for companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world.”

Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi, chairman of the RAK International Corporate Centre, talking about the new free zone added that “We are building the free zone of the future for companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world.”

Notably the UAE’s foray in Web3 technology has much been drawing attention and appreciation worldwide.  With Dubai already emerging as an arena offering advanced digital experiences through Mall of the Metaverse and the national airline, Etihad Airways’s release of Mission Impossible Livery tokens (NFT technology) signifies the country’s interest towards using blockchain for augmenting customer engagement. By establishing a dedicated hub for digital asset technology, the government has paved the way for entrepreneurs to establish their Web3 firms in the UAE.

• Optimum regulatory framework 

It uses RAK ICC’s established regulatory framework to ensure top-notch security and compliance. It creates a safe and transparent environment for users to create, issue, and manage digital assets. Operating on the Ethereum blockchain, the framework employs smart contracts to simplify the creation and oversight of digital assets. It allows users to easily generate tokens, set up governance structures, and conduct transactions with confidence and transparency.

• Tax-efficient environment 

This new free zone offers 100% foreign ownership, 100% repatriation of profits and capital and 0% corporate and personal income tax. Entrepreneurs can transfer their earnings and investment capital back to their home countries, providing them with financial flexibility and control. This makes RAK DAO an ideal destination for Web3 company formation. Foreign entrepreneurs and investors can easily own and run their ventures in RAK DAO without the need for a local partner.

• State-of-the-art infrastructure and workspaces 

Business setup in this free zone is hassle-free and executing the operations is even more efficient. The zone offers modern facilities and infrastructure with tech-enabled workspaces which include workspaces of various sizes, meeting rooms, work cafes, meeting and event spaces and more.

• Easy access to professional firms 

The free zone houses an ecosystem of best-in-class professional services providers including auditing firms, law firms, business consulting services, financial institutions and other firms, which businesses can seek services from.

RAK DAO free zone offers licenses to regulated and non-regulated virtual asset businesses and next-gen companies that deal more specifically with Metaverse, Blockchain, Gaming, NFTs, DApps, AI and Web3-related projects. Each business activity has been categorized into a specific group. For instance, Accounting has been assigned the C01 category, AI C02, Blockchain, DLT Services and Software has been assigned the C03 category. More details about the categories and related business activities can be found on the RAK DAO’s official website.

Documents Required

1. For Individuals:

Business Plan

A copy of Passport and Visa

A copy of Emirates ID

Source of funding and Power of Attorney (if applicable)

2.For Corporates:

UBO (Ultimate Beneficial Owner) declaration

MOA

Resolution of Board/Shareholder

Incumbency certificate or equivalent

Certificate of Extract Commercial Register

Firms aiming to obtain the license in this new free zone should have atleast 1 shareholder, director and manager (if applicable). One can apply for company formation in this free zone in 3 steps, which are outlined as follows:

Step 1: You will be required to choose the business type and select registration type options from freelance permit, remote company and standard company.

Step 2: Choose the business activity from the group. Submit the necessary documents including the application, business plan, financial documents etc. You are also required to disclose information about every major shareholder as the registry will need to document the information in compliance with rules, regulations and laws. Next, you need to pay the application fees and submit the form.

Step 3: Your application will be reviewed for the documents’ correctness and compliance with regulations. Post that your application will be processed and the business license will be issued. Once you receive the license, you can proceed with Web3 company formation RAK.

If you are ready to take the next step into the world of digital assets technology, make RAK DAO is the ideal destination. At Corpin Consultants we make the business setup process in RAK DAO smooth for you. With a decade of experience in helping expat and local businesses establish their foothold in UAE, we have the expertise to make your company formation journey easy. Right from applying for licenses, documentation and bank account opening to employee visas, our team will complete the formalities for you so that you can get started with your Web3 business set-up quickly, hassle-free and on the right note.