Ras Al Khaimah (RAK), a prominent and dynamic emirate in the UAE, is gaining global attention with the opening of the RAK Digital Assets Oasis (RAK DAO) free zone. By opening the doors for business setup in RAK DAO, the emirate quickly became the hub for innovation in the field of blockchain and virtual assets.
The launching of RAK DAO is a watershed moment in the landscape of company formation in the UAE, as many countries are still struggling to implement robust legislation for regulating virtual assets such as cryptocurrencies. Setting up a crypto business in RAK DAO provides the virtual assets entrepreneurs access to robust regulations, excellent infrastructure and the availability of all services under one roof.
Business setup consultants in RAK can help you make the free zone licensing process easier. In this blog, you can learn more about the procedure and other relevant information about opening a company in RAK DAO:
Permitted Activities for Company Setup in RAK DAO
If you are planning to start a company in RAK DAO, it is essential to know the activities permitted by the free zone authority. Choosing the wrong activity may derail your business operations. However, business setup advisers in RAK can help you choose the right activity. You can obtain a RAK DAO license for the following broad categories of business activities:
- Gaming, eGaming & GameFi
- Social Media & Marketing
- Web3 Consultancy
- NFT
- Consulting & Management Services
- Cybersecurity & Cyber Risk Management
- Metaverse
- Web3 Accelerate
- Programming & Software Development
- Artificial Intelligence
- VR & AR
- Accounting
Process of Company Registration in RAK DAO
Registering a virtual assets business in RAK DAO involves certain highly streamlined steps and procedures. Navigating these steps can be tricky for foreign investors who are new to the UAE. However, the process can be made simpler if it is carried out through business setup consultants in RAK. The following are the key steps for setting up a company in RAK DAO:
- Choose the business type
- Submit the application & documents
- Receive business license
Types of Companies in RAK DAO
You can establish the following types of companies in RAK DAO:
- Freelance Permit
- Remote Company
- Standard Company
Documents Required for RAK DAO License
Submitting the necessary documents is critical for company incorporation in RAK DAO. The failure to submit all the mandatory documents will further delay the RAK DAO licensing process.
The best company formation advisers in RAK can help you to prepare documents in line with the rules set out by the RAK DAO authority. Some of the documents are given below:
For corporate shareholders:
- Certificate of Registration
- Incumbency certificate or the equivalent
- Valid trade license (if applicable)
- Memorandum and Articles of Association or equivalent
- Board/ Shareholders resolution
For individual shareholders (General Manager/ Director/Secretary/UBO/Nominees/Trustees):
- Valid passport copy
- Copy of residence visa (for UAE residents) or entry stamp and signature pages
- Copy of Emirates ID
- Business plan
- Power of Attorney (If applicable)
- Proof of address (if applicable)
Benefits of Setting up a Company in RAK DAO
Registering a business in RAK DAO offers multiple benefits to crypto investors. The top advantages of getting a RAK DAO license are given below:
- Ability to choose 170 activities designed for virtual & digital assets
- A-Z Visa services
- Access to key banks through assistance from RAK DAO partners
- Incubation and access to funding
- Opportunities to connect with other Web3 companies, investors and potential partners
- World-class infrastructure
- Easy connectivity
- Simple licensing procedures
- Transparent legislation
- Access to growth opportunities, mentoring, fundraising strategies & funding
Hire the Best Company Formation Advisers in Dubai, UAE
Obtaining an RAK DAO license involves many requirements and processes. Navigating these processes requires the assistance of experienced business setup consultants in RAK such as Jitendra Business Consultants (JBC). We are a bunch of highly qualified professionals well-versed in the UAE labour laws and immigration laws.
Our expertise may come in handy for you to navigate the complex requirements and procedures set out by free zone authorities such as the RAK DAO. Apart from offering company setup services in RAK DAO, we provide the UAE mainland and offshore business setup assistance. By availing of the services of JBC, the investors achieve their business goals with the satisfaction of fulfilling all the regulations and requirements.
