RAK DAO free zone company formation
- Company Setup from 6,250 AED
- Registration from 10 working days
- Bank account Guaranteed
- Residence visas for 2 years
About RAK DAO
The Emirate of Ras Al Khaimah is home to the unique free zone known as RAK DAO, which is only a 45-minute drive from Dubai. Its emphasis on cutting-edge technological sectors, including the metaverse, artificial intelligence, blockchain, online gaming, and Web3, is its primary characteristic.
Any kind of business related to the development and management of digital and virtual assets can be established in RAK DAO, ranging from a normal company to a freelancing permit.
One of the few free zones in the United Arab Emirates that accepts Bitcoin payments is RAK DAO.
The setup process is simple and takes around a week, and the cost of starting a business is more affordable. Although the owners of the business do not have to be physically present, opening a bank account requires a personal visit.
You can register an LTD firm in RAK DAO.
Because of its strong alliances with regional banks, RAK DAO can assist customers in opening bank accounts more swiftly and easily. 78% of bank account opening attempts are successful, which is a remarkable success rate.
Is RAK DAO suitable for your business?
— Yes
The RAK DAO free zone is especially made for businesses that deal with digital products and Web3 (from startups to big corporations). It provides a thorough overview of the most recent efforts that have emerged in conjunction with the growth of virtual assets and broad digitization.
As the Authority itself, RAK DAO is the only free zone in the United Arab Emirates that permits these kinds of activities and also controls activity on web services.
For those who work remotely with digital tools, such as freelancers, sole proprietors, or digital nomads, the arrangement of RAK DAO is perfect. With one visa and choices for a dedicated workstation or flex desk, the setup fee is really reasonable.
If you want to register a Limited Company (LTD).
RAK DAO has strategic agreements with local banks like RAKBANK if you wish to open a bank account without any hassles. A bank account is assured to be granted to an applicant who holds an RAK DAO Free Zone License (78% success rate).
The RAK DAO is one of the few free zones that accept cryptocurrency payments.
— No
RAK DAO does not provide industrial licenses for those engaged in manufacturing. In this instance, have a look at RAKEZ, another free zone that operates in the Emirate of Ras Al Khaimah and offers industrial activity.
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Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com
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UAE Freezone Company Formation: RAK DAO company formation process
It is not necessary to be physically present to complete the company registration process. In ten working days, your business can be registered.
Step 1: Choose the business and license type that best fits your needs from the RAK DAO free zone
Selecting the incorrect activity, registration authority, or location might result in mistakes during company registration, which can cause issues when opening a bank account or obtaining a resident visa. Thus, it is essential to examine this topic carefully.
The types of business registration that RAK DAO provides are as follows:
Freelance permit: for freelancers and solo entrepreneurs
Digital nomad license: for business owners and remote employees
Standard company: for businesses of all sizes, from startups to multinational enterprises
Step 2: Get the required paperwork ready. A simple documentation package is needed for RAK DAO
For individuals:
- Copy of passport valid for at least 6 months
- Valid residence visa and Emirates ID (for residents) or entry stamp
- Business plan
For companies:
- Certificate of registration
- Certificate of good standing
- Certificate of incumbency
- Memorandum and Articles of Association
- Board Resolution
The registration fees must be paid in order to move forward with the application when all the documents have been assembled and the proper documentation has been prepared.
Step 3: Get the company’s license and registration paperwork, specifically
- Certificate of incorporation
- Trade license
- MoA and Articles of Association
Step 4:
Obtain an establishment card, which provides details about your business and enables it to sponsor resident visas.
Step 5: Apply for an entry permit
You must convert your visa status from a previous visa to a resident visa once the entry permit is granted if you apply from within the United Arab Emirates. Arrive in the UAE, have your entry permit stamped, and then complete the next steps of the residency visa application process by providing the required paperwork if you are not already there.
Step 6:
Complete a medical examination and apply for a resident visa.
Step 7:
Apply for an Emirates ID.
Step 8:
Finish the biometrics process at an Emirates ID center.
Step 9:
You can submit all the information for visa approval as soon as you obtain the results of your biometrics and medical test. You will receive an email with your electronic visa. It is also available through the UAE ICP app.
Step 10:
Get your Emirates ID. Following the issuance of the residence visa, the government creates a plastic identity card, which is a crucial document needed to pay bills or fines, rent an apartment, open a bank account, and more. Additionally, it gives you access to a variety of local services and savings.
Step 11:
Create a bank account. To open a corporate bank account, submit an application to a UAE bank. Because the free zone has cooperated with several significant UAE banks, RAK DAO will help you open a bank account.
You can begin operating your company in the UAE as soon as you have the account details.
RAK DAO licenses and cost
For a freelance permit without a visa, RAK DAO offers a minimum license fee of 6,250 AED. AED 13,095 is the starting price for a standard Business Setup in RAK DAO.
| Package | Cost (AED) |
|---|---|
|
Zero-visa freelance permit for 1 year |
6,250 |
|
Freelance permit + 1 visa for 1 year |
12,985 |
|
Zero-visa digital nomad license for 1 year |
9,250 |
|
Standard company + 1 visa for 1 year |
20,435 |
|
Proprietary + 1 visa for 1 year |
29,435 |
RAK DAO provides the following license categories:
Freelance permit: You will receive a resident visa and a flexible workspace designed for digital asset businesses.
Digital nomad license: You can work from home and have a virtual office and an address in the RAK DAO free zone of the United Arab Emirates. Perfect for people who target global markets and work online.
Standard company: A license, facility, visa, and E-channel registration are all included in the comprehensive package of services that you obtain. Those who wish to do business in the United Arab Emirates can use this kind of license.
Proprietary trading license: Everything you would require to conduct business in the United Arab Emirates is included in the package, including discounts for multi-year licenses, a shared office as a facility, and up to eight visas.
Premium license: A dedicated office is part of the flagship package for Web3, blockchain, and online gaming startups and businesses.
Extra costs that are not covered by the packages:
E-channel deposit: 1,050 AED
Change of visa status: 1,000 AED
RAK DAO business activities
There are two categories under which all of RAK DAO’s business operations fall into:
Standard activities: Up to five activities are permitted by RAK DAO licenses. For every following activity, there is a 2,000 AED fee. Coding, AI, cybersecurity, Web3 services, DAO services, and proprietary cryptocurrency mining are just a few of the unique and specialized activities that are not present in other free zones. Your business consultant can provide you with the whole list.
Note: As the authority itself, RAK DAO is the sole free zone that controls activity on web services.
Premium activities: It is not possible to mix more than one activity under a license. Included in the premium category are:
- Web3 Venture Studio
- Web3 Incubators
- Online Gaming Services
- Offshore Gaming Operator
- Mining Equipment Manufacturing
- DLT Services: Registry
RAK DAO facilities
RAK DAO provides a variety of workspaces, including regular offices and co-working spaces.
| Facility Type | Description |
|---|---|
|
Dedicated desk |
This solution provides comfort and flexibility without the hassle of administrative duties, making it the perfect choice for companies looking for a fully furnished and serviced workplace. |
|
Dedicated office |
This solution provides comfort and flexibility without the hassle of administrative duties, making it the perfect choice for companies looking for a fully furnished and serviced workplace.
|
The RAK DAO Business Center has two office spaces: one on the ground floor and one on the fifth floor.
Office space on the ground level starts at 8 square meters and has two desks. The starting price for the rental is 11,180 AED.
With up to 9 anticipated visas (one visa every 3.7 sq m), the minimum office space on the fifth floor is 33.3 sq m. AED 35,800 is the minimum rental fee.
Extra expenses related to facility leasing:
- Maintenance fee: 1,500 AED
- Security deposit: 2,000 AED
RAK DAO visa costs
The processing charge for a single visa (including medicals, entry permit, and Emirates ID) is included in all of the aforementioned company setup packages. The cost of each extra visa is 4,000 AED.
Additionally, you will be responsible for:
E-channel registration: 1,050 AED
Change of status inside the country: 1,000 AED
You can extend the visa for an additional two years under better terms when it expires.
You can also get your dependents a residence visa.
RAK DAO company license renewal
Every year, the company in RAK DAO must be renewed. The cost of renewing a company will be the same as the registration fee.
The shareholder does not need to be present in person to complete the renewal; it can be completed remotely.
You must submit a business plan to the free zone authority prior to beginning the application procedure.
RAK DAO company amendments
The business is subject to change at any time. The following modifications are among the most common ones:
- Shareholders/managers
- Company name
- Business activity
- Office Facility
In RAK DAO, company modifications are subject to a 2,500 AED fee.
RAK DAO company liquidation
The liquidation process has been made simpler by RAK DAO. The current cost of closing a business is about AED 2,000. It takes roughly a month to complete. It includes these key steps:
- Visa cancellation (7-10 working days): If the company has a visa.
- Establishment card cancellation (7-10 working days): If the business qualifies for a visa.
- License cancellation.
You must return all original company records and provide a final audit report in the case of liquidation. Visas should be closed, and any current lease agreements should be ended.
Before submitting an application for company liquidation, you should close any corporate bank accounts you may have held. The bank should provide you with a letter of verification confirming that.
Following the company’s dissolution, the free zone will formally acknowledge the liquidation by sending you a deregistration letter.
Conclusion
JSB Incorporation stands as a trusted partner for entrepreneurs and businesses seeking to establish their presence in the RAK Digital Assets Oasis (DAO) Free Zone.
With our comprehensive expertise in company formation in Dubai Freezone, we offer end-to-end solutions tailored to meet the unique requirements of our clients.
Book your free consultation call today with us to learn more about business setup in UAE-free zones.
FAQs
Required documents include a passport copy, business plan, and proof of address.
Yes, RAK DAO companies can open corporate bank accounts in the UAE.
No, RAK DAO offers virtual office options for business flexibility.
Yes, annual financial audits are required to comply with UAE regulations.
Yes, companies can sponsor visas for employees and dependents.
Don't miss out on this limited-time opportunity!
We'd Love To Hear From You
contact us
Find us Here
Office No 20, 4th Floor, Al Moosa Tower 2,
Sheikh Zayed Road Dubai, United Arab Emirates P.O. Box 27614.
Get In touch
+971 4 824 4842
info@jsbincorporation.com