Step-by-Step Guide to Licenses, Activities, and Company Formation in RAK DAO
RAK Digital Assets Oasis (RAK DAO) is a dedicated free zone in Ras Al Khaimah, UAE, designed for businesses in blockchain, Web3, NFTs, and other digital asset sectors. Here’s a complete guide to understanding its licenses, activities, and the company formation process.
1. Types of Licenses in RAK DAO
RAK DAO offers tailored licenses to support a range of digital businesses:
- Freelance Permit:
- Ideal for solo entrepreneurs or digital nomads.
- Includes flexible working space and a residence visa.
- Digital Nomad License:
- Best for remote workers and business owners with virtual office needs.
- Includes UAE address registration and a virtual office setup.
- Standard Company License:
- Suitable for startups to established corporations.
- Includes a comprehensive package with a license, facility, visa, and E-channel registration.
- Proprietary Trading License:
- Designed for trading businesses needing up to 8 visas.
- Offers shared office facilities and multi-year discounts.
- Premium License:
- For tech startups and Web3 companies needing dedicated office space.
2. Business Activities Permitted
RAK DAO’s licenses cover a wide range of activities, including standard and premium categories:
Standard Activities:
- Blockchain and Web3 services
- Coding, Artificial Intelligence, and Cybersecurity
- Proprietary mining of cryptocurrencies
- DAO (Decentralized Autonomous Organization) services
Premium Activities:
- Web3 Venture Studio
- Online Gaming Services
- Mining Equipment Manufacturing
- Decentralized Ledger Technology (DLT) Services
3. Company Formation Process
Step 1: Choose a License Type and Business Activity
- Select the most suitable license based on your business model and future plans.
- Carefully choose the activity to ensure compliance and alignment with RAK DAO’s offerings.
Step 2: Prepare Necessary Documents
For Individuals:
- Passport copy (valid for at least 6 months).
- Valid UAE residence visa or entry stamp.
- Emirates ID (if applicable).
- Business plan.
For Companies:
- Certificate of Registration.
- Memorandum and Articles of Association (MoA).
- Certificate of Good Standing.
- Legal opinion and tokenomics documents (if applicable).
Step 3: Pay Registration Fees
- Submit the required fees depending on your license type.
- Packages start at AED 6,250 for a freelance permit.
Step 4: Receive Registration Documents
- Certificate of Incorporation.
- Trade License.
- Articles of Association.
Step 5: Establishment Card
- Obtain an establishment card for sponsoring residence visas.
Step 6: Apply for Entry Permit and Residence Visa
- Submit documents for an entry permit.
- Undergo a medical check-up, biometrics, and Emirates ID registration.
Step 7: Open a Bank Account
- Use the establishment card and Emirates ID to open a corporate bank account.
- RAK DAO’s partnerships with UAE banks ensure an 78% success rate.
4. Costs and Packages
- Freelance Permit: AED 6,250 (without visa).
- Digital Nomad License: AED 9,250 (without visa).
- Standard Company: AED 20,435 (with 1 visa).
- Proprietary License: AED 29,435 (with up to 8 visas).
Additional Costs:
- E-Channel Registration: AED 1,050.
- Visa Change of Status: AED 1,000.
5. RAK DAO Facilities
RAK DAO offers flexible working spaces:
- Dedicated Desks: Cost-effective and optimized for startups.
- Dedicated Offices: Fully equipped workspaces, starting at AED 35,800.
6. Renewal and Amendments
- Annual license renewal is required.
- Renewal fees are the same as the initial setup cost.
- Company details like name, activities, or shareholders can be amended for AED 2,500.
RAK DAO combines cost-effective setup with a digital-first focus, making it the perfect choice for businesses in digital assets. Contact Synergy Auditing and Accounting, your trusted RAK DAO Channel Partner, for expert guidance on forming your company in this innovative free zone.