Frequently Asked Questions

Overview

• What is RAK Digital Assets Oasis (RAK DAO)?

• Ras Al Khaimah Digital Assets Oasis (RAK DAO) is the world’s first purpose-built Free Zone servicing next-gen innovators.

  Our Free Zone is solely dedicated to non-regulated digital and virtual assets companies innovating in new and emerging sectors. RAK DAO is the body responsible for issuing licenses in the RAK UAE Free Zone.

  The RAK DAO Free Zone enables innovation by providing the perfect balance between regulation and innovation.

• Where is RAK DAO located?

• We are located in the Emirate of Ras Al Khaimah, a mere 45-minute drive from Dubai. The UAE is a global business-friendly hub with political stability. Additionally, RAK is positioned in a strategic time zone that bridges the West and the East.

• Who does the RAK DAO Free Zone cater to?

• RAK DAO currently supports enterprises and initiatives working in the decentralized space, including the metaverse, blockchain, gaming, NFTs, DAOs, DApps, and other Web3-related businesses.

  Refer to our activities list for better information.

Licensing and Set Up

• Which types of businesses may apply for a license within RAK Digital Assets Oasis?

• RAK DAO issues UAE Free Zone trade licenses to businesses specializing in non-regulated virtual asset companies and other next-generation ventures. More specifically:

  1. Metaverse
  2. Blockchain
  3. Gaming
  4. NFTs
  5. DApps
  6. Artificial Intelligence
  7. Web3-related projects
• Who is eligible to set up a company at RAK Digital Assets Oasis? Can anyone apply for a RAK Digital Assets Oasis license?

• RAK Digital Assets Oasis allows anyone working in the permitted sectors to apply for a license. The best part is that RAK DAO allows 100% foreign ownership and has no restrictions on the inclusion of local shareholders.

• Can I apply for a RAK DAO UAE Free Zone license online?

• Yes. RAK DAO’s 24/7 online portal ensures a user-friendly process for obtaining a UAE Free Zone license.

• Do shareholders have to be physically present to apply for the RAK DAO UAE Free Zone license?

• No. You don’t need to be physically present to apply for a RAK DAO license. Simply use the online portal to apply.

  Please note that you may need to sign in person to open a local bank account.

• Can I use an existing company name when I establish in RAK DAO?

• Yes and No.

  The company name may be the same as that used in another trading region, but it will be rejected if it is similar to an existing name registered with RAK DAO or the UAE National Economic Register.

  You may view the existing companies in the National Economic Register.

• Does RAK DAO offer office spaces within the Free Zone?

• Yes. RAK DAO provides state-of-the-art infrastructure and tech-enabled alternative workspaces, including coworking spaces, offices of varying sizes, meeting rooms, collaboration and event spaces, and work cafes.

• How long does it take to set up a company in RAK DAO?

• Given our experience setting up businesses in the region, we anticipate that getting your business set up will take less than seven working days, from completing your online application for a RAK DAO license to receiving your business license.

• Can shareholders of a RAK DAO-licensed company be foreigners?

• Yes. RAK DAO allows 100% foreign ownership. Foreign entrepreneurs and investors can own and operate their businesses in RAK DAO without a local partner.

   

• Does RAK DAO have a public register?

• Yes. All licensed companies will be featured on the National Economic Register.

• Is there provision for temporary leasing of office space in Ras Al Khaimah?

• Yes. RAK DAO offers long-term and short-term lease options for coworking facilities, serviced offices of multiple sizes, and customized offices.

• Can you tell me the requirements to open a bank account in RAK?

• RAK DAO has established relationships with key banking partners to assist any successful licensee in securing a local fiat bank account. While each banking partner will have its own specific requirements, from a registry point of view, banks typically require the following:

  • • Certificate of registration
    • License
    • Memorandum & Article of Association
    • Register of shareholders
    • Lease agreement
    • Appointment of authorized signatories for the bank account

• Do I need to open a local bank account?

• While opening a local bank account is recommended, it is not required.

  If you are interested, RAK DAO has established relationships with key banking partners to ensure that any successful licensee is guaranteed a local fiat bank account. RAK DAO’s team of experts will guide you through the entire process, from start to finish, ensuring you have everything you need to succeed.

• Can RAK DAO assist me with setting up a local bank account?

• Yes. After receiving the RAK Digital Assets Oasis license, RAK DAO can assist you in opening a bank account with one of our banking partners. This means you can start operating your business immediately without worrying about the complex process of opening a bank account in a new country.

   

• What is the structure of a RAK DAO-licensed company, specifically in regards to directors and shareholders?

• RAK DAO companies can have a minimum of 1 shareholder, director & manager (if applicable).

  N.B. Shareholders can either be a natural or legal person.

Working in Ras Al Khaimah

• Are there coworking spaces available in Ras Al Khaimah?

• Yes, RAK DAO and its partner companies offers various options for workspaces as well as burgeoning coworking spaces that are appearing throughout the area.

• Is there easy access to professional services in Ras Al Khaimah’s Free Zone?

• Yes. In addition to providing a flexible and cost-effective environment to jump-start your business, RAK offers a mature business ecosystem. As a community member, you can access world-class law and auditing firms, advisory services, financial institutions, and other professional services.

   

Living in Ras Al Khaimah

• Could you describe the lifestyle I would experience in Ras Al Khaimah?

• Ras Al Khaimah (RAK), pronounced “rass-al-kay-mah,” is the northernmost emirate in the UAE. Its unique and serene lifestyle offers opportunities to curate a healthy work-life balance.

  RAK is famous for its scenic landscape of beaches and mountains, which host nature retreats and outdoor adventures. With pristine beaches, lush mangrove trees, terracotta dunes, fertile, green oases, and the dramatic, awe-inspiring vistas of the majestic Hajar mountains, RAK boasts a haven of year-round sunshine.

  Ras Al Khaimah is home to the UAE’s highest mountain peak, Jebel Jais, where temperatures are around 10 degrees Celsius lower than sea level.

• What is the cost of living in Ras Al Khaimah?

• Living in Ras Al Khaimah compares favorably to Dubai and Abu Dhabi, with lower rents, more affordable property prices, cheaper utilities, lower leisure costs, and more competitively priced essentials. Read more about life in RAK here.

• How do I find a place to stay in Ras Al Khaimah?

• You can easily find short-term rentals through brokers such as Airbnb or long-term rentals through Houza.

• Is it easy to get to Ras Al Khaimah?

• Yes, Ras Al Khaimah is accessible to people of all abilities. The emirate has made significant progress in recent years to improve accessibility in all areas, including transportation, accommodation, and attractions.

  Here are some examples of the accessibility features that are available in Ras Al Khaimah:

  • Transportation: Ras Al Khaimah has several accessible taxis and buses. The airport and other major transportation hubs are also accessible.
  • Accommodation: Many hotels and resorts in Ras Al Khaimah offer accessible rooms and facilities.
  • Attractions: Many of the most popular attractions in Ras Al Khaimah, such as the Jebel Jais Viewing Deck and the Al Hamra Mall, are accessible.
• Is Ras Al Khaimah a dry Emirate, or is alcohol permitted?

• Most resort bars, restaurants, and nightclubs sell alcohol. Please consider the local customs and expectations: to only consume alcohol in designated places.

• Is Ras Al Khaimah a hot emirate?

• Typically, Ras Al Khaimah is 10 degrees cooler than neighboring Dubai due to its unique microclimate. The Hajjar Mountains play a crucial role in this, providing cooler temperatures, while the sea breeze raises humidity in winter, setting it apart from nearby regions.

• What language do the locals speak?

• Although Arabic is the region’s official language, business is commonly conducted in English.