A new opportunity for business setup in the UAE has opened for crypto and other virtual assets investors as the emirate of Ras Al Khaimah has revealed its plans to launch a free zone dedicated to digital assets companies. The free zone is named ‘Digital Assets Oasis’ and will provide a favourable environment for company formation in the UAE for virtual assets service providers. Since the RAK government has not divulged more information on the launch date of the Digital Assets Oasis, investors are advised to talk to business setup consultants in the UAE to keep track of the free zone.
Meanwhile, this blog will enlighten you on setting up a business in RAK Digital Assets Oasis free zone. Keep reading for further information on the new free zone in RAK for virtual asset companies:
What is the objective of RAK Digital Oasis Free Zone?
The primary objective of the RAK Digital Oasis free zone is to develop the emirate of Ras Al Khaimah as a global hub for digital assets such as cryptocurrencies and blockchains. The free zone will provide relevant regulations and adequate infrastructure to allow digital asset investors to set up a company in the UAE.
Who is launching the virtual assets-free zone in Ras Al Khaimah?
The RAK Digital Oasis will be established by the government of Ras Al Khaimah as part of its efforts to draw more foreign direct investment and position the emirate as a global tech centre. The announcement to create an exclusive free zone for crypto assets in Ras Al Khaimah was made at the Blockchain Life 2023 event on 27th February 2023. As of now, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi is positioned as the Chairman of RAK Digital Assets Oasis who is also serving as the Chairman of RAK ICC. Consult with business setup consultants in RAK for more information on the free zone.
What Kind of Activities Will Be Permitted in RAK Digital Oasis?
The RAK Digital Assets Oasis has been conceived as a purpose-built, true innovation-enabling free zone dedicated to the virtual assets industry. The free zone will permit investors to carry out non-regulated activities in the virtual assets sector. The free zone will focus on new and emerging sectors including metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses.
When can you apply for a business license in RAK Digital Oasis?
As per the available information, the RAK Digital Oasis will start receiving license applications in the second quarter of 2023. Business setup advisers in RAK can advise you further on the date.
Advantages of Setting up a Company in RAK Digital Oasis
The RAK Digital Oasis free zone, when officially launched, will be located in Ras Al Khaimah. It is the northernmost emirate in the UAE and the fourth-largest emirate in the country. The word Ras Al Khaimah means “top of the tent” in Arabic, and is home to three seaports that give it great strategic and economic importance. Registering a company in RAK Digital Oasis free zone will offer the following benefits:
- Strategic location in Ras Al Khaimah
- Political stability and a business-friendly approach from the government
- 100% foreign ownership with no need to partner with UAE nationals
- Effective adoption frameworks, advisory and professional services
- Hybrid workspaces, accelerators, incubators, sandboxes
- Easy access to funding
- Cost-effective options to live and work in Ras Al Khaimah
The Framework of Virtual Assets Regulations in the UAE
Foreign investors attracted to the process of company formation in RAK Digital Assets Oasis must learn about the country’s regulations regarding virtual assets. All the virtual assets service providers in the UAE are subject to Federal Level Regulation as per ‘Cabinet Resolution No. (111) of 2022 Concerning the Regulation of Virtual Assets and their Service Providers. Moreover, the companies carrying out any virtual asset activity in the country are required to comply with regulations related to Anti-Money Laundering and Combatting the Financing of Terrorism (AML-CFT). Business setup consultants in the UAE can advise you more on the regulatory requirements.
What should investors do now?
Foreign investors wishing to start a virtual assets firm in RAK are advised to wait for further information from the government. Company setup consultants in the UAE can guide you further on the process.
Consult with the Best Business Setup Consultants in RAK, UAE
Foreign investors are advised to wait further for any information released by the government regarding business setup in RAK Digital Assets Oasis free zone. Once the free zone is commercially launched, business setup consultants in RAK such as Jitendra Business Consultants (JBC) can assist you with the company registration process. JBC is one of the leading business setup consultants in the UAE with years of experience and expertise.
We can help you find the perfect free zone. Our highly qualified consultants can impart the legal know-how and expertise to expedite the process of company incorporation in Dubai. JBC can help foreign investors to navigate complex procedures such as document drafting, visa processing, bank account opening etc. We also help the companies avoid hefty penalties by providing compliance services related to ESR, UBO & AML-CFT. Company registration becomes easier with JBC’s guidance and assistance.