During Blockchain Life 2023, the government of Ras Al Khaimah (RAK) revealed its plan to establish the RAK Digital Assets Oasis, a free zone that is exclusively reserved for digital and virtual asset companies. The UAE is continuously implementing strategies toward the digital assets economy, and the new strategy by Ras Al Khaimah is not a surprise.
The Free Trade Zones in the UAE provide specific locations where companies can operate without constraints. This includes benefits such as 100% foreign ownership, no corporate tax, no personal income tax, and no customs duties. Further, it offers simplified procedures for business setup, including streamlined licensing and registration processes.
“We are proud to further the UAE’s position as a primary destination for innovation with the launch of RAK Digital Assets Oasis. We are building the free zone of the future for the companies of the future. As the world’s first free zone solely dedicated to digital and virtual asset companies, we look forward to supporting the ambitions of entrepreneurs from around the world. We look forward to doing so with our progressive, supportive, and quick-to-adapt approach and our innovation-enabling environment.”
- outlines the chairman of RAK ICC and RAK Digital Assets Oasis, Sheikh Mohammed bin Humaid bin Abdullah Al Qasimi
The RAK Digital Assets Oasis is planned to be the world's only free zone exclusively designated for service providers dealing with digital and virtual assets, especially in new and emerging sectors of the future, such as metaverse, blockchain, utility tokens, virtual asset wallets, NFTs, DAOs, DApp, and other Web3-related businesses. The Oasis is expected to start accepting applications in Q2 2023.
“I am privileged to help implement the forward-thinking vision of the leadership of Ras Al Khaimah. We hope to enable, foster, and promote innovation in new and emerging sectors of the future. With the UAE’s established reputation as an innovation hub, RAK Digital Assets Oasis delivers a unique offering to global entrepreneurs. As a result, we hope to bring together an unmatched combination of accessibility and livability. This will be supported by Ras Al Khaimah’s business-friendly infrastructure, progressive policies, and an international lifestyle offering.”
- comments the CEO of RAK ICC and Digital Assets Oasis, Dr.Sameer AI Ansari
Ras Al Khaimah has built a reputation as a global business-friendly hub that provides political stability. This supportive environment is quick to adapt and enables innovation in a strategic time zone. This is because it serves as a bridge between the financial centers in the West and East. The free zone aligns with the UAE's position as a leading destination for innovation.
“We look forward to welcoming the world’s brightest Web3 minds with their most disruptive ideas that uncover new approaches to creating a better future. We are committed to empowering the next generation of global entrepreneurial talent. Consequently, we hope to build transformative solutions and create impact while shaping the future of businesses and economies”
- adds Dr. Al Ansari