RadiantBizRadiantBizRadiantBiz28 October, 2023
What is RAK Digital Assets Oasis?
RAK Digital Assets Oasis is a cutting-edge blockchain and cryptocurrency initiative launched by the Ras Al Khaimah in the United Arab Emirates. This ambitious project aims to create a robust ecosystem for digital assets, fostering innovation and economic growth. RAK Digital Assets Oasis offers a secure and regulated environment for blockchain-based businesses and cryptocurrency activities, positioning itself as a hub for financial technology innovation. It underscores the growing interest of governments and industries in embracing blockchain and digital assets, seeking to harness their potential for economic development and diversification.
Ecosystem for Digital and Virtual Asset Companies
An ecosystem for Digital and Virtual Asset Companies represents a dynamic and interconnected environment designed to nurture businesses involved in digital and virtual assets. This ecosystem encompasses a wide range of components, including regulatory frameworks, technology infrastructure, financial services, and community engagement.
Key features often include secure blockchain platforms, streamlined regulatory procedures, and investor-friendly policies. These elements foster innovation, entrepreneurship, and economic growth. By providing a structured framework for digital and virtual asset companies, the ecosystem offers a level of trust and reliability that is essential in the rapidly evolving world of cryptocurrencies and blockchain technology.
Furthermore, these ecosystems aim to encourage responsible innovation while safeguarding against potential risks, such as fraud and financial instability. Ultimately, they play a crucial role in shaping the future of finance, making it accessible, secure, and efficient for businesses and individuals alike.
Type of Businesses Licences in Rak Dao
In RAK DAO, a forward-thinking hub for digital and virtual asset businesses, a variety of licenses are available to accommodate the diverse needs and activities of enterprises in this innovative space. These licenses are instrumental in fostering economic diversity, technological advancement, and regulatory clarity. Here are some key types:
1. Blockchain and Cryptocurrency License: This license is intended for companies deeply engaged in blockchain technology, cryptocurrency trading, and other related activities, ensuring they operate within the legal framework and meet regulatory standards.
2. Digital Asset Exchange License: Tailored for businesses functioning as digital asset exchanges, permitting them to facilitate the buying and selling of cryptocurrencies while adhering to compliance requirements.
3. Virtual Asset Service Provider (VASP) License: Designed for entities providing services like cryptocurrency wallets, custodianship, and token issuance, aligning with the global regulatory landscape.
4. Technology Service Provider License: Ideal for firms offering tech solutions, including smart contract development, blockchain consulting, and software development in the digital asset domain.
5. Financial Services License: Geared towards businesses providing financial advisory, payment processing, and other financial services within the digital asset sector, ensuring a robust, compliant, and secure financial environment.
List of RAK DAO Business Activity
| DAO CODE |
Activity Group | RAK DAO Business Activity | Premium | External Approval |
| S-001 | Accounting | Accounting & Bookkeeping | No | No |
| S-002 | Accounting | Taxation Procedures Follow-up | No | Yes |
| S-003 | Accounting | Billing services Provider | No | No |
| S-004 | Accounting | Tax Reclaim Services | No | No |
| S-005 | Artificial Intelligence | Innovation & Artificial Intelligence Research & Consultancies | Yes | No |
| S-006 | Artificial Intelligence | Artificial Intelligence | Yes | No |
| S-007 | Artificial Intelligence | Coding | No | No |
| S-008 | Artificial Intelligence | Innovation Startup | No | No |
| S-009 | Blockchain Development, DLT services & Software | Software Development Services | No | No |
| S-010 | Blockchain Development, DLT services & Software | Cybersecurity and Technology Audit Services of Software Code | No | No |
| S-011 | Blockchain Development, DLT services & Software | Software House | No | No |
| S-012 | Blockchain Development, DLT services & Software | Digital Bridge Services | No | No |
| S-013 | Blockchain Development, DLT services & Software | Digital Platforms & Services | No | No |
| S-014 | Blockchain Development, DLT services & Software | Node Operator | No | No |
| S-015 | Blockchain Development, DLT services & Software | Digital Analytics Services | No | No |
| S-016 | Blockchain Development, DLT services & Software | Blockchain Oracle | No | No |
| S-017 | Blockchain Development, DLT services & Software | Web3 Services | No | No |
| S-018 | Blockchain Development, DLT services & Software | Distributed Ledger Technology Services | No | No |
| S-019 | Computer Systems and Network Consultancies | Computer Systems Consultancies | No | No |
| S-020 | Computer Systems and Network Consultancies | Network Consultancies | No | No |
| S-021 | Computer Systems and Network Consultancies | Information Technology Consultants | No | No |
| S-022 | Computer Systems and Network Consultancies | Internet Consultancy | No | No |
| S-023 | Computer Systems and Network Consultancies | IT Infrastructure | No | No |
| S-024 | Computer Systems and Network Consultancies | Public Networking Services | No | No |
| S-025 | Computer Systems and Network Consultancies | Computer System Housing Services | No | No |
| S-026 | Computer Systems and Network Consultancies | Internet Services | No | No |
| S-027 | Computer Systems and Network Consultancies | Computer Systems & Communication Equipment Software Design | No | No |
| S-028 | Computer Systems and Network Consultancies | Information Technology Network Services | No | No |
| S-029 | Computer Systems and Network Consultancies | Other information technology and computer service activities | No | No |
| S-030 | Computer Systems and Network Consultancies | Computer disaster recovery | No | No |
| S-031 | Computer Systems and Network Consultancies | IT security management | No | No |
| S-032 | Computer Systems and Network Consultancies | Security systems consultancy | No | No |
| S-033 | Computer Systems and Network Consultancies | Provision of infrastructure for hosting, data processing services and related activities |
No | No |
| S-034 | Computer Systems and Network Consultancies | General time-share provision of mainframe facilities to clients | No | No |
| S-035 | Computer Systems and Network Consultancies | Cloud Service & Data centers Providers | No | No |
| S-036 | Computer Systems and Network Consultancies | Data center Colocation Services | No | No |
| S-037 | Consulting and Management Services | Corporate Services Provider (CSP) | No | No |
| S-038 | Consulting and Management Services | Management Consultancies | No | No |
| S-039 | Consulting and Management Services | Strategy advisory services | No | No |
| S-040 | Consulting and Management Services | Digital content management | No | No |
| S-041 | Consulting and Management Services | Project management services | No | No |
| S-042 | Consulting and Management Services | Logistics consultancy | No | No |
| S-043 | Consulting and Management Services | Public Relations Management | No | No |
| S-044 | Consulting and Management Services | Feasibility Studies Consultancies | No | No |
| S-045 | Consulting and Management Services | Facilities Resources Planning Consultancy | No | No |
| S-046 | Consulting and Management Services | Project Development Consultant | No | No |
| S-047 | Consulting and Management Services | Cost Control & Risk Management Services | No | No |
| S-048 | Customer Support Services | Customer Care Center | No | No |
| S-049 | Customer Support Services | Call Centers Services | No | No |
| S-050 | Cybersecurity and Cyber Risk Management | Cyber Security Consultancy | No | No |
| S-051 | Cybersecurity and Cyber Risk Management | Cyber Risk Management Services | No | No |
| S-052 | Cybersecurity and Cyber Risk Management | Cyber Security Architecture | No | No |
| S-053 | Cybersecurity and Cyber Risk Management | Auditing, Reviewing &Testing Cyber Risks | No | No |
| S-054 | Cybersecurity and Cyber Risk Management | Managed Cyber Security Services Provider | No | No |
| S-055 | DAO | DAO Services | No | No |
| S-056 | Design and Creative Services | Web-Design | No | No |
| S-057 | Design and Creative Services | Computer Graphic Design Services | No | No |
| S-058 | Design and Creative Services | Concept & design consultancy | No | No |
| S-059 | Digital Assets Mining | Proprietary Mining of Cryptocurrencies | No | No |
| S-060 | Digital Assets Mining | Mining Equipment manufacturing | Yes | No |
| S-061 | Digital Assets Mining | Mining Equipment trading | No | No |
| S-062 | Digital Assets Mining | Mining Facility Operator | No | No |
| S-063 | Digital Creator Marketplace Services | Tech Provider/Enabler | No | No |
| S-064 | Education and Training | Education & Training Computer Software | No | Yes |
| S-065 | Education and Training | Educational Technologies Research & Development | No | Yes |
| S-066 | Education and Training | Computer training | No | Yes |
| S-067 | Education and Training | Professional & Management Development Training | No | Yes |
| S-068 | Education and Training | Provision of non-instructional services that support educational processes or systems |
No | No |
| S-069 | Education and Training | Training consultancy | No | No |
| S-070 | Education and Training | Education consultancy | No | No |
Benefits of RAK DAO Company Setup
The benefits of setting up a company within the RAK DAO ecosystem are manifold and reflect its strategic advantages.
1.Regulatory Clarity: RAK DAO offers a clear and well-defined regulatory framework for digital and virtual asset businesses, promoting legal compliance and investor confidence.
2. Diverse Licensing Options: Businesses can choose from a range of licenses tailored to their specific activities, ensuring they operate within the appropriate legal framework while enjoying flexibility.
3. Global Connectivity: Located in the UAE, RAK DAO provides access to a globally connected financial hub, facilitating international partnerships and expansion opportunities.
4. Technological Innovation: The ecosystem fosters technological advancement, with a focus on blockchain and digital asset-related enterprises, making it an ideal environment for tech-driven companies.
5. Financial Services: RAK DAO offers support for financial institutions and service providers in the digital asset space, facilitating access to a wide array of financial services.
6. Economic Diversification: By embracing this ecosystem, businesses contribute to the economic diversification of the region, supporting sustainable growth.
7. Investor Confidence: The regulatory adherence, transparency, and security measures enhance investor confidence, attracting funding and partnerships.
Types of Company Registration in RAK DAO
In RAK DAO, the process of company registration offers diverse options to accommodate various business models and objectives. These types of company registration are thoughtfully designed to meet the needs of a wide spectrum of entrepreneurs and enterprises:
1. Blockchain and Cryptocurrency Companies: Tailored for firms heavily involved in blockchain technology, cryptocurrency trading, and related activities, ensuring compliance with industry-specific regulations.
2. Digital Asset Exchanges: This registration type is ideal for businesses engaged in facilitating the buying and selling of cryptocurrencies, with a focus on security, transparency, and legal adherence.
3. Virtual Asset Service Providers (VASPs): Companies providing services like cryptocurrency wallet solutions, custodianship, and token issuance can register as VASPs to operate within the defined legal framework.
4. Technology Service Providers: Firms offering tech solutions, including smart contract development, blockchain consulting, and software development, can register to showcase their technological prowess.
5. Financial Services Providers: Registration for companies providing financial advisory services, payment processing, and other financial services in the digital
Documents Required for Business Setup in RAK DAO
Setting up a business in RAK DAO entails a systematic process that requires specific documentation to ensure regulatory compliance and a seamless registration process. The essential documents for business setup typically include:
1.Application Form: A completed application form with detailed business information.
2. Proof of Identity: Valid passports and UAE residency permits for all shareholders and directors.
3. Business Plan: A comprehensive business plan outlining the nature of your venture, its objectives, and financial projections.
4. Company Memorandum and Articles of Association: A drafted document defining the company’s internal regulations and operational guidelines.
5. Proof of Address: Evidence of the physical business address, such as a lease agreement or utility bill.
6. Bank Reference Letter: A letter from a bank affirming your financial standing and history.
7. No Objection Certificate (NOC): If applicable, an NOC from existing sponsors or partners.
8. Corporate Documents: For corporate shareholders, documents like the certificate of incorporation, board resolution, and certificate of good standing may be necessary.
9. License Application Form: Specific license application forms corresponding to your business type.
List of RAK DAO Freelance Business Activity
| DAO CODE | Activity group | RAK DAO Business Activity | External Approval |
| F-001 | Artificial Intelligence | Artificial Intelligence | No |
| F-002 | Artificial Intelligence | Coding | No |
| F-003 | Blockchain Development, DLT services & Software | Software Development Services | No |
| F-004 | Blockchain Development, DLT services & Software | Cybersecurity and Technology Audit Services of Software Code | No |
| F-005 | Blockchain Development, DLT services & Software | Digital Analytics Services | No |
| F-006 | Computer Systems and Network Consultancies | Computer Systems Consultancies | No |
| F-007 | Computer Systems and Network Consultancies | Network Consultancies | No |
| F-008 | Computer Systems and Network Consultancies | Information Technology Consultants | No |
| F-009 | Computer Systems and Network Consultancies | Internet Consultancy | No |
| F-010 | Computer Systems and Network Consultancies | IT Infrastructure | No |
| F-011 | Cybersecurity and Cyber Risk Management | Cyber Security Consultancy | No |
| F-012 | Cybersecurity and Cyber Risk Management | Cyber Risk Management Services | No |
| F-013 | Design and Creative Services | Web-Design | No |
| F-014 | Design and Creative Services | Computer Graphic Design Services | No |
| F-015 | Digital Creator Marketplace Services | Tech Provider/Enabler | No |
| F-016 | Gaming, eGaming & GameFi | Gaming Content Production | No |
| F-017 | Gaming, eGaming & GameFi | Gaming Development Services | No |
| F-018 | Gaming, eGaming & GameFi | Gaming Localization Services | No |
| F-019 | Gaming, eGaming & GameFi | Gaming Consultancy Services | No |
| F-020 | Information service activities | Data processing activities | No |
| F-021 | Information service activities | Data Classification & Analysis Services | No |
| F-022 | Information service activities | Information search | No |
| F-023 | Miscellaneous | Blogging Services | No |
| F-024 | Miscellaneous | Legal Translation | Yes |
| F-025 | Miscellaneous | Lifestyle Coaching | No |
| F-026 | Data Entry Services | Data Entry Services | No |
| F-027 | Programming and Software Development | Electronic Chips Programming | No |
| F-028 | Social | Digital Engagement Platforms | No |
| F-029 | Social Media and Marketing | Social Media Applications Development & Management | No |
| F-030 | Web3 Consultancy & Services | Consulting Services | No |
| F-031 | Web3 Consultancy & Services | Legal Services | Yes |
| F-032 | Web3 Consultancy & Services | Accounting Services | No |
| F-033 | Web3 Consultancy & Services | Audit Services | Yes |
| F-034 | Web3 Consultancy & Services | Digital Media Channel Services | No |
| F-035 | Web3 Consultancy & Services | PR and Marketing Services | No |
| F-036 | Web3 Consultancy & Services | Events Management | No |
| F-037 | Artificial Intelligence | AI Data collection | No |
| F-038 | Artificial Intelligence | AI Data analysis | No |
| F-039 | Artificial Intelligence | AI Data visualization | No |
List of Remote RAK DAO Business Activity
| CODE | Activity Group | RAK DAO Business Activity | Premium | External Approval |
| R-1 | Blockchain Development, DLT services & Software | Software Development Services | No | No |
| R-2 | Blockchain Development, DLT services & Software | Cybersecurity and Technology Audit Services of Software Code | No | No |
| R-3 | Blockchain Development, DLT services & Software | Software House | No | No |
| R-4 | Blockchain Development, DLT services & Software | Digital Bridge Services | No | No |
| R-5 | Blockchain Development, DLT services & Software | Digital Platforms & Services | No | No |
| R-6 | Blockchain Development, DLT services & Software | Node Operator | No | No |
| R-7 | Blockchain Development, DLT services & Software | Digital Analytics Services | No | No |
| R-8 | Blockchain Development, DLT services & Software | Blockchain Oracle | No | No |
| R-9 | Blockchain Development, DLT services & Software | Web3 Services | No | No |
| R-1 | Blockchain Development, DLT services & Software | Distributed Ledger Technology Services | No | No |
| R-11 | Computer Systems and Network Consultancies | Computer Systems Consultancies | No | No |
| R-12 | Computer Systems and Network Consultancies | Network Consultancies | No | No |
| R-13 | Computer Systems and Network Consultancies | Information Technology Consultants | No | No |
| R-14 | Computer Systems and Network Consultancies | Internet Consultancy | No | No |
| R-15 | Computer Systems and Network Consultancies | IT Infrastructure | No | No |
| R-16 | Computer Systems and Network Consultancies | Public Networking Services | No | No |
| R-17 | Computer Systems and Network Consultancies | Computer Systems & Communication Equipment Software Design | No | No |
| R-18 | Computer Systems and Network Consultancies | Other information technology and computer service activities | No | No |
| R-19 | Consulting and Management Services | Strategy advisory services | No | No |
| R-2 | Consulting and Management Services | Digital content management | No | No |
| R-21 | Consulting and Management Services | Public Relations Management | No | No |
| R-22 | Consulting and Management Services | Facilities Resources Planning Consultancy | No | No |
| R-23 | Customer Support Services | Customer Care Center | No | No |
| R-24 | Cybersecurity and Cyber Risk Management | Cyber Security Consultancy | No | No |
| R-25 | Cybersecurity and Cyber Risk Management | Cyber Risk Management Services | No | No |
| R-26 | Design and Creative Services | Web-Design | No | No |
| R-27 | Design and Creative Services | Computer Graphic Design Services | No | No |
| R-28 | Design and Creative Services | Concept & design consultancy | No | No |
| R-29 | Digital Creator Marketplace Services | Tech Provider/Enabler | No | No |
| R-3 | Education and Training | Education & Training Computer Software | No | Yes |
| R-31 | Education and Training | Computer training | No | Yes |
| R-32 | Education and Training | Professional & Management Development Training | No | Yes |
| R-33 | Education and Training | Provision of non-instructional services that support educational processes or systems |
No | No |
| R-34 | Education and Training | Training consultancy | No | No |
| R-35 | Education and Training | Education consultancy | No | No |
| R-36 | Education and Training | Education Support Services | No | No |
| R-37 | Employment Services | Employment Brokerage Office Services | No | No |
| R-38 | Event and Exhibition Organizing | Exhibition Organizing | No | No |
| R-39 | Event and Exhibition Organizing | Conferences & Seminars Organizing | No | No |
| R-4 | Event and Exhibition Organizing | Fashion Shows Organizing | No | No |
| R-41 | Event and Exhibition Organizing | Real Estate Exhibition Organizing | No | No |
| R-42 | Event and Exhibition Organizing | Sports Exhibitions Organizing | No | No |
| R-43 | Event and Exhibition Organizing | Events Organizing & Managing | No | No |
| R-44 | Gaming, eGaming & GameFi | Gaming Publisher | No | No |
| R-45 | Gaming, eGaming & GameFi | Gaming Content Production | No | No |
| R-46 | Gaming, eGaming & GameFi | Online Gaming Services | Yes | No |
| R-47 | Gaming, eGaming & GameFi | Offshore Gaming Operator | Yes | No |
| R-48 | Gaming, eGaming & GameFi | Gaming Production Service Providers | No | No |
| R-49 | Gaming, eGaming & GameFi | Gaming Quality Assurance Specialized Services | No | No |
| R-5 | Gaming, eGaming & GameFi | Gaming Streaming Social Media Platform | No | No |
| R-51 | Gaming, eGaming & GameFi | Gaming Community Management | No | No |
| R-52 | Gaming, eGaming & GameFi | Gaming Engine Operation | No | No |
| R-53 | Gaming, eGaming & GameFi | No | No | |
| Gaming Development Services | ||||
| R-54 | Gaming, eGaming & GameFi | Gaming Localization Services | No | No |
| R-55 | Gaming, eGaming & GameFi | Gaming Consultancy Services | No | No |
| R-57 | Information service activities | Application service provisioning | No | No |
| R-58 | Information service activities | Data processing activities | No | No |
| R-59 | Information service activities | Data Classification & Analysis Services | No | No |
| R-6 | Information service activities | Information search | No | No |