Are you fascinated by the concept of digital and virtual assets? Do you think that these innovative technologies have the potential to revolutionize the way we do business? If so, you will be thrilled to know that Ras AI Khaimah has officially launched the first free zone dedicated to digital and virtual assets companies. The move comes as a response to the rapidly growing interest and investment in digital assets such as cryptocurrencies and blockchain technology.
Read on if you are an entrepreneur, investor, or even just a casual observer interested in learning more about the implications of this revolutionary revelation for the future of digital and virtual assets.
What is Ras Al Khaimah?
Ras Al Khaimah is located in the northernmost of the United Arab Emirates and has a special place among the seven emirates in the UAE. It is one of the leading locations for business establishments and trading in the UAE. It has a Track record of safety and stability, validated by prestigious credit ratings organizations such as Fitch Ratings and S&P. RAK, currently home to 12000 companies. Moreover, with logistical centers like seaports, an international airport, and multi-lane superhighways, businesses can easily access east-west trade flows.
Announcement of the free zone dedicated to Digital and Virtual asset companies
Free zones, commonly called free trade zones, are commercial areas where business owners retain full ownership of their organizations and receive favored tax treatment.
Ras Al Khaimah (RAK) has declared its plan to build RAK Digital Assets Oasis, the first free zone in the world exclusively for digital and virtual asset enterprises. The news was made on February 27 at the Blockchain Life 2023 event.
Sheikh Mohammed Al Qassimi, chairman of RAK ICC, the operator of the free zone, stated.
“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 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 worldwide.”
The free zone is intended to attract and assist digital and virtual asset businesses, such as cryptocurrency exchanges, blockchain enterprises, and other tech startups. The administration of RAK anticipates that this new free zone would provide a conducive environment for technology firms, attracting foreign investment and creating employment possibilities for UAE residents.
UAE Continues to Adopt Blockchain And Digital Assets with New Ras Al Khaimah Free Zone
The UAE's efforts to create a regulatory framework for the digital asset market indicate its commitment to fostering a welcoming environment for blockchain and cryptocurrency entrepreneurs and businesses.
With the opening of a new free zone in Ras Al Khaimah, the United Arab Emirates (UAE) strengthens its position as a global hub for blockchain and digital assets.
In the second quarter of 2023, the RAK Digital Assets Oasis will begin accepting application submissions. The Oasis will have a free zone for activities in the virtual assets sector that are non-regulated. It will primarily serve new crypto industries, such as blockchain, the metaverse, DAOs (Distributed Autonomous Organizations), NFTs, and dApp development.
Why Choose Ras Al Khaimah Free Zone
Like any other free zone in Dubai or the emirates, Ras Al Khaimah offers different tax exemptions when establishing a business there. Foreign people in business should pick Ras Al Khaimah free zone because of the following advantages:
- There are no business or personal income taxes.
- There are no corporation or income taxes, and capital and profits are fully repatriable.
- Complete foreign ownership is permitted in the Ras Al Khaimah free zone, a major draw for international entrepreneurs.
Licensing and registration
RAK free zone offers licensing and registration services to support establishing digital and virtual asset companies. The free zone is one of the most popular in the United Arab Emirates (UAE) because it has clear laws about starting a business and quick procedures for doing so. At RAK, companies can apply for one of four kinds of licenses: a commercial, trading, consulting, or industrial license.
High living standards with low expenses
Compared to other free zones, the Ras Al Khaimah free zone stands out as one of the most advantageous due to the high living standards and low cost. Businesses operating in the Ras Al Khaimah free zone have the additional benefit of renting affordable office space in any of the parks that are specialized for specific industries. These areas are referred to as
- The Business Park
- The Technological Park
- The Academic Zone
- The Industrial Park
Infrastructure and supportive ecosystem
The free zone provides state-of-the-art infrastructure, including high-speed Internet connectivity and contemporary office space. In addition to banking and financial services, transportation, and logistical support, the free zone offers access to venture capital investment, mentorship, and networking opportunities. The free zone also gives enterprises access to various academic institutions and research centers, allowing them to cooperate with top academics and researchers in their sector.
The announcement of the world's first free zone dedicated to digital and virtual asset companies in Ras Al Khaimah is a groundbreaking development that promises to revolutionize the global crypto and blockchain landscape. Furthermore, this move signals the UAE's commitment to fostering innovation and supporting the growth of the digital economy, as it opens up a whole new world of possibilities for businesses operating in the digital and virtual asset space. Overall, this development marks a thrilling new chapter in the evolution of blockchain technology. As a leading development agency, Aspired is excited to be part of this new development in Ras Al Khaimah and looks forward to working with companies in the free zone to help them achieve their blockchain goals.
Aspired helps companies develop and deploy custom blockchain solutions that meet their needs and requirements by providing expert blockchain developers. With our assistance, businesses can unlock blockchain's full potential and position themselves for long-term growth and success.