Business Setup & Company Formation

Ras Al Khaimah’s crypto free zone, RAK Digital Assets Oasis, rebranded to Innovation City in September 2025, now licensing over 1,500 business activities across blockchain, Web3, AI, and DAO structures. Trade licences typically issue within 7 to 15 working days. Since launching in 2023, the free zone has registered several hundred digital asset companies, making it one of the UAE’s fastest routes to a crypto business licence.

Setting up a proprietary trading company in the UAE is faster than most founders expect: Innovation City in Ras Al Khaimah issues trade licences in just 7 to 15 working days, with 100% foreign ownership, 0% corporate tax on qualifying income, and no VARA approval needed for genuine own-capital trading. Packages start at AED 6,600 a year for solo founders.

Innovation City Free Zone lets founders incorporate a UAE company in just 7–15 working days, fully remotely. Licence packages start at AED 6,600/year, with 100% foreign ownership and over 1,500 licensable activities. Nearly 400 companies were licensed in its first year alone. Add visa processing (2–3 weeks) and banking (2–6 weeks), and most founders are fully operational in 4–8 weeks.

Can you set up a UAE company without visiting? Yes. Innovation City licenses are issued remotely in 5 to 15 working days. The only exceptions are residence visas and bank verification, which require a short 2 to 4 day UAE visit, typically under USD 2,000 total. RAK is 45 minutes from Dubai International Airport, making even that step simple.

Ras Al Khaimah has two free zones built for very different businesses. Innovation City Free Zone Authority is purpose-built for digital assets, blockchain, Web3, and AI companies, while RAKEZ serves manufacturing, trading, and general commercial businesses. This guide compares both zones on pricing, banking partners, activity lists, and regulation to help founders choose the right fit.

Setting up in Innovation City Free Zone takes just 7–15 working days, fully remotely, with licence packages starting at AED 6,600/year. Built for AI, Web3, and digital asset founders, it offers 100% foreign ownership, over 1,500 licensable activities, and a blockchain-based digital business identity for every company. Here’s the complete step-by-step setup guide, costs, and requirements.