Business is a field that is facing a new era of disruption and the United Arab Emirates is resolute to be on the forefront of this change. RAK DAO (Ras Al Khaimah Digital Assets Oasis) has been rebranded as Innovation City in a major change. This is not merely a cosmetic change, but a strategic picture of the Emirate of Ras Al Khaimah to be made a global place of international business enthusiasts, creative people, and tech-oriented firms. New Face of RAK DAO has now been set as a progressive ecosystem that is capable of supporting emergent industries.
Why the Rebranding Matters?
This rebranding of RAK DAO to Innovation City was motivated by the increasing necessity of a specialized area that would be able to accommodate industries that would form the future. The previous framework was progressive in its nature; however, the Innovation City is projected to be expanded, bold, and more inclusive which makes it a real breakthrough in the UAE in the field of innovation. It resembles the national desire to inviting international human capital and investments, especially in the rapidly expanding areas of fintech, blockchain, and artificial intelligence.
What Makes Innovation City Unique?
The reason why Innovation City is remarkable is that it is not a mere free zone, but an innovation ecosystem. It has some of the best features such as:
- Target Emerging Industries: Particular attention to artificial intelligence, game, blockchain, digital assets and Web3 technologies.
- Business-Friendly Regulations: Adaptive models that facilitate both the startups and existing companies.
- Modern Facilities: Availability of incubations, coworking centers and highly developed labs used in research and development.
- Investor-Friendly Policies: Policies that aim at easing the red tape and expediting business growth opportunities to entrepreneurs.
Having these distinctive opportunities, the New Face of RAK DAO can prove that Ras Al Khaimah is the country that is willing to become the global leader in terms of technology development.
Structural Support & Strategic Location
Innovation City is a well-thought-out city that will support entrepreneurs both physically and strategically by:
- Streamlined Processing: Effective rules and policies towards quick UAE company registration.
- Infrastructure Excellence: Pre-built office, digital, and business accelerators.
- Strategic Positioning: This is because, in the case of Innovation City, which is situated in Ras Al Khaimah, the businesses will enjoy the benefits of being close to both Dubai and Abu Dhabi with cost advantages.
- Networking Opportunities: Frequent networking, forums, and meet-ups with investors, partners and world innovators.
All these factors serve to make Innovation City have a competitive advantage enabling it to seek businesses that desire stability as well as opportunity.
Opportunities for Indian Entrepreneurs
To the Indian citizens, Innovation city is not merely an overseas business destination, but a portal to international growth:
- Easy Market Access: It is not full of unnecessary complications as entrepreneurs can complete the registration of a company in the UAE.
- Tax Efficacy: No personal income tax and good corporate taxation.
- Global Market Access: Established in Innovation City and connect at once with the Middle East, Europe and Asia.
- Favorable Ecosystem: Developers of AI and gaming studios are not the only ones, Indian businesses are welcomed in innovation.
- Cultural Familiarity: There is already a large Indian business community in the UAE and therefore settlement and expansion will be easier.
Through the New Face of RAK DAO, Indian entrepreneurs will be able to grow fast with international recognition.
How to Set Up a Business in Innovation City?
Innovation City is designed to be a straight-forward place to start a business. Here’s how:
- Choose Your Business Activity: Choose an approved industry such as AI, gaming, fintech or blockchain etc.
- Select Your Business structure: Select the type of business that you would like to start by choosing one of the industries approved such as artificial intelligence, gaming, fintech, or blockchain.
- Request UAE Company Registration: You should supply your application with information of shareholder and directors.
- Grant Preliminary Authorizations: There are a few areas that may require special authorizations like the digital assets.
- Lease Workspace/ Office: Select shared space in co-working centers or full office.
- License Received: Once everything is approved you will be provided with a license.
- Start Business: How about putting down business roots in the Innovation City Ras Al Khaimah.
Documents that are needed to register the company in UAE
In order to streamline the process, the following documents should be ready:
- Copies of passports of all shareholders and directors.
- Passport-sized photographs
- Evidence of home address (a utility bill etc.)
- A business plan (in particular industries).
Having these documents in hand, the entrepreneurs will be able to go through the planning stage and proceed to execution in a short time, solidifying their presence in the New Face of RAK DAO.
Conclusion
Rebranding of RAK DAO to the Innovation City is a milestone to Ras Al Khaimah. It is no longer a digital assets hub but an all-encompassing ecosystem of innovation that is intended to lure in talent, ideas, and investment around the world. Innovation City is an opportunity to the future of the business world with its emphasis on innovative technologies, such as AI and gaming, well-developed infrastructure, and the simplified registration of a business in the UAE.
The Innovation City will provide an incredible opportunity to the Indian citizens and businesspersons in the world to expand, escalate and prosecute on the global platform. Indeed, it will be the New Face of RAK DAO, a daring visionary move that will establish Ras Al Khaimah as an innovation hub.
FAQs
Q1. Is it possible to fully own a business in Innovation City by foreigners?
Yes, Innovation City will be 100 percent foreign-owned which means that you will have full command of your business.
Q2. Does it have visa opportunities among employees?
Business owners and workers will be able to acquire UAE residency visas involving their business license.
Q3. What is the rate of the business establishment process?
The process normally takes 2-4 weeks basing on approvals and documentation.
Q4. Do tech startups possess particular incentives?
Yes, the city of Innovation provides tax exemptions and grants and access to accelerators to technology-oriented businesses.
Q5. Does Innovation City have relations with international investors?
Absolutely. Nicholson is known to host networking events, investor meet-ups and partnerships to support international investment in the ecosystem.
If you need further assistance or have any doubts, our experts are here to help you. Call us: 8881-069-069.
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