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If you are searching for RAK DAO, the zone now goes by Innovation City. RAK Digital Assets Oasis was rebranded and relaunched on as an AI-focused free zone in Ras Al Khaimah. Packages start from AED 6,600 a year for a licence with a shared desk and no visa. With one visa, the cheapest package is Seed at AED 13,200.
What changed when RAK DAO became Innovation City
The RAK Media Office announced that RAK Digital Assets Oasis would carry on as Innovation City (INC), described as the first AI-powered free zone. The authority is the same, with Sheikh Mohammed bin Humaid Al Qasimi as chairman and Paul Dawalibi as CEO.
Three things changed for you as a buyer:
- The focus is wider. RAK DAO was built for virtual assets. Innovation City covers AI first, then Web3 and blockchain, gaming and metaverse, robotics, healthtech and quantum computing, plus general activities.
- The packages are new. The old RAK DAO packages, such as Launch, Engage and Accelerate, are no longer on sale. Older agency blogs still quote their prices; ignore those.
- The website is new. Look for innovationcity.com. The federal u.ae list of Ras Al Khaimah free zones now names Innovation City.
How much does an Innovation City license cost?
All four packages are priced "starting from" and run for one year.
| Package | Price | Visas | What you get |
|---|---|---|---|
| Idea | AED 6,600 a year | 0 | Multiple shareholders, 10 standard or custom activities, shared desk |
| Seed | AED 13,200 a year | 1 (cap of 1) | 2 shareholders, shared desk, custom or premium activities |
| Startup | AED 15,400 a year | 1 included, up to 4 | Multiple shareholders, 10 activities, shared desk |
| Growth | AED 22,550 a year | 1 included, up to 4 | 10 activities, dedicated desk |
Source: innovationcity.com packages page and FAQ, read in .
The package price covers licence fees, lease fees and the workspace. You pay more only for added visas, premium activities or a premium office.
The two Innovation City pages differ on Seed. The packages page shows 5 custom or premium activities as an October limited-time offer. The FAQ says 1. Confirm which applies when you apply.
What do setup agencies charge for Innovation City?
We looked for agency packages for Innovation City. The two agencies that publish prices, at about AED 6,600 to AED 22,550 (published prices of 2 agencies, checked ), both repeat the four official prices. We found no agency selling its own marked-up package yet. An agency may still add a service fee, so ask whether a quote is the zone price alone.
What does an Innovation City visa cost?
Idea has no visa. Seed has one and cannot go higher. Startup and Growth each include one, and you can take up to four.
Each extra visa costs AED 4,400. Innovation City says that figure includes the e-channel registration, entry permit, visa stamping, medical, Emirates ID, health insurance and status change. That makes it simpler to budget than zones that list each step apart.
Because the e-channel sits inside the visa fee, no separate establishment card fee is published. Ask the zone if any card fee applies to a no-visa Idea company. More on the establishment card page, and on free zone visa costs across the UAE.
What office options does Innovation City offer?
- Shared desk: included in Idea, Seed and Startup
- Dedicated desk: included in Growth
- Premium office: available at extra cost
Innovation City lists its address as the RAKBANK Building, Floor 8, Ras Al Khaimah.
How does Innovation City license renewal work?
Innovation City says the renewal price is the same as your original package price. You can also buy multi-year licences of 1, 2, 3, 4, 5 or 10 years, which fixes your cost for that period.
Which licence types and company forms does Innovation City offer?
The FAQ says Innovation City offers over 200 custom technology activities on top of standard ones. These cover AI, Web3, gaming, robotics, healthtech and quantum computing. iGaming (gambling) cannot be licensed.
You can set up one of three legal forms:
- Company limited by shares
- Company limited by guarantee
- Branch of an existing company
Innovation City does not publish a minimum share capital on its own pages. One agency says most structures need no paid-up capital; treat that as unconfirmed.
How do you set up a company in Innovation City?
- Pick a package by visa count and desk type.
- Choose your activities from the standard and custom lists.
- Send your documents for compliance checks.
- Pay the package. Bank transfer, card, cheque and cryptocurrency are accepted.
- Receive the licence, within 5 to 10 working days once documents are complete and checks are cleared.
- Apply for visas and open a bank account.
Agents say incorporation can be done remotely, with a visit needed for the visa medical and some bank meetings.
What documents does Innovation City ask for?
For individual shareholders:
- Passport copy
- Proof of address
- Source of wealth, if the investment is over USD 250,000
- Emirates ID and visa, if you already live in the UAE
For a corporate shareholder: a board resolution and the certificate of incorporation.
How do Innovation City companies open a bank account?
Innovation City names RAKBANK, Ruya Bank, Wio, Amina Bank, Ibanera, CBI and M Bank as banking partners. You need the licence before you apply, and some banks want to meet you in person. Ruya Bank offers a zero-balance business account through the partnership. For crypto and Web3 firms, ask early which of these banks accepts your activity; see our corporate bank account guide.
Pros and cons of Innovation City
Pros:
- Entry from AED 6,600 a year with 10 activities and a shared desk
- One visa price that covers medical, Emirates ID and insurance
- Same price on renewal, with terms up to 10 years
- Licences for AI, Web3 and blockchain activities
- Crypto accepted for fees
Cons:
- Seed caps you at one visa; others cap at four
- Seed activity count differs between two official pages
- No published share capital rule or separate card fee
- A newer brand, so some banks and partners still know it as RAK DAO
For other zones that license digital asset and tech firms, see best free zone for crypto, best free zone for an IT company and DMCC. In the same emirate, RAKEZ covers general trading and services. The full list is on the Ras Al Khaimah free zones page.
Send us your plan
Use the form on this page to tell us your activity, how many visas you need and your timing. We run UAEFreeZoneDirectory.com on our own, separate from Innovation City and the RAK government. Your request goes to Innovation City or to a licensed setup partner, and the quote comes from them.
Setup consultants that work with Innovation City
Setup consultants that list Innovation City among their zones include Creative Zone, Dubiz | Business Setup Consultancy in Dubai and InZone - Business Setup in Dubai, UAE, the three highest ranked by weighted Google score. Creative Zone is based in Downtown Dubai. Ask each for a quote with government fees and service fees on separate lines, then compare it with the price above. More firms are in the directory of Dubai setup consultants.
Sources
- https://www.rakmediaoffice.ae/en/media-center/press-releases/rak-digital-assets-oasis-relaunches-as-innovation-city/: rename date, leadership
- https://innovationcity.com/packages: the four packages and prices
- https://innovationcity.com/faq: inclusions, visa fee, renewal, setup time, activities, sectors, documents, banks, payment
- https://innovationcity.com/company-formation/legal-entity: legal forms
- https://u.ae/en/information-and-services/business/Doing-business/doing-business-in-free-zones/starting-a-business-in-a-free-zone: federal list naming Innovation City
- https://virtuzone.com/blog/innovation-city/: agency note on remote setup and share capital
