Key Takeaways
- A news post on the zone's site dated 27 October 2025 confirms that Ras Al Khaimah Digital Assets Oasis is now Innovation City. The old rakdao.com address forwards to the new site.
- It markets itself to companies in AI, Web3, gaming, robotics, digital health and blockchain.
- There are four yearly packages: Idea at AED 6,600, Seed at AED 13,200, Startup at AED 15,400 and Growth at AED 22,550 (October 2026).
- The zone's Companies Regulations 2023 say share capital can't be lower than a minimum the Authority sets. The actual figure isn't printed, so you'll need to ask for it.
- A zone licence doesn't let you run a regulated business such as crypto trading. For that you also need the regulator's licence, for example from VARA.
If you set up a Web3, AI or gaming company in Ras Al Khaimah a while ago, you probably signed papers with RAK DAO. That zone now goes by Innovation City. The old name may still be on your bank records or contracts, so it's worth knowing what actually changed, what the zone offers today, and which questions it can't answer for you.
What changed when RAK DAO became Innovation City
RAK DAO stood for Ras Al Khaimah Digital Assets Oasis. It now operates as Innovation City. A post on the zone's news page dated 27 October 2025 reprints a Khaleej Times report and presents the new name as part of the emirate's innovation strategy. Type in rakdao.com and you'll land on innovationcity.com.
Some outside websites were still selling packages under the old name in 2026. Look at the web address printed on any licence, invoice or bank form you're given. The news post doesn't say which legal entity now runs the zone, or how the old one passed its role to the new one. If you hold a RAK DAO licence, ask Innovation City which entity issues and renews it, and keep the reply on file.
Who the zone is for
Innovation City describes itself as a free zone for technology and innovation. So it has its own authority, which licenses companies there under the zone's own rules. This one is aimed at AI, Web3 (services built on blockchain), gaming, robotics, digital health and blockchain businesses. Its rulebook, the Companies Regulations 2023, was issued under Ras Al Khaimah Law No. 2 of 2023.
The closest fit is a software, AI or gaming firm that doesn't sell a regulated product. It's different if you look after client money, deal in securities or handle virtual assets like crypto. A financial regulator then has a say, as explained further down.
Innovation City packages as the zone lists them
Use the table to see what each package includes. These are bundled offers, not an official fee schedule. Each one is a starting price per year, taken from a page that shows a 2026 copyright and no other date (checked October 2026).
| Package | Per year (AED) | Included, as listed |
|---|---|---|
| Idea | 6,600 | No visa. Shared desk. |
| Seed | 13,200 | One visa included, up to 1 in total. Shared desk. |
| Startup | 15,400 | One visa included, up to 4 in total. Shared desk. |
| Growth | 22,550 | One visa included, up to 4 in total. Dedicated desk. |
You pay more for premium activities, extra visas and better offices. Before you hold these prices up against other zones, find out whether VAT (value added tax) is added and what renewal will cost. Our list of free zones in the UAE, by emirate gives you other zones to compare.
Entity types and the minimum capital wording
The zone offers a company limited by shares, a company limited by guarantee (where members promise a set amount instead of buying shares) and a branch of an existing company. Its 2023 regulations also allow public limited companies, private joint stock companies, segregated portfolio companies and SPVs, or special purpose vehicles, which are companies set up for one narrow job.
Share capital, the money the owners commit to the company, can't be less than a minimum set by the Authority here, and the deposit has to sit with a bank licensed by the Central Bank of the UAE. The regulations don't give the minimum, so request it for the entity type you want.
One more rule matters if you want local customers. Part 3, regulation 9(2) says a zone company may not do business in the UAE outside the zone unless it has the right licence from the authority in charge. For selling within Ras Al Khaimah, see our RAK trade licence guide.
What the zone cannot decide
Innovation City's home page is clear on this. Any activity that falls under the Capital Market Authority (CMA) must go to the CMA for supervision, and it can't start until the company holds the licence the CMA requires. So if crypto trading appears on your zone licence, that alone doesn't make you a regulated business.
The regulator you need depends on what you do and where. In Dubai, the Virtual Assets Regulatory Authority (VARA) licenses virtual asset activity carried on in or from Dubai, except inside the Dubai International Financial Centre (DIFC), according to VARA's licensing page in October 2026. Abu Dhabi Global Market (ADGM) has its own regulator, the Financial Services Regulatory Authority (FSRA). DIFC has the Dubai Financial Services Authority (DFSA). Their structures and fees are covered in ADGM company setup and DIFC company setup. For a Ras Al Khaimah company, ask Innovation City which regulator it has in mind for your activity.
Get this wrong and you could pay licence and setup fees for a company that's not allowed to do the very thing you formed it for. Have a lawyer settle the regulator question before any money changes hands.
Banks and next steps
Innovation City's FAQ names partner banks, among them RAKBANK and Wio. No zone publishes how many applications those banks approve. A partner bank will take an introduction from the zone, but it decides on its own whether to open your account.
Before you pay for a licence, it helps to have these in hand:
- the name of the entity that issues and renews your licence
- the minimum capital figure and the renewal price
- the regulator's answer for your activity, confirmed in writing
- a bank pack that shows who owns the company, layer by layer, and where your money comes from
If you're still choosing between zones, our free zone guide explains how the decision works. For the broader picture, start at Company Setup UAE.
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