If you’re building a Web3, blockchain, crypto-tech, tokenisation, gaming, or AI product, Ras Al Khaimah has become one of the most founder-friendly places to incorporate—fast, modern, and built for future industries.
Innovation City positions itself as Ras Al Khaimah’s innovation and technology-focused free zone, with specific positioning for Web 3.0 activities (including “on-chain licensing” and “DAO-friendly activities”).
This guide is written to help you (and your investors) understand the setup steps, costs in USD, timelines, compliance, and what is—and isn’t—regulated.
Step 1: Be clear about what kind of “crypto company” you are
This is the most important decision.
A) Web3 / Crypto-Tech Company (most common for Innovation City)
✅ Examples:
- Blockchain software development
- Tokenisation tech (non-custodial tooling)
- Web3 gaming studios
- NFT platforms (tech + marketplace support)
- Analytics, compliance tooling, on-chain data, cybersecurity
- Advisory (non-custodial / non-exchange)
This is typically company formation + tech activities, not a full VASP/exchange license.
B) Regulated Virtual Asset Services (Exchange, Broker, Custody, etc.)
If you plan to operate as a Virtual Asset Service Provider (exchange, broker-dealer, custody, transfer/settlement, lending/borrowing, etc.), you may need a dedicated regulator depending on where you operate (e.g., Dubai = VARA, DIFC/ADGM have their own regulators). VARA lists distinct licensed virtual asset activities and regulates VA services “in and from Dubai.”
Crypto Girl UAE tip: Many founders form in a tech free zone first (for product build + hiring), then pursue a separate VASP licensing pathway when they’re ready.
Step 2: Choose your Innovation City package (Costs in USD)
Innovation City has four starter packages (billed annually) with inclusions like visas, shareholder options, activities, and desk access.
Below are approximate USD equivalents (AED→USD ~3.67):
Innovation City Packages (Annual)
- Idea — AED 6,600 (~$1,800) — 0 visa, multiple shareholders, up to 10 activities, shared desk
- Seed — AED 13,200 (~$3,600) — 1 visa (capped at 1), 1 shareholder, 1 premium activity option
- Startup — AED 15,400 (~$4,200) — 1 visa included (capped at 4), multiple shareholders, up to 10 activities
- Growth — AED 22,550 (~$6,150) — visa included (capped at 4), dedicated desk, up to 10 activities
Innovation City highlights benefits like “fastest path to licensing” and “simultaneous banking setup,” which is exactly what founders want when they’re racing timelines.
Step 3: Prepare your documents
Most UAE free zones follow a similar file set. Expect:
- Passport copy (shareholder(s) and manager)
- UAE visa / entry stamp (if applicable)
- Proof of address (sometimes)
- Email + mobile number
- Brief business description / activity selection
- Shareholding structure (if corporate shareholder)
Step 4: Company registration + license issuance
Once you submit the application and documents, you’ll receive:
- Trade license
- Company incorporation documents (MOA / formation docs)
- Establishment card (if visa processing)
- Immigration file (if visa quota is included)
Step 5: Visa and Emirates ID (if you need residency)
If your package includes visas (Seed/Startup/Growth), you’ll typically proceed with:
- Entry permit / status change (if inside UAE)
- Medical test
- Biometrics
- Emirates ID
- Visa stamping / e-visa update
Step 6: Banking and payments (do this early)
Even if a free zone promotes “banking support,” your approval depends on:
- Clear business model
- Source of funds
- Founder background
- Compliance readiness (especially for Web3)
What I advise clients to prepare upfront:
- Website + pitch deck
- Corporate structure chart
- Basic AML policy (even for Web3 tech)
- Contracts / invoices if already operating
- Proof of address + CVs for key people
Step 7: Tax & compliance you must plan for (even if “tax friendly”)
UAE transparency is increasing (this matters for crypto)
The UAE Ministry of Finance confirmed:
- CRS 2.0 effective 1 Jan 2027
- First exchange in 2028 وزارة المالية – الإمارات العربية المتحدة
The MoF also signed the agreement for CARF (Crypto-Asset Reporting Framework) with implementation planned from 2027 and first exchanges expected in 2028. وزارة المالية – الإمارات العربية المتحدة+1
Crypto Girl UAE take: 2026 is your “clean setup year.” Build proper records now so you’re not forced into a painful rebuild later.
Final word (and how I help)
If you want a fast, cost-efficient UAE setup for a Web3 company—Innovation City is a strong option for builders. But if you’re planning regulated virtual asset services, we must align the structure with the correct regulator from day one (e.g., VARA in Dubai for certain activities).
