There were a handful of winners that came out of the COVID-19 pandemic in flying colours, such as e-commerce, online education, telemedicine, food delivery etc. However, the most surprising sunrise industry among the group could be the online gaming companies. When the lockdown forced mandatory stay-at-home protocols, the millennials found e-gaming as their preferred form of entertainment. Since then, the demand for online gaming soared and gave a shot in the arm for the prospect of business setup in the UAE.
Eyeing the newfound opportunity, Ras Al Khaimah Economic Zone (RAKEZ) has introduced an attractive license package for gaming entrepreneurs who seek to initiate company formation in the UAE. Consult with the best business setup consultants in the UAE for setting up a company in rakez without any hassle.
Related: How to set up a business in the Ras al Khaimah free zone?
In this article, we will discuss the opportunities associated with forming an e-gaming company in RAKEZ and the features of the package. Read on:
Features of Gaming Package in RAKEZ
RAKEZ e-gaming business setup package supports investors in the fast-growing gaming value-chain such as software and hardware developers, publishers, streaming and support services providers. You can start an online gaming company in RAKEZ at the cost of AED 7,725 with a wide range of attractive features. The following are the major features of the RAKEZ gaming business setup package:
- 18 e-gaming core activities & support activities
- Access to RAKEZ Coworking spaces (Compass Coworking Centre)
- Free three-year UAE Residency visa
- Investors can select up to three activities in the primary license
- Access to value-added services in RAKEZ
How to Setup a Gaming Business in Ras Al Khaimah Economic Zone?
The process of setting up a gaming business in RAKEZ can be completed in the following simple steps:
- Select the business activity (for e.g. Digital & Interactive game development, the activity no: 10027)
- Select an appropriate legal structure
- Select a name for the company
- Submit the business application form (business setup consultants in UAE provide this)
- Obtain approval of proposed name & activity
- Complete legal & regulatory signature with RAKEZ Authority
- Issuance of a gaming company license
Scope of Starting an E-Gaming Company in the UAE
Initiating business setup in RAKEZ is a golden opportunity for game developers, publishers, hardware makers as the Middle East and the UAE is a growing market. The surge in the number of active gamers and a billion-dollar market are positive factors for gaming company formation in the UAE. The following industry statistics prove why it is recommended to start a gaming business in the UAE:
Rise in Number of Mobile Gamers
The increase in the number of players in the UAE makes the idea of business setup in the UAE lucrative for gaming entrepreneurs. A recent report by Frost & Sullivan has found that gamers in the UAE spend an average of 30 minutes per day on mobile games. The UAE is one of the top countries in the world with the highest percentages of smartphone penetration. More than 92% of the UAE population uses the internet for activities on smartphones. A Deloitte survey conducted in 2019 found that the population of smartphone users that play some form of online game increased to more than 90%.
Online Gaming is a Billion Dollar Market
As per a report by market research firm Newzoo, the global gaming industry is forecast to reach USD 200bn by 2023, with the number of gamers touching an astonishing three billion. In comparison, the GCC gaming market is estimated to reach $821m in 2021. Further, the number of Middle East gamers is believed to be over 100 million.
The UAE ranks as the 35th largest gaming market in the world in terms of revenue based on figures from 2019. Also, revenues generated by the global gaming industry are estimated to be larger than those of worldwide box offices, music streaming and album sales combined. A robust infrastructure is necessary to tap into such a highly profitable industry. The business setup package in RAKEZ provides a strong infrastructure for e-gaming entrepreneurs at affordable license costs.
E-gaming Emerges as a Preferred form of entertainment
As per a report by the gaming group ISFE, the playtime surged by 1.5 hours across the world after the pandemic started compared to the same period in 2019 among players aged 6-64 years. The reports say 30% of the players felt happier, less anxious and less isolated during the COVID-19 lockdowns. Furthermore, 29% of the players felt online games positively impacted their mental health during lockdowns, especially while playing multi-player games.
Positive Growth in Gaming Equipment Sector
Online gaming is a multi-faceted industry that offers a rosy outlook not only for developers but also for equipment makers and sellers. The UAE is a substantial market for the sale of online gaming equipment (gaming consoles). The country recorded strong double-digit growth in gaming year-on-year, especially for the premium gaming segment, states a report from research firm GfK. The RAKEZ business setup package for company formation in the UAE provides opportunities for gaming hardware developers as well.
Start the Game with the Best Business Setup Consultants in the UAE
The billion-dollar gaming market in the UAE presents a lucrative opportunity for gaming entrepreneurs, especially in the post-COVID-19 era. In view of the growth in the gaming industry, RAKEZ has designed an e-gaming business setup package to facilitate a cost-effective business setup in the UAE. The company formation process becomes easier if the investors seek the advice of experienced business setup consultants in the UAE, such as Jitendra Business Consultants (JBC).
JBC shepherds the entrepreneurs through the entire procedure of company formation in RAKEZ with ease. Apart from assisting in obtaining the license, JBC provides compliance services for mandatory regulations such as Ultimate Beneficial Ownership (UBO), Economic Substance Regulation (ESR), and Anti-money Laundering (AML) laws. Starting a business in the UAE becomes a hassle-free process with JBC’s bespoke assistance.