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Mastercard, IFZA and Global Tax Assistant launch AI-driven digital business registration process to accelerate SME growth in UAE

Mastercard, IFZA and Global Tax Assistant launch AI-driven digital business registration process to accelerate SME growth in UAE

Al Bawaba2 days ago
Mastercard has joined forces with IFZA, one of the fastest-growing free zones in the UAE, and Global Tax Assistant, an international consulting firm, to launch a fully digital, AI-driven business registration journey in the UAE. The collaboration aims to accelerate the growth of the country's small- and medium-sized enterprises (SMEs) and pave the way for their expansion across the Eastern Europe, Middle East and Africa (EEMEA) markets.SMEs account for over 94% of all businesses in the UAE and contribute to more than 50% of its GDP. The National Agenda for Entrepreneurship and SMEs seeks to establish the UAE as an entrepreneurial nation, and one of the top three countries in the Global Entrepreneurship Index by 2031. The collaboration marks one of the first digital AI-powered business registration pilots in the region, reflecting a unique public-private sector collaboration focused on SME enablement through advanced technology.'The thriving SME economy forms the beating heart of the UAE's diverse business landscape. At IFZA, we believe SMEs are the prototype of tomorrow's global companies, driving innovation, job creation, exports and new business models. We work together with our partners to equip the country's small business community with the tools and resources they need to succeed. We are confident our latest joint initiative will boost the UAE's global competitiveness as a business hub with progressive infrastructure,' said Jochen Knecht, CEO, IFZA.The end-to-end onboarding process – from document submission to license issuance – is powered by AI, enabling faster, more efficient, processing. Automation across form completion, document verification and communication workflows help reduce setup time and operational overhead for entrepreneurs.As part of the collaboration, Mastercard business card cardholders will gain access to simplified and discounted business setup services, further reducing friction and costs for startups and small businesses in the UAE.'Our collaboration with IFZA and Global Tax Assistant enhances the value we deliver to our business customers, while supporting the UAE's vision of a thriving digital economy. SMEs are vital to regional growth, and this initiative demonstrates our commitment to empowering small businesses through technology, partnerships and financial inclusion,' said Onur Kursun, executive vice president, Commercial and New Payment Flows, EEMEA, Mastercard. 'We are working to build a digital economy for everyone, everywhere. As of 2024, Mastercard has connected 960 million people and 65 million micro-, small, and medium sized enterprises to the digital economy,' he concluded.The collaboration is closely aligned with the UAE's broader digital transformation agenda and its commitment to strengthening the SME sector – two key pillars of the nation's economic diversification strategy. By digitizing key aspects of business formation and compliance, the collaboration contributes to national goals of fostering innovation, entrepreneurship and sustainable economic development.'Global Tax Assistant is dedicated to helping small business owners unlock new opportunities. We are excited to enter the collaboration with Mastercard and IFZA that aims to contribute to building an enabling environment for entrepreneurship in the UAE by facilitating faster and simpler digital access to business setup. The new synergy enhances our role in providing seamless compliance and advisory services to small businesses in the country. We will also explore the potential usage of the underlying technology in banks' customer journey flows,' said Smbat Alikhanyan, CEO, Global Tax Assistant.Home to startups from over 160 countries, IFZA is one of the leading free zone communities in Dubai with world-class infrastructure, state-of-the-art facilities and business-friendly regulations.
With more than 10 years of international expertise, Global Tax Assistant provides accounting, legal, financial auditing and tax consultancy services to over 350 clients in the UAE, Oman, Kuwait and Qatar.
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