7 days ago
Mastercard, IFZA and Global Tax Assistant Launch AI-Powered SME Registration Pilot in UAE
Mastercard has partnered with IFZA, a UAE free zone, and international consulting firm Global Tax Assistant to introduce a fully digital, AI-driven business registration process in the country.
The initiative aims to support the growth of SMEs and facilitate their expansion into Eastern Europe, the Middle East and Africa (EEMEA).
SMEs account for over 94% of businesses in the UAE and contribute more than 50% of the nation's GDP.
The UAE's National Agenda for Entrepreneurship and SMEs seeks to position the country among the top three nations in the Global Entrepreneurship Index by 2031.
According to the partners, this project is one of the first AI-powered business registration pilots in the region, reflecting collaboration between the public and private sectors to support SME development through 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,'
said Jochen Knecht, Chief Executive of IFZA.
'We work together with our partners to equip the country's small business community with the tools and resources they need to succeed.'
The process, from document submission to license issuance, will be managed through AI, with automation applied to form completion, document verification and communication workflows, aiming to reduce setup time and operational costs.
Mastercard business card holders will be able to access discounted business setup services as part of the arrangement.
'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,'
said Onur Kursun, Executive Vice-President for Commercial and New Payment Flows, EEMEA, Mastercard.
IFZA hosts startups from more than 160 countries and offers infrastructure, facilities and business regulations designed for entrepreneurs.
Global Tax Assistant provides accounting, legal, auditing and tax consultancy services to clients in the UAE, Oman, Kuwait and Qatar.
