Mastercard, in collaboration with the IFZA Dubai Free Zone and the international consulting firm Global Tax Assistant, has announced the launch of a fully digital, AI-powered experience for business registration in the UAE. The initiative aims to accelerate the growth of Small and Medium-sized Enterprises (SMEs) in the country.
By the Numbers
- 94%: The percentage of total companies in the UAE that are SMEs.
- 50%+: The contribution of SMEs to the UAE’s GDP.
- Top 3: The UAE’s goal is to be among the top three countries in the Global Entrepreneurship Index by 2031.
- 960 Million: People connected to the digital economy by Mastercard since 2024.
A New Era of Digital Business Setup
This collaboration is one of the first in the region to launch a business registration experience powered by artificial intelligence. The new system is entirely digital, from document submission to license issuance, making the process faster and more efficient. The automation helps to accelerate form completion, verify documents, and simplify communication, significantly reducing the time and effort required to establish a company in the UAE.
Empowering the Backbone of the UAE Economy
SMEs are the cornerstone of the UAE’s economy, and this initiative directly supports the “National Agenda for Entrepreneurship and SMEs.” As part of the collaboration, Mastercard business cardholders will benefit from simplified services and reduced prices for setting up their businesses, helping to lower the costs and challenges faced by startups and small companies.
Leadership on a Landmark Initiative
Jochen Knecht, CEO of IFZA, stated, “We believe that these companies are the true core of future global enterprises. We are confident that our latest joint initiative will contribute to enhancing the UAE’s competitiveness as a global business hub.”
Onur Kurşun, Head of New Payment Platforms at Mastercard, added, “Our collaboration with IFZA and Global Tax Assistant enhances the value we offer to our corporate clients and supports the UAE’s vision of building a thriving digital economy.”
About the Partners
- IFZA: One of the fastest-growing free zones in the UAE, hosting startups from more than 160 countries.
- Mastercard: A global technology company in the payments industry committed to empowering individuals and businesses through its digital solutions.
- Global Tax Assistant: An international consulting firm with over 10 years of experience providing accounting, legal, and tax advisory services in the GCC.
Looking Ahead
This partnership aligns closely with the UAE’s broader digital transformation agenda. By digitizing the essential aspects of business formation and regulatory compliance, this collaboration is set to support the national goals of enhancing innovation, entrepreneurship, and sustainable economic development.
Source: Zawya
