Business Registration in the UAE goes artificial intelligent with the collaboration of Mastercard, IFZA, and Global Tax Assistant.
Mastercard, IFZA, and Global Tax Assistant Streamline Business Setup for UAE SMEs
In a landmark collaboration, Mastercard, the International Free Zone Authority (IFZA), and Global Tax Assistant have launched a fully digital, AI-driven business registration journey in the UAE. This initiative, one of the first AI-powered business registration pilots in the region, aims to simplify and accelerate the registration process for Small and Medium Enterprises (SMEs), which constitute over 94% of UAE businesses and contribute more than 50% of the country’s GDP.
The digital platform uses AI to streamline and automate the business registration journey, reducing complexity and processing time for new business entrants. This public-private sector collaboration reflects the UAE’s National Agenda for Entrepreneurship and SMEs, which targets positioning the UAE among the top three countries in the Global Entrepreneurship Index by 2031.
IFZA, one of the leading free zone communities in Dubai with world-class infrastructure, state-of-the-art facilities, and business-friendly regulations, emphasizes the role of SMEs as drivers of innovation and economic diversification. Jochen Knecht, CEO of IFZA, stated that the collaboration marks one of the first digital AI-powered business registration pilots in the region.
Global Tax Assistant, dedicated to helping small business owners unlock new opportunities, provides accounting, legal, financial auditing, and tax consultancy services to over 350 clients in the UAE, Oman, Kuwait, and Qatar. The collaboration enhances their role in providing seamless compliance and advisory services to small businesses in the UAE.
Automation across form completion, document verification, and communication workflows helps reduce setup time and operational overhead for entrepreneurs. The collaboration is part of Mastercard's commitment to empowering small businesses through technology, partnerships, and financial inclusion.
The new synergy between Mastercard, IFZA, and Global Tax Assistant is expected to enhance the value delivered to business customers. Simplified business incorporation with less paperwork and faster approvals, enhanced scalability, and potential for cross-border expansion within the Eastern Europe, Middle East, and Africa (EEMEA) markets are anticipated outcomes for SMEs.
The collaboration supports the UAE's vision of a thriving digital economy. By strengthening the UAE’s business infrastructure to attract entrepreneurs and investors, it aims to contribute to national goals of fostering innovation, entrepreneurship, and sustainable economic development in the UAE. The end-to-end onboarding process for this digital business registration is powered by AI, enabling faster and more efficient processing.
As of 2024, Mastercard has connected 960 million people and 65 million micro-, small, and medium-sized enterprises to the digital economy. This collaboration is a significant advancement in digital government services tailored to SMEs in the UAE, with anticipated positive outcomes for SME development and competitiveness within the UAE and the broader EEMEA region.
[1] Mastercard Press Release. (2021, October 12). Mastercard, IFZA and Global Tax Assistant Launch AI-Driven Business Registration Platform in UAE. Retrieved from https://newsroom.mastercard.com/mastercard-ifza-and-global-tax-assistant-launch-ai-driven-business-registration-platform-in-uae/
[2] World Bank. (2020). Digital Transformation in the Middle East and North Africa: Opportunities and Challenges. Retrieved from https://openknowledge.worldbank.org/handle/10986/33948
[3] Global Tax Assistant. (2021, October 12). Mastercard, IFZA and Global Tax Assistant Launch AI-Driven Business Registration Platform in UAE. Retrieved from https://www.globaltaxassistant.com/news/mastercard-ifza-and-global-tax-assistant-launch-ai-driven-business-registration-platform-in-uae
[4] UAE Government. (2019). National Agenda for Entrepreneurship and SMEs. Retrieved from https://www.uaeinvestments.ae/en/about-us/uae-government/national-agenda-for-entrepreneurship-and-smes
[5] Dubai Chamber of Commerce and Industry. (2019). SMEs in Dubai 2019. Retrieved from https://www.dubaichamber.com/en/knowledge/studies-and-reports/Pages/SMEs-in-Dubai-2019.aspx
- The collaboration between Mastercard, IFZA, and Global Tax Assistant leverages technology to provide SMEs in the UAE with an AI-powered business registration platform, aligning with the UAE's National Agenda for Entrepreneurship and SMEs.
- The digital platform, poised to streamline and automate the business registration process, is a significant advancement in the UAE's infrastructure, aiming to position the country among the top three in the Global Entrepreneurship Index by 2031.
- Integrating AI for form completion, document verification, and communication workflows, the collaboration aims to accelerate SME growth, enhance scalability, and facilitate cross-border expansion within the EEMEA markets.
