Mastercard has joined forces with Global Tax Assistant and IFZA to launch a fully digital, AI-driven business registration journey in the UAE.
Global Tax Assistant offers a range of services, including accounting, legal support, financial auditing, and tax consultancy, to clients across the UAE, Oman, Kuwait, and Qatar.
Objectives of the collaboration
The collaboration is designed to accelerate the growth of small- and medium-sized enterprises (SMEs) in the country and facilitate their expansion into the Eastern Europe, Middle East, and Africa (EEMEA) markets.
SMEs represent over 94% of all businesses in the UAE and contribute to more than 50% of the nation’s GDP. The National Agenda for Entrepreneurship and SMEs aims to position the UAE as an entrepreneurial hub and rank among the top three countries in the Global Entrepreneurship Index by 2031.
This partnership stands out as one of the first digital, AI-driven business registration pilots in the region, showcasing a distinctive public-private partnership dedicated to empowering SMEs through technology.
Optimised onboarding process
The onboarding process, encompassing everything from document submission to licence issuance, is optimised by AI, facilitating quicker and more efficient processing. Automation in form completion, document verification, and communication workflows decreases setup time and operational costs for entrepreneurs.
As a part of this collaboration, Mastercard business cardholders will benefit from simplified and discounted business setup services, further alleviating challenges and expenses for startups and small businesses in the UAE.
The partnership is aligned with the UAE’s overarching digital transformation agenda and its dedication to increasing the SME sector, two important components of the country's economic diversification strategy. By digitising elements of business formation and compliance, this collaboration supports national objectives aimed at promoting entrepreneurship and sustainable economic growth.
