"Dubai" divorce "SME in a Box" To simplify business establishment and reduce the costs of doing business

DUBAI, 4th June, 2018 (WAM) – The Department of Economy and Tourism in Dubai has launched integrated solutions to support small and medium-sized companies through the “SME in a Box” initiative, which aims to facilitate and accelerate the establishment and practice of businesses in Dubai, ensuring a significant reduction in time and costs for entrepreneurs in the emirate.

The initiative provides a unified starting point that allows company founders to access the basic services necessary to establish and manage their businesses, including licensing services, banking services, digital payments, logistics, communications, and other operational services, through a network of strategic partners and reliable service providers.

The solutions shorten the procedures that required searching for, comparing, and contracting with multiple suppliers separately, as they bring together under one umbrella an integrated set of services and offers, which facilitates the journey of establishing a business and enhances its efficiency.

For many small businesses, launching a business usually requires dealing with multiple parties to secure these services, which often leads to delays in procedures, duplication of registration processes, and incurring additional costs before the actual activity begins.

“SME in a Box” works to remove these challenges, by accelerating the transition from the establishment stage to operation, reducing administrative burdens, and reducing costs.

The total value of the offers and benefits provided by the solutions is estimated at more than 80 thousand dirhams for each company across a set of basic operational services, depending on the services that are activated and the needs of each company.

These savings are achieved through reduced transaction fees, exemptions from some fees, support for registration and activation processes, discounts on services, and preferential packages from partners.

Members of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development can also benefit from additional benefits for the registration process, which contributes to supporting pioneering national projects.

In addition to reducing operational costs, the solutions contribute to accelerating the business establishment journey by saving up to 200 hours of time normally spent searching for service providers, comparing offers, negotiating, and completing procedures related to registration and activation, allowing entrepreneurs to focus on growing their business and enhancing its growth from the early stages.

These solutions are supported by 18 private sector partners who provide customized packages for small and medium-sized companies and simplified support for registration and activation processes, which helps companies reduce establishment costs, simplify procedures, and access basic services faster.

Some digital services, such as payments, logistics and communications, can be activated within just 24 hours through integrated registration processes and automated verification mechanisms.

While more complex services, such as opening corporate bank accounts and obtaining license approvals, require compliance with applicable regulatory requirements, while benefiting from advance registration and verification procedures that contribute to reducing waiting times and administrative burdens.

Ahmed Al Roum Al Muhairi, Executive Director of the Mohammed Bin Rashid Establishment for Small and Medium Enterprises Development, said that small and medium enterprises form the backbone of Dubai’s economy, and through direct communication with entrepreneurs, we realized that what they need most today is clarity, speed, and cost efficiency. “SME in a Box” solutions are designed as a practical solution to the challenges of the business establishment journey, by reducing steps, reducing waiting periods, and clarifying costs from the beginning, so that founders can know what they will get, the required time period, and the expected cost before Get started.

He added that the initiative reflects a broader shift in the way the Foundation supports small and medium-sized companies, starting from providing separate services to providing an integrated operating environment in partnership with the private sector and in accordance with actual market needs, to reduce costs, accelerate access to the market, and enhance confidence and certainty among founders.

He said that, in light of the rapid global changes, the corporation’s goal remains for Dubai to remain the most efficient, reliable and easy destination for establishing and growing businesses. This initiative represents a practical step towards achieving this goal, and we will continue to develop and expand it in line with the ambitious goals of the Dubai Economic Agenda D33.

The initiative comes as an extension of Dubai’s ongoing commitment to enhancing the ease of doing business, consolidating economic flexibility, and achieving sustainable growth in line with the goals of the Dubai Economic Agenda D33, which aims to double the size of the emirate’s economy.

It also reflects the Dubai Department of Economy and Tourism’s focus on supporting small and medium-sized companies at various stages of their growth, from emerging and micro-enterprises to ambitious companies seeking expansion, in a way that enhances Dubai’s global competitiveness.

The list of 18 partners includes Emirates NBD, Network International, Commercial Bank of Dubai, Du Communications, Crossval, Paymob, Zeina, Cashu, Payzat, Mamo, Aramex, Tabby, Arab Financial Services AFS, Revent, Ascencia, DHL, Maison, and Abu Dhabi Islamic Bank.

Together, these entities form an integrated support system that makes it easier for small and medium-sized companies to establish and manage their businesses in Dubai by providing easy access to basic commercial services through one platform.

The initiative will be implemented in several stages, starting with providing basic business enablement services, including support for the licensing process, banking services, payment processing, communications, and logistical and marketing services.

In the coming stages, digital integration and automated verification of eligibility will be included to further simplify the joining process.

After reaching the final stage, SME in a Box will be integrated with the “Invest in Dubai” platform, to provide a unified digital entry point and provide the opportunity to obtain establishment and operation services through a single interface.

On the other hand, this initiative will be within the framework of the “Dubai Entrepreneurs Headquarters”, the initiative that connects founders, investors, companies and ecosystem partners within the framework of the Dubai Economic Agenda D33.

This integration ensures that companies move smoothly from the establishment stage to expansion, while benefiting from an integrated support system that includes guidance, financing opportunities, growth programs, market entry, and strategic partnerships through one platform.

In the future, the Department of Economy and Tourism in Dubai and its partners will continue to develop the platform’s capabilities, by integrating advanced analysis mechanisms and automation tools to monitor the level of use, improve services, and measure the economic impact.

The initiative called on entrepreneurs, startups, members of the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development, and companies operating in Dubai to explore solutions to support small and medium enterprises (SME in a Box) and activate their services.

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