A new “SME in a box” initiative was launched by the Dubai Department of Economy and Tourism in collaboration with Dubai SME to make business easier and cheaper. With just one registration, entrepreneurs can now access the key services they need to launch their startup in days, instead of weeks and multiple applications.
What is the SME in a Box Scheme?
Whether you are a new businessman, businesswoman or simply an entrepreneur looking to be an entrepreneur, SME in a Box is a consolidated business launch platform that simplifies the entire process. Founders don’t need to interact with banks, telecom providers, logistics or payment gateways, they can interact with all these from a single system.
Respondents report that the platform provides pre-negotiated reduced pricing, waived fees and faster approvals, which could cost businesses more than AED 80,000 for startup. This also helps to eliminate admin burden, allowing business owners to concentrate their efforts on developing their businesses instead of spending time on paperwork.
Step 1: Access the Invest in Dubai Platform
The initial step is to log in to the Invest in Dubai official portal, or to the integrated SME in a Box portal. Users are able to successfully choose a “UAE Pass” for securing their identity, providing onboarding in a fully Digital way. This will be a centralized access point that will underpin all future business setup activities.
Step 2: Apply for Your Business License
Following login, entrepreneurs can select the business activity they want to take and their legal structure for their businesses. The licensing process has been streamlined for both starting a sole proprietorship and a limited liability company (LLC) as well as other approved entities, to minimize the delays.
Digital approvals accelerate a founder’s transition from concept to ready-to-go.
Step 3: Select Telecom and Logistics Services
The biggest problem in startups is to arrange important operational services. SME in a Box is invented for offering packages only from authorized entrepreneurs from du, Aramex and DHL with substandard rates.
Most of these services can be turned on in under 24 hours, which enables businesses to start functioning virtually as quickly as they are set up.
Step 4: Enable Digital Payment Solutions
For an online business, secure payments should be a must from the initial stages. Onboarding is integrated into the platform, enabling business owners to seamlessly join digital payment gateways.
This facilitates it for startups to launch their eCommerce stores, process online payments and deal with online customers without lengthy verification delays.
Step 5: Open a Corporate Bank Account
One of the most tedious processes for business start-ups has always been opening a bank account. SME in a Box sets out to solve this problem by connecting the founders directly to their involved banking partner.
The information regarding the company is passed on securely to selected banks, minimizing paperwork and accelerating account approvals.
What benefits do you receive?
There is support to be shared across multiple business functions that form part of the initiative. Cost savings on bank charges, payment gateway charges, shipping, and affordable telecom packages are the advantages enjoyed by entrepreneurs.
The participants include major partners including Emirates NBD, Commercial Bank of Dubai, Abu Dhabi Islamic Bank, Network International, Stripe, Aramex, DHL and du.
Entrepreneurs in the UAE can take advantage of other incentives and mentoring programs offered by Dubai Founders HQ and Dubai SME.
Why Does It Matters For Entrepreneurs?
There are a lot of administrative and startup expenses for starting a business. Dubai is easing the path down for startups by offering under one roof, with the aim to attract more to set up business in the emirate.
This not only reduces costs, but also speeds up business incorporation, making Dubai an even more promising place to launch new ventures, freelance work, and expanding SMEs.
FAQs
Who can apply for the SME in a Box scheme?
The programme targets entrepreneurs and startups, both established and aspiring, who want to start a business in Dubai, as well as small businesses.
What will businesses save with the program?
The initiative claimed businesses would be able to save over AED 80,000 in fees, waivers, and services.
Is it possible to open a bank account on the platform?
Yes. The scheme is connected to the banking partners who participate in it, to facilitate the opening of these accounts more quickly with corporations.
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