RadiantBizRadiantBizRadiantBiz22 October, 2021
The United Arab Emirates is an investor-friendly country, and the government is continuously enacting policies that make it simpler for businesses to enter the UAE market. Simplified processes, pro-entrepreneur legislative reforms, and expanded development opportunities have prepared the path for the UAE’s business community to prosper.
Entrepreneurs and SMEs play a critical role in strengthening the national economy and are catalysts for establishing a competitive, creative, and sustainable knowledge-based economy, thus the UAE places their aid at a high value.
The UAE has achieved significant progress in the pro-entrepreneurship and SME sectors across the world. The UAE provided an environment that supports pro-entrepreneurship and its contribution to the UAE’s national economic growth, allowing it to be among the most diverse and flexible economies in the world, thanks to directives and unlimited support from wise leadership to build a sustainable future.
The SME sector is presently creating a foundation on which advanced global economies are centered, and the UAE Government is recognising this by implementing a number of supportive initiatives and programs. The Ministry of Finance (MoF) has made empowering pro-entrepreneurs and SME owners a priority as part of its efforts to promote the UAE as a worldwide investment destination. Over the last several years, the Ministry of Finance has established a number of programs and initiatives, as well as authorized rules and procedures, to help businesses and create a positive climate that stimulates economic activity in the country.
The Ministry of Finance is always working to enhance the Federal Supplier Register in order to make it easier to use and attract vendors to register for government contracts. The ministry enables pro-entrepreneur and SME owners to register in the Federal Supplier Register to examine the business prospects closely and carefully. They can also submit quotations for tenders and bids issued by government agencies. The Federal Supplier Register also offers a database and smart reports about the federal government’s registered suppliers, as well as incentives and benefits for certain groups upon registration, such as productive families and SMEs – who pay a special reduced registration fee of AED 500 to AED 1000, and are exempted from paying registration fees for the first two years from their date of registration.
The Ministry of Finance also supports the ‘AlSanaa’ project, a development initiative that helps productive Emirati families and people of determination achieve economic and social stability by registering in the Federal Supplier Register using the Ministry of Community Development’s membership card for Emirati productive families (AlSanaa). In addition, the ministry waives registration fees for project participants in order to help productive Emirati families and encourage them to extend their business scope and participate more fully in national economic growth.
The Government Procurement Platform is managed by the Ministry of Finance in order to accomplish the UAE’s development goal and plan. Through the platform that His Highness Sheikh Mohammed bin Rashid Al Maktoum created in April 2019, the ministry has devised sound policies and procedures to empower Emirati businesses and increase their involvement. By designing speedy treatment and proactive solutions to the issues facing the Government Procurement Platform, the platform utilizes a modified methodology that makes the government procurement system faster and more adaptable. This is accomplished by offering an electrical platform that improves efficiency and produces a high-quality, efficient generation for government procurement operations.
Several workshops and design thinking sessions were held by the ministry to bring together views from federal agencies and small businesses, present an initial idea for a future government procurement platform, match supply, and demand processes for some basic commodities, and provide support to SME owners. The ministry was eager to discover growth prospects for the Government Procurement Platform through these workshops in order to establish a platform capable of offering cutting-edge and sophisticated services to all sectors. The platform connects federal institutions and suppliers, improving engagement, increasing government procurement management efficiency, speeding up procurement procedures, and increasing their efficacy.
The Ministry of Finance signed a Memorandum of Understanding with Dubai SME as part of its ongoing efforts to help pro-entrepreneurs and SME owners and drive sustainable development in the UAE. The MoU seeks to assist pro-entrepreneur who own SMEs registered with Dubai SME by encouraging them to register in the Ministry of Finance’s Federal Supplier Register and allowing them to bid on federal government tenders.
The Ministry of Finance helps to realize the wise leadership’s objective of empowering and supporting businesses, pro-entrepreneur, as well as paving the path for SMEs to contribute to the economy. In addition, the ministry will continue to develop creative and sound solutions that support the UAE’s economic performance in a variety of ways.
In matters like business setup in Dubai, pro-entrepreneur tend to get confused and get in chaos due to several rules, regulations, and multiple requirements. This is the time when people tend to look for an expert. A lot of chaos can be avoided if guidance is taken from the initial state of the commencement of the business. Every venture may have unique requirements like location, customer convenience, logistical feasibility, and banking services.
We at Radiant Biz – Business Setup Consultants in Dubai strive to understand these unique precepts and provide expert and reliable consultation to our clients with updated laws and governing regulations, awareness of their rights, and cost-effective business solutions tailor-made to their business needs and budget.