In the ever-changing world of international entrepreneurship and business in the world of international business and entrepreneurship, the UAE has become one of the top locations for multinational companies and start-ups to make their mark. These FREE Zones located in the UAE have a number of advantages, including no taxes, owned by foreigners, as well as simple procedures. With an increase in need comes the obligation of ensuring legal compliance, reducing the risk of fraud, and speeding the business onboarding process.
One of the biggest Free Zone Authorities in the UAE collaborated with Surepass to simplify and automate its incorporation and verification. The goal was to incorporate many new businesses while ensuring high levels of compliance to internationally accepted AML (Anti-Money Laundering) and KYB (Know Your Business) standards.
The Challenge
A business that is incorporated in a Free Zone usually requires the verification of various documents provided by business owners all over the globe, such as passports, licenses and permits, shareholding structures as well as proof of address and many more. The process is typically manual, subject to delays, and prone to fraud.
Free Zone Authority faced three principal problems:
- Manual Document Processing: Business owners submit scans of documents in various formats. Verifying and reviewing each document manually required hours of administrative time.
- Compliance Risk: Ensuring AML compliance and confirming the legitimacy of directors, UBOs (Ultimate Beneficial Owners), and business structures was not consistent because of the absence of an automated and standardized procedure.
- Onboarding Delays: As the number of applications grows, the Free Zone Authority struggles to achieve the onboarding SLAs, which leads to long processing times and a lack of satisfaction from foreign companies and investors.
The authority required a technology-first partner to automate the verification process, decrease the need for manual verification, and improve the transparency and efficiency of the process.
Automate your KYC Process & reduce Fraud!
We have helped 200+ companies in reducing Fraud by 95%
The Solution
Surepass joined forces in partnership with the Free Zone Authority to build an automated, robust, and secure verification framework by utilizing its APIs and tools for onboarding.
Here’s how Surepass can help:
Automated Document Parsing using OCR:
Surepass deployed its powerful OCR (Optical Character Recognition) engine to extract data from uploaded documents–passports, trade licenses, utility bills, and more–instantly and accurately. Its AI has been trained to recognize documents from a variety of formats and countries, thus reducing the requirement for human review.
KYB & AML Checks:
Each business’s application was processed by Surepass’s KYB (Know Your Business) workflow. The checks included:
- Watchlists for the world (OFAC, UN, EU).
- The PEP (Politically Exposed Person) lists.
- Sanctioned entities.
- Screenings of negative media.
The system identified risky applicants in real time, allowing compliance officers to take action quicker.
UBO & Shareholding Verification:
Surepass has also developed a customized module that could extract and verify the shareholding structure of companies. This enabled users of the Free Zone to understand the complete chain of ownership from UBOs to parent companies to ensure that the entire chain of ownership complies with global and regional rules and regulations.
Real-Time Dashboards for Authority Teams:
The UAE Free Zone business setup and compliance teams were given a centralized dashboard on which they could monitor the status of verification on every application, look over cases that were flagged, and download the verified reports whenever they required.
Impact
The changes were immediate and quantifiable. Within a few weeks of its deployment Free Zone Authority was able to achieve:
50% Faster Onboarding Time
The time it took to incorporate a company was reduced by half. The process that used to take several days to review manually was accomplished in just a few hours or less, thanks to automation.
1,000+ Businesses Verified
More than 1,000 business-related applications were verified successfully through Surepass’s platform, without obstructions or risks to compliance.
Improved AML Compliance
With the automatic screening and UBO validation, the Authority dramatically decreased its risk of being a victim of legal risks and shady incorporations.
Reduced Manual Effort by 70%
The internal teams could be freed of lengthy document review tasks and could concentrate on higher-level decisions and stakeholder engagement.
Why It Matters
In a rapidly changing world, governments and semi-government organizations need to adopt smart solutions to stay competitive and reliable. For Free Zones, where international compliance and transparency for business are crucial to ensure an easy and secure process for business onboarding is essential.
Surepass’s plug-and-play verification system allowed authorities like the UAE Free Zone Authority to not just manage the volume of applications effectively, but also establish an example of the way that regulatory bodies balance innovation and compliance.
Looking Ahead
The relationship that exists between Surepass with the Free Zone Authority continues to grow. Plans are in the works to improve the onboarding platform with biometric authentication, live-streamed video KYC, and the issuance of certificates using blockchain technology.
Through bringing compliance, automation, and efficiency, Surepass is helping shape the future of incorporation for business in the United Arab Emirates, and even beyond.
Automate your KYC Process & reduce Fraud!
We have helped 200+ companies in reducing Fraud by 95%
