Virtuzone And Seven Pillars Team Up To Help MENA Companies Expand Into Central Asian Markets
A new joint venture to support MENA-based companies to set up shop in Russia, China, and Central Asia.
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Virtuzone, a UAE-based free zone and mainland company setup platform based in the UAE, has formed a joint venture with Kazakhstan-based international law firm Seven Pillars in an attempt to facilitate company formation and provide legal services in Russia, China, the Commonwealth of Independent States (CIS) and Central Asia.
The collaboration comes in the wake of elevated interest from MENA-based companies in setting up businesses in the aforementioned regions, and in additon to resulting in Seven Pillars opening a Dubai office, it is also aimed at scaling access in Eurasia for MENA-based businesses.
"For many companies, a key inhibitor of international growth is not having a partner to help them navigate the administrative and legal requirements of doing business in a new country," said Virtuzone co-founder and Chairman Neil Petch. "With our long track-record of registering over 40,000 UAE-domiciled companies and our partnership with Seven Pillars, we are uniquely positioned to help Middle Eastern companies enter Central Asian markets and to provide the support services they will need for a seamless arrival."
This new announcement has also resulted in a new Virtuzone branch, Virtuzone CIS, which will now be based in Kazakhstan's Astana International Financial Centre (AIFC). With Seven Pillars also headquartered in Kazakhstan, the new joint venture is expected to provide an efficient gateway for Middle Eastern firms to maximize business opportunities in Central Asia, Russia, and China.
Virtuzone, on the other hand, aims to continue to provide a plethora of company formation and business support services, including bookkeeping, work permits, visas, and VAT handling. "We've launched Virtuzone CIS as part of our overall strategy for creating a borderless jurisdiction– a jurisdiction where companies can set up without restrictions, trade globally, exchange currency easily and seamlessly establish contracts between companies," Petch added.
Commenting on the new joint venture, Seven Pillars Co-Founder Mark Beer said: "As one of Central Asia's leading law firms, we are pleased to partner with the Middle East's leading corporate service provider to deliver access to high growth markets across Central Asia, Middle East and North Africa. Opening our Dubai office is another milestone in the development of Seven Pillars' global advisory practice, and although our network of 850 lawyers will still be offering best in class legal advice through our AIFC headquarters, we also want to be close to our clients."
This new joint venture announcement comes just months after Virtuzone's joint venture announcement with APEX Holdings, which led to the formation of Virtuzone Israel, following the signing of the Abraham Accords between the UAE and Israel.