Ascentium, a Singapore-based global business services platform, has acquired Dubai-based Virtuzone, a leader in company formation solutions, corporate services and tax consulting. The acquisition also includes Virtuzone’s sister companies Taxready.ae, Next Generation Equity and MAKTABI, allowing Ascentium to establish a presence in Dubai and expand its reach across the GCC. Masu.
The financial terms of the acquisition remain unclear.
PC: Arabian Business
This acquisition furthers Ascentium’s strategy to target key growth markets. Dubai recorded a significant foreign direct investment (FDI) or inflow of $30.6 billion in 2023, making it the business hub of the UAE. With GDP growth expected across the Middle East at 3.9% in 2025, there is an immediate opportunity for acquisitions to capitalize on the region’s growing economic vitality.
Speaking on behalf of Ascentium, Founding Management Team and Group CEO Lennard Yong was enthusiastic about the agreement: Their expertise and commitment to excellence will strengthen our organization and advance us toward our strategic goals. Virtuzone’s significant regional presence is a strong complement to our existing capabilities, and together we will be able to reach new milestones and deliver exceptional value to our customers around the world. I’m looking forward to it. ”
Based in Dubai, Virtuzone is the UAE’s first and largest professional company formation service. Since our founding in 2009, we have supported over 80,000 entrepreneurs in 180 countries.
Neil Petch, Virtuzone Chairman and Co-Founder Said to be a leading solution provider, delivering breakthrough innovation and unparalleled service excellence. “Their business savvy, combined with our local market leadership and expertise, we are confident that this new era will deliver even greater value to the customers, partners and communities we serve. ”
With Ascentium, Virtuzone will leverage additional resources to further develop its enterprise services and provide significant impetus to Ascentium’s overall expansion into the Middle East.
George Hojeige, Group CEO of Virtuzone, said: “Virtuzone definitely has great potential with Ascentium going forward, especially in deepening our reach within the Asia Pacific region. We will be able to provide customized solutions.”
With 1,500 professionals across nine markets in Asia Pacific and more than 20,000 active customers, Ascentium provides secretarial, treasury, payroll, human resources, family office, fund management, governance, risk and compliance (GRC) services. , and experts in cross-border investment services. .
The acquisition represents a major part of Dubai’s offering as a gateway to the GCC and a hive of multinational business expansion.
