By Joy Dumasia
July 25, 2022
- Banking services
IFZA Dubai has entered into a partnership agreement with the Commercial Bank of Dubai to provide companies in the IFZA free zone with fast and convenient access to banking services and financial solutions. Through this partnership, companies in the IFZA free zone will be able to easily and efficiently open special corporate bank accounts and obtain personalized services through on-site CBD relationship officers from July 2022.
According to a study by the Dubai Chamber of Commerce, entrepreneurs face considerable challenges when trying to open a business bank account in the United Arab Emirates. 65% of entrepreneurs surveyed cited banking as their biggest challenge in a business created in the UAE. In a recent study conducted by IFZA, 50% of respondents echoed similar sentiments, finding opening a bank account difficult due to lengthy application processes, compliance difficulties or lack of information.
Jochen Knecht, CEO of IFZA Dubai, said, “At IFZA, we are actively engaged in listening to the needs of the IFZA Free Zone community to help enhance their growth and alleviate barriers that entrepreneurs may face when starting a business. We are pleased to announce our partnership with CBD, providing our global network of professional partners with an additional layer of support for IFZA licensees through tailored packages to meet their needs and help them open their bank accounts efficiently. company in Dubai.
This service is designed for IFZA partners to provide more services to their own customers. As we continue to expand our business ecosystem, this partnership will further enhance our value-added services for our partners and licensees and support Dubai’s economy by attracting overseas entrepreneurs to seamlessly start business operations in Dubai.
Dr. Bernd van Linder, CEO of Commercial Bank of Dubaiadded, “Small businesses play a critical role as engines of growth for the UAE economy, and CBD is committed to supporting business owners and empowering entrepreneurs to achieve their ambitions.
Through this partnership, businesses in the IFZA Free Zone will have access to a range of innovative CBD banking services to help them meet their financial and business needs and facilitate their business. With dedicated support, we aim to support and ensure licensees realize their vision and complement Dubai’s growing business hub.
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