IFZA partners with Commercial Bank of Dubai to provide banking solutions

By Joy Dumasia

IFZA Dubai has entered into a partnership agreement with the Commercial Bank of Dubai to provide IFZA Free Zone companies with quick and convenient access to banking services and financial solutions. Through this partnership, IFZA Free Zone companies will be able to conveniently and efficiently open special corporate bank accounts and obtain personalised services through dedicated onsite CBD relationship managers starting July 2022.

According to a study by the Dubai Chamber of Commerce, entrepreneurs face considerable challenges when trying to open a corporate bank account in the UAE. 65% of the entrepreneurs interviewed cited banking as their biggest challenge in a company set up in the UAE. In a recent study conducted by IFZA, 50% of the respondents echoed similar sentiments, finding opening a bank account challenging due to lengthy application processes, difficulty in compliance 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 strengthen their growth and alleviate any obstacles entrepreneurs may face when setting up a business. We are pleased to announce our partnership with CBD, providing our global network of Professional Partners with an additional layer of support to IFZA Licensees through curated packages tailored to meet their needs and assist them in efficiently setting up their corporate bank accounts in Dubai.

This service is designed for IFZA Partners to provide more services to their own clients. As we continue expanding our business ecosystem, this partnership will further enhance our value-added services for our Partners and Licensees and support the Dubai economy by attracting foreign entrepreneurs to seamlessly commence business operations in Dubai.”

Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, added: “Small businesses play an essential role as drivers of growth for the UAE economy, and CBD is committed to supporting business owners and empowering entrepreneurs to achieve their ambitions.

Through this partnership, IFZA Free Zone companies will have access to a range of CBD’s innovative banking services to help them fulfil their financial and business requirements and make doing business easier. With dedicated assistance, we aim to support and ensure Licensees achieve their vision and complement Dubai’s growing business hub.”