IFZA Dubai signed an agreement with the Commercial Bank of Dubai (CBD) to provide IFZA Free Zone companies with easy access to banking services and financial solutions.
The free zone companies will now be able to easily open special corporate bank accounts and obtain personalized services through dedicated onsite CBD relationship managers, starting July 2022.
A study by the Dubai Chamber of Commerce said entrepreneurs face a lot of challenges in opening a corporate bank account in the UAE.
65 percent of the entrepreneurs interviewed cited banking as their biggest challenge in a company set up in the UAE.
A study by IFZA showed 50 percent of the respondents echoed similar sentiments.
This includes facing issues in opening a bank account due to lengthy application processes, and difficulty in compliance or lack of information.
To ease these conditions, IFZA’s priority remains to support its Professional Partners and Licensees through bespoke services that aim to make doing business as easy as possible.
