IFZA-CBD deal to provide exclusive banking solutions

IFZA-CBD deal to provide exclusive banking solutions

Local News, News















Dubai / WAM

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

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.

Recognising the challenges entrepreneurs face, IFZA’s priority remains to support its professional partners and licensees through bespoke services that aim to make doing business as easy as possible.

Jochen Knecht, CEO of IFZA Dubai, commented, “At IFZA, we are actively engaged in