• To alleviate the challenges faced, IFZA’s partnership with CBD will offer special corporate bank account packages exclusively for IFZA Free Zone companies, starting July 2022

Dubai, UAE: IFZA Dubai, the UAE’s most dynamic and truly international Free Zone, 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, IFZA 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 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.

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.

Commenting on the announcement, 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,” concludes Knecht.

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 fulfill 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.”

To empower the global ambitions of businesses, IFZA Dubai will soon launch additional services and solutions to continue empowering and supporting IFZA Professional Partners, Licensed Companies and entrepreneurs, creating an ecosystem that delivers all types of facilities, products and services to ensure holistic growth.

For more information on how IFZA supports businesses to thrive from Dubai to the world, visit www.ifza.com.

About IFZA Dubai 

IFZA Dubai is the most dynamic and truly international Free Zone Community in the UAE, optimising the country's strategic location, world-class infrastructure, and business-friendly environment. IFZA differentiates itself through its multi-national approach, providing personalised business establishment solutions through its network of Government Authorities and Professional Partners. 

Business owners and Employees can also benefit from a wide spectrum of value-added services within the IFZA ecosystem, including but not limited to property solutions, visa packages, and training and development. The IFZA Business Park offers a wide variety of cutting-edge office facilities tailored to meet each Licensee’s individual needs and provides a professional, welcoming environment to greet clients, network with other businesses, and thrive.

About Commercial Bank of Dubai:

Commercial Bank of Dubai was established in 1969 and is registered as a Public Shareholding Company (PSC). The Bank is listed on the Dubai Financial Market and is mostly owned by UAE Nationals, including 20% by the Investment Corporation of Dubai (ICD). Over the years, Commercial Bank of Dubai has built itself into a progressive and modern Banking institution, endowed with a strong financial structure and strong management, as well as a loyal and ever increasing customer and correspondent base. Today CBD is one of the leading banks in the United Arab Emirates and offers its customers a full range of retail and commercial banking products and services. 

For additional information, contact CBD’s PR and Media team at PRandMedia@cbd.ae