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UAE Freezones Biz News Updates
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Sharjah Free Zone Teams Up With Dubai Bank
The Commercial Bank of Dubai (CDB) and Hamriyah Free Zone Authority have
signed a Memorandum of Understanding (MoU) to deepen trade and commercial
co-operation in the zone as well as throughout the United Arab Emirates.
Under the agreement, CBD will provide banking services to companies based in
Hamriyah Free Zone, which is located in the emirate of Sharjah, as well as
to firms that have yet to establish their operations in the area. As the
preferred financial services provider, CBD is also tasked to help finance
projects executed within the zone.
CBD is expected to provide full banking services, which will include inter
alia new accounts, e-services, and financial arrangements in accordance with
the rules and regulations of the UAE Central Bank. A bundle of personal
banking products designed for free zone employees will also be made
available under the MoU.
Rashid Al Leem, Director General Sharjah Department of Seaports and Customs
and the Sharjah Free Zones Authority, said: "CBD's banking services and
solutions will contribute to the growth and expansion of established
companies within the zone. It will also support the vital role played by the
Hamriyah Free Zone Authority in Sharjah in strengthening the economic growth
in the country, especially in the fields of trade, industry and services."
Hamriyah Free Zone Authority offers a number of investment incentives
including 100 percent foreign company ownership and 100 percent exemption
from import and export taxes. In addition, there is no corporate profits tax
or personal income tax.
April 17, 2014 |
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Courtesy Tax-News.com, Cyprus
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