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Sharjah Free Zone Teams Up With Dubai Bank

by Lorys Charalambous, Tax-News.com, Cyprus

17 April 2014


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.

TAGS: United Arab Emirates | tax | investment | Sharjah | banking | financial services | employees | regulation | trade | Dubai | free trade zone | services

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