Dubai Economy and Commercial Bank of Dubai (CBD) have signed an agreement to provide easy banking services for investors applying for new licences or renewing their trade licenses. The partnership marks another step to upgrade the quality of business registration and licensing services in Dubai and eventually enhance liquidity of licence owners through improved ease as well as reduced cost of doing business.

The agreement was signed between Omar Bushahab, CEO of the Business Registration & Licensing (BRL) sector in DED, and Dr. Bernd van Linder, CEO of Commercial Bank of Dubai.

As per the agreement, CBD will open bank accounts for customers applying for new or renewed trade licenses from Dubai Economy with minimal paperwork. In addition, CBD will offer an exciting promotion whereby investors can get up to 1% cashback towards their trade licence fees based on the average daily balance maintained in their accounts. Business owners can also get a CBD credit card and convert their license fee into a 0% easy payment plan payable over a period of up to 6 or 12 months. CBD will also offer a digital platform to businesses to promote their products and services to the CBD database of customers.

“The collaboration with CBD underlines our commitment to create added value for business owners – both existing and new licencees – which will add to the competitiveness of Dubai’s business environment. Under the guidance of our leadership, we are focused on promoting public private partnerships, especially in the finance sector, to enable our customers to conduct business seamlessly. We are committed to offering innovative initiatives that will reduce cost of doing business and enhance liquidity to support business expansion,” said Omar Bushahab, CEO of the Business Registration & Licensing (BRL) sector in DED.

Bushahab added that Dubai Economy is keen to co-ordinate with all relevant entities as necessary to support investors who want to start their business in Dubai and also to progressively simplify and facilitate licencing procedures and transactions to reduce cost of doing business.

Dr. Bernd van Linder said: “Commercial Bank of Dubai has always been committed to enhance the overall business climate of Dubai and work diligently to support investors and provide them with the relevant products and services to set up and promote their businesses. Our agreement with DED aims to make this process more convenient and quicker, as the bank will offer trade license holders digital account onboarding, which will ensure a seamless and smooth user experience. In addition, through the promotion businesses will get the opportunity to get up to 1% cashback towards their trade license fees based on their average daily balance maintained in their accounts.”