Dubai Free Zones (DFZ) Council is exploring how to facilitate opening business bank accounts for small and medium-sized enterprises (SMEs), UAE state news agency WAM reported.
Opening a business bank account is one of the most pressing challenges start-ups and SMEs face, but the DFZ Council is looking for ways to help nascent businesses leap over that hurdle as the entity continues to explore ways to increase ease of doing business.
The DFZ Council and the UAE Banks Federation are working in tandem to help SMEs in Dubai’s free zones open bank accounts.
Access to funding is crucial for young companies to grow and scale their businesses.
In line with the country’s strategy to boost the contribution of Emiratis to the private sector, the council is also exploring ways to attract local talent to work in the free zones.
The UAE has plans to boost the number of Emiratis in the private sector by 75,000 in the next half-decade at the ratio of 15,000 jobs per year.
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