UAE Changes Minimum Age to Start a Business
The Commercial Transactions Law, a new law intended at fostering business culture, has lowered the minimum age requirement for founding a firm in the United Arab Emirates (UAE) from 21 years to 18 years.
Abdullah Al Saleh, the Undersecretary of the MOE, informed the media during a press conference about the new law that will make it simpler for young people to enter the workforce.
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Furthermore, Islamic banking is encouraged by the legislation, which makes it a key driver of economic development. The Ministry also changed the new law’s regulatory and financial market formation clauses to make licences a requirement.
As a result, current legislation in the Emirates will boost investment activity in the commercial and technological sectors.
The CEO of the Securities and Commodities Authority, Dr. Maryam Al Suwaidi, and Ibrahim Al Zaabi, Assistant Governor of the Emirates Central Bank for Monetary Policy and Financial Stability, both attended the important media briefing.
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