Last Updated on: 13th July 2023, 04:55 pm
UAE Changed The Minimum Age For Starting A Business
The United Arab Emirates (UAE) Ministry of Economy has lowered the age limit for starting a business from 21 to 18 with a new law, the Commercial Transactions Law, aimed at promoting the culture of entrepreneurship.
Speaking to a reporter, the Undersecretary of Education Ministry Abdullah Al Saleh briefed the media on the new law that will make it easier for young people to join the company at a young age.
Not only that, but the law also supports Islamic banking by making it one of the main engines of economic growth. The ministry also revised the provisions on regulation and creation of financial markets in the new law as it made obtaining a license compulsory.
Accordingly, the recent legislation will boost investment activities in the Emirates’ technology and business sectors.
Ibrahim Al Zaabi, Deputy Governor of the Emirates Central Bank for Monetary Policy and Financial Stability, and Dr. Maryam Al Suwaidi, CEO of the Securities and Commodities Authority, also attended the press conference.
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