Photo for illustrative purposes only. ARCHIVE

UAE reduces legal age for starting a business

According to the Ministry of Economy (MoE), the age limit for operating a firm in the UAE has been amended under the new Commercial Transactions Law. At a recent media briefing, Abdullah Al Saleh, the undersecretary of the MoE, outlined the new law, which strives to support and improve the country's economic environment. The following are some of the most notable aspects of the new Commercial Transactions Law: – It reduces the age of legal capacity to practice business to 18 years – The law establishes a legal reference for commercial transactions for banking institutions to stimulate investment and give businesses broader scope for growth and competition – It offers support to Islamic banking in the country and establishes it as one of the main drivers of growth – The law amends the provisions related to the regulation and establishment of financial markets and makes it mandatory to obtain the necessary licenses following the legislation regulating securities in the country – It offers support to businesses related to the technology sector and commercial activities related to the digital fields Ibrahim Al Zaabi, assistant governor of the Emirates Central Bank for Monetary Policy and Financial Stability, and Dr. Maryam Al Suwaidi, CEO of the Securities and Commodities Authority, were among those who attended the briefing. BKM/ Expat Media
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