UAE Lowers Starting a Business Age to 18 Years
- Publish date: Friday، 13 January 2023
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Under the new Commercial Transactions Law, the age limit for running a business in the UAE has been lowered to 18 years according to the Ministry of Economy (MoE).
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The age cap has been brought down from 21 years and makes the UAE law on this score in sync with most international regulations.
The new Commercial Transactions Law stipulates the following:
- Age of legal capacity to practice business reduced to 18 years
- The law establishes a legal reference for commercial transactions for banking institutions to stimulate investment and give businesses wider 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 in accordance with 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