As per the UAE’s updated Commercial Transaction Law, which is now in effect, it is legal for a resident of the country or any person of sound mind who attains the age of 18 to start a business or engage in trade.
The UAE’s legislation on this subject is now aligned with the majority of international norms since the age restriction has been lowered from 21 years. The age modification will be very helpful for long term planning at family-owned enterprises, in addition to the apparent boost it offers the youngsters seeking an early entry into entrepreneurship.
The following are some of the new Commercial Transactions Law’s most salient characteristics:
It lowers the legal minimum age to operate a business to 18 years.
It provides assistance to companies involved in the technology industry and in commercial ventures involving digital sectors.
To encourage investment and provide companies more opportunity for growth and competitiveness, the law creates a legal standard for commercial transactions for banking firms.
The law updates rules relating to the formation and supervision of financial institutions and mandates the acquisition of the required licenses in compliance with the country’s securities legislation.
It promotes Islamic banking as one of the primary development factors in the nation and provides assistance for it.
The age restriction has been lowered to 18 years old to highlight the importance of giving the next generation the freedom to choose how to develop their professions. The updated law also gives teenagers in the nation greater responsibility because more of them want to start their own businesses or become employed.
If you are planning to set up a business in the UAE, HLB HAMT can provide assistance. Our professional team is always accessible to hear about your requirements and plans. We offer suggestions and ideal options to support you in effectively starting your business.
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