Under revised law 18 year olds can now run a business in the UAE
Earlier, the age limit was 21 years. The revised measure is aimed at supporting and developing the country's business environment as well as tapping young talent, as per reports from the region.
Under the revised Commercial Transactions Law, 18-year old individuals can now launch a business in UAE, according to the Ministry of Economy (MoE). The age limit was 21 years previously.
Along with the age limit revision, the new law underlines a legal reference for banking institutions' commercial transactions to stimulate business growth, competition, and investments.
These revised measures will look to support and develop the country's business environment as well as tapping young talent, as per reports.
In terms of regulation and establishment of financial markets, it is now mandatory to gain the required licenses in line with the legislation regulating securities in UAE. Additionally, support will be offered to Islamic banking, technology-related businesses, and digital commercial activities, as per reports.
Earlier this month, the MoE launched the ScaleUp Franchise programme in partnership with Emtiyz, a company specialised in franchising.
Its launch was in line with UAE's aim to accelerate the growth of startups and small and medium-sized enterprises (SMEs), facilitate expansion plans, and hike local and global market investments.
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