Wednesday, 28 February 2024
Good news for startups age limit reduced to start business in UAE

Good News for Startups: UAE reduced age limit to start a business

Good News for Startups: UAE reduced age limit to start a business

Good News for Startups: UAE reduced age limit to start a business. There is good news for startups in UAE, the United Arab Emirates (UAE) Ministry of Economy (MoE) has revised the age limit for the start of business. Moreover as per new law, the age limit reduced from 21 years to 18 years for starting a business.

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The Commercial Transactions Law, a new legislation in UAE focused on promoting business culture in the country.

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While Speaking at a presser, the Undersecretary of the MoE, Abdullah Al Saleh, explained to the media about the new legislation that will help the youth to start a business at an initial age.

The law is also helpful in promoting Islamic banking by making it one of the major factors for economic development. The Ministry also amended the provisions about regulation and creation of financial markets in the new law, where it became mandatory to get licenses. The new legislation will help in promoting investment activities in the Emirates.

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Many senior officials joined the media briefing. Like 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.

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