Posted on Category:News

UAE permits 18 Year olds to launch Business ventures

UAE Ministry of Economy (MoE), has reduced the age limit for operating a firm from 21 years to 18 years.

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

Bharat Bhatia, chairman and CEO of Conares, the second largest private steel manufacturer in the UAE, noted: “This is a refreshing development, which means fresh blood being infused into the workforce and as entrepreneurs. I believe this will result in positive disruption, making the marketplace more efficient in several ways. In the near future, we will see a lot of successful global teen entrepreneurs,” Bhatia underlined.

Imran Farooq, CEO, Samana Developers, said that the ministry has given teenagers the freedom to explore new horizons.

“Young minds have the sharpest ability to think differently, innovate and be an active part of the business. The decision by the ministry will give birth to a lot of young entrepreneurs, who will flourish across different sectors. Today’s youngsters have the will and right intent to explore unfamiliar territories and take on any challenges with confidence. I am looking forward to seeing youngsters enter the real estate sector and make a positive impact,” Farooq said.