Khaleej Times, Monday, Jan 16, 2023 | Jamadi Al Thani 23, 1444
UAE: New law revises legal age for starting business
Emirates:
The age limit for running a business in the UAE has been revised under the new
Commercial Transactions Law, according to the Ministry of Economy (MoE).
In a recent media briefing, Abdullah Al Saleh, undersecretary of the MoE,
reviewed the new law, which seeks to support and develop the country's business
environment.
Among the most prominent features of the new Commercial Transactions Law are:
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 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
Several senior officials attended the briefing, including 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.