The United Arab Emirates Ministry of Economy (MoE) updated the Commercial Transaction Law with the latest amendments. The new regulation in the United Arab Emirates lowers the minimum age requirement for starting a business to 18, down from the previous minimum age requirement of 21.
What is the Motto Behind This Amendment?
In order to foster an environment that is more conducive to business, the minimum age requirement for starting a company in the UAE has been lowered. It is anticipated that this action will bring about a new shift in the commercial environment of the nation while at the same time providing assistance for youthful talents.
This enables young people to get a head start and gain practical experience in the management of businesses at an earlier age. In addition, youthful minds are necessary for entrepreneurial endeavors, and the United Arab Emirates, which is a major commercial hub, never fails to come up with new programs that promote entrepreneurial endeavors in every way.
This affords early entrepreneurs the opportunity to secure a position in a market before the level of competition becomes too intense. Furthermore, early entrepreneurs have the potential to shape the industry and set the path in which it will go. In addition, early entrepreneurs may also have the opportunity to construct a powerful brand and reputation, which can be advantageous over the course of the business’s lifetime.