With the Commercial Transactions Law, a new law passed by the Ministry of Economy (MoE) of the United Arab Emirates (UAE), the minimum age to start a business dropped from 21 to 18. This was done to encourage a business culture.
Abdullah Al Saleh, the Undersecretary of the MoE, told the press about a new law that will make it easier for young people to get into business. He did this at a press conference.
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Not only that, but the law also supports Islamic banking by making it one of the main reasons why the economy is growing. In the new law, the Ministry also changed the rules about how financial markets are regulated and how they are set up. Getting licenses is now required.
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, were also at the essential media briefing.
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The minimum age to start a business dropped from 21 to 18 in the United Arab Emirates (UAE). This was done to help build a culture of a business.
Starting a business in Dubai is actually a pretty easy process. Still, there are a few things to watch out for. It can be hard and take a long time because there are many steps and important things to think about along the way.