iPhone | iPad
Android
Huawei
The Crown Prince met with the Serbian President as well Hungary's Prime Minister
KT APPDOWNLOAD
UAE: New law revises legal age for starting business
In a media briefing Abdullah Al Saleh, Undersecretary of the Ministry of Economy reviewed the new law, its key features and overall impact
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.
ALSO READ:
More news from UAE
The authority urged residents to secure valuables and install surveillance cameras
The supermoon is also called the 'Harvest Moon' because of its occurrence at the start of autumn
The Ruler praised his lifetime of loyal service to his country and its people
With one day left to subscribe for the scheme, here are some important reminders
At least 80 per cent of the violators were involved in severe accidents, resulting in fatalities and major injuries, the authority said
Sheikh Mohamed affirmed the solidarity of the United Arab Emirates with the Kingdom of Bahrain
Foreign ministry called for the avoidance of any steps that may lead to further tensions