Great news for all aspiring teens with a penchant for business. As per a recent alteration in the UAE Commercial Transaction law, an 18-year-old UAE resident could become a stakeholder in a UAE firm. He or she might also become the sole owner and director of a limited liability company (LLC). On the MoA, no guardian signature is mandatory.
Previously, firms may have shareholders who were 18 or older (in most free zones). However, their guardians were required to sign the MoA. Furthermore, if a shareholder was under the age of 21, he or she wasn’t allowed to become a director or sign valid commercial contracts.
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The reduction in the legal age to 18 opens up opportunities for younger entrepreneurs, allowing them to establish businesses and contribute to economic growth at an earlier stage in their lives.
Individuals aged 18 and above can explore a wide range of business opportunities, from small startups to larger ventures, across various sectors, including technology, retail, services, and more.
The reduction in the legal age is expected to foster a more dynamic and diverse entrepreneurial landscape, encouraging innovation and allowing younger individuals to play a more active role in economic development.
While there may be specific regulations for certain industries, individuals aged 18 generally have the flexibility to explore a variety of business options, provided they adhere to legal requirements.