UAE BUSINESS OPPORTUNITIES FOR TEENAGERS
UAE is now witnessing new entrepreneurs with innovative business ideas. The government has planned some incredible opportunities to urge teen spirits. If you’re a parent of a child willing to start a business or an aspiring entrepreneur, UAE has the space for it.?
To boost the entrepreneurship program, UAE has lowered the age limit from 21 to 18. As per the commercial transaction law, 18 years is the legal age to start a business in the UAE. The most-inspiring decision was announced by Abdullah Al Saleh, the Undersecretary of the Ministry of Economy. (MOE)
What is the minimum age to start a business in the UAE?
The minimum age requirement was revised from 21 years to 18 years. The country provides a massive opportunity to allow young people to operate their businesses and not only learn in schools. Being a? prominent business spot, UAE takes it as an initiative to promote talented young entrepreneurs.?
The UAE commercial transactions law has made several changes including the matters related to business and business owners. The amendments were published in 2022 October, now it has been implemented as a law.?
What is the impact of the revised age limit in the UAE?
Revising the age limit from 21 to 18 gradually attracts vibrant youngsters. The business-friendly policies promote these youngsters to become successful entrepreneurs.?
How does it impact the UAE economy?
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The new amendments bring hope to young entrepreneurs because they can be a shareholder in any business. Additionally, they can be a sole owner or director of an LLC without a guardian signature on the MoA. The young business owners are capable of generating limitless profits in a spectacular range of industries like tech and innovation. The youngsters utilize this opportunity to set up their businesses and give a potential boost to the growth of the UAE economy. Get a consultation from our experts to launch your business in Dubai.?
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The revised law allows easy succession planning for family-run businesses. The family-owned businesses in the UAE comprise a huge 50% of the GDP and 80% of its workforce. While 38% of the UAE businesses are managed by the first generation, the second generation takes 47 percent and it reduces to 15% when it comes to the third generation. But, the revision of laws could significantly impact the gap allowing more youngsters to come into family businesses. The new change can also impact the management and directorship in family-owned businesses.?
When the age limit goes down to 18, creative ideas encourage youngsters to come up with startups. The more unique ideas bring more startups to the UAE. Additionally, Emirates welcomes entrepreneurs with a supportive ecosystem.?
How AB CAPITAL business set up consultants help young entrepreneurs in the UAE?
When youngsters enter the UAE economy, they need perfect guidance to make it successful. Our business setup company has a team of highly-experienced professionals to support your ventures.?
We can guide an 18-year-old to choose the right jurisdiction, license type, business activities, and more. Our comprehensive business setup services comply with all the laws and regulations. Choose AB Capital to start your business now!
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