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According to the MoE (Ministry of Economy), the new Commercial Transactions Law has brought a change in the age limit for starting a business in the UAE. MoE Undersecretary Abdullah Al Saleh outlined and reviewed the new law in a media briefing, which mainly points to assisting, improving, and promoting the business environment in the nation. 

Here, we list out some of the new Commercial Transactions Law's most salient characteristics:

• It lowers the legal minimum age to run a business to 18 years.

• To support investment and offer businesses more space for expansion and competitiveness, this new law provides a legal standard for commercial transactions for banking institutions.

• It promotes Islamic banking as one of the major growth drivers in the UAE and offers complete support.

• The law updates rules relating to the establishment and regulation of financial markets and mandates the acquisition of the required licenses in compliance with the country's securities legislation.

• It provides full assistance to businesses involved in the industry of technology and commercial acts involving the sectors of digitalization. 

The important briefing was also attended by Dr. Maryam Al Suwaidi, CEO of the Securities and Commodities Authority, and Ibrahim Al Zaabi, Assistant Governor of the Emirates Central Bank for Monetary Policy and Financial Stability. 

We also encourage you to hold insurance while running a business in the UAE to maintain your healthy financial stability. You can easily find a reliable company for the same purpose. Many popular insurance companies in Dubai and the UAE offer different kinds of policies.

Policyhouse.com is one of the most renowned insurance companies in UAE, with professional expertise in the industry for many years. If you are looking for an insurance broker in Dubai or any other emirate, we are here to assist you. If you need more valuable details, you can talk with our insurance experts and apply for the most suitable one. We are always here for you!