AS PART of broader efforts to encourage entrepreunership among young Singaporeans, the Government has proposed lowering the age of contractual capacity from 21 years to 18.
'The Government agrees that the current laws place unnecessary restriction on young people wishing to undertake business, and should be revised as part of the boarder efforts to support an entrepreneurial society,' said a joint statement from the ministries of finance and law on Monday when they released a consultation paper on a draft Civl Law (Amendment) Bill 2008 for public views.
'After a careful study, the Ministry of Finance has proposed delinking the age of majority from the age of contractual capacity and to reduce the age of contractual capacity from 21 years to 18 years.'
