Documents Retention Policy

First: The Commercial Code of the United Arab Emirates 1993. Records keeping Requirement Article 31: •

Merchants will be required to keep such books as required by the nature of their business at least for five years.( According to article 38 merchants who use microfilm or other information storage system are exempted from the above provisions). Article 32: •

Banks and companies shall keep their books and correspondence for the same period on microfilm or other modern information storage systems in lieu of retaining the originals.

Types of documents to be kept: •

A daily journal that contains all financial operations performed.

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A general ledger book containing all accounting operations posted from daily journal based on actual supporting documents particularly amounts related to cash, bank, partner, drawings, creditors, debtors, proceeds and expenditure. also details of the stock held at the end of the financial year.

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True copies of correspondence, invoices and other documents sent, mailed or received in connection with the business.

Secondly: Retention Guidelines according to many universal polices • • • •

Employment documents shall be kept for the length of the employee tenure and for an additional period of five years after the employee leaves. Accounting and corporate tax records shall be kept permanently. Legal records including contracts, land records, intellectual property documents shall be kept permanently. Electronic records: (including computer disks, emails, hard drives and web pages) in such case employees and consultants who perform maintenance on computers and electronic data should be consulted to achieve consistency.