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Yes, it is mandatory for businesses operating in the UAE to keep records of their financial transactions. According to the Federal Law No. 2 of 2015 on Commercial Companies, all companies must keep proper books of accounts and records that accurately reflect their financial position. These records must be kept for a minimum of 5 years from the end of the financial year to which they relate.
Failure to maintain proper records can result in penalties, fines, or even imprisonment, as it is considered a violation of the law. Therefore, it is essential for businesses in the UAE to maintain accurate and up-to-date records of their financial transactions to ensure compliance with the law and to avoid any legal consequences.
In the UAE, businesses are required to keep their books and records for a minimum of 5 years from the end of the financial year to which they relate, as per the Federal Law No. 2 of 2015 on Commercial Companies.
This requirement applies to all types of business entities, including sole proprietorships, partnerships, limited liability companies, and branches of foreign companies.
It’s important to note that failure to comply with the record-keeping requirements can result in penalties, fines, or even imprisonment, as it is considered a violation of the law. Therefore, it is highly recommended that businesses in the UAE maintain accurate and up-to-date records of their financial transactions for at least 5 years to ensure compliance with the law.
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Definitely, Alya Auditors is the one partner you need to ensure your business is built on accurate accounting books certainly, to spearhead greater growth and wider market reach.
An association of legally independent auditing & accounting firms in the UAE
Silver Tower, Business Bay. PO Box: 41102, Dubai, UAE.
Sharjah Airport Free Zone PO Box: 120403 Sharjah, UAE.
+971 48769377
+971 52 9750690 , +971 50 522 1035
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