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Corporate Retention Policy

Corporate Retention Policy Template for United Arab Emirates

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Key Requirements PROMPT example:

Corporate Retention Policy

"I need a Corporate Retention Policy for our UAE-based financial services company that operates in both DIFC and mainland Dubai, with specific focus on financial records retention and cross-border data transfer requirements."

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Document background
The Corporate Retention Policy serves as a crucial governance document for organizations operating in the United Arab Emirates, establishing standardized procedures for managing business records in accordance with local legal requirements. This policy becomes essential as organizations navigate the complexities of UAE federal laws, including the recent Federal Decree-Law No. 45 of 2021 on data protection, along with various free zone regulations. The Corporate Retention Policy provides comprehensive guidance on retention periods, storage methods, and disposal procedures for different types of business records, while ensuring compliance with sector-specific requirements and international best practices. It is particularly important given the UAE's evolving regulatory landscape and the increasing focus on data protection and digital transformation in the region.
Suggested Sections

1. Purpose and Scope: Defines the objectives of the policy and its application across the organization, including geographical and departmental scope

2. Definitions: Clear definitions of key terms used throughout the policy, including types of records, retention periods, and destruction methods

3. Legal and Regulatory Framework: Overview of applicable UAE laws and regulations governing record retention, including federal laws and relevant free zone regulations

4. Roles and Responsibilities: Defines responsibilities for various stakeholders including management, IT, legal department, and employees in maintaining records

5. Record Classification: Categorization of different types of records and their respective retention requirements

6. Retention Periods: Detailed retention schedules for different categories of records, aligned with UAE legal requirements

7. Storage and Protection: Requirements for secure storage of both physical and electronic records, including access controls and security measures

8. Disposal and Destruction: Procedures for secure disposal of records after retention period expires, including methods and documentation requirements

9. Legal Hold Procedures: Process for suspending normal retention periods when records are subject to legal proceedings or investigations

10. Compliance and Audit: Procedures for monitoring compliance with the policy and conducting regular audits

Optional Sections

1. Electronic Records Management: Detailed procedures specific to electronic records management, recommended for organizations with significant digital operations

2. Cross-Border Data Transfer: Procedures for managing records that cross UAE borders, necessary for multinational organizations

3. Industry-Specific Requirements: Additional retention requirements specific to certain industries (e.g., healthcare, financial services)

4. Free Zone Specific Requirements: Additional requirements for companies operating in specific UAE free zones like DIFC or ADGM

5. Data Subject Rights Procedures: Procedures for handling data subject requests under UAE data protection law, necessary for organizations handling personal data

Suggested Schedules

1. Retention Schedule Matrix: Detailed matrix showing retention periods for all record types, including legal basis and responsible department

2. Document Destruction Log Template: Template for recording details of destroyed records

3. Legal Hold Notice Template: Standard template for communicating legal hold requirements

4. Record Classification Guide: Detailed guide for classifying different types of records

5. Compliance Checklist: Checklist for periodic compliance reviews

6. Department-Specific Retention Requirements: Specific retention requirements broken down by department

7. Security Classification Matrix: Guide for determining security classification levels for different types of records

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Active Records
Archival Records
Authorized Personnel
Business Records
Company
Confidential Information
Corporate Records
Data Controller
Data Processor
Data Subject
Destruction
Digital Records
Disposal
Document Owner
Electronic Storage
Employee Records
Financial Records
Legal Hold
Metadata
Official Record
Personal Data
Physical Records
Record Custodian
Records Management
Records Retention Schedule
Regulatory Requirements
Retention Period
Sensitive Personal Data
Storage Location
Temporary Records
Transaction Records
Vital Records
Relevant Industries

Financial Services

Healthcare

Technology

Manufacturing

Real Estate

Professional Services

Retail

Education

Transportation and Logistics

Energy

Construction

Telecommunications

Government Services

Insurance

Hospitality

Relevant Teams

Legal

Compliance

Information Technology

Records Management

Human Resources

Finance

Operations

Risk Management

Internal Audit

Information Security

Quality Assurance

Corporate Governance

Administrative Services

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Chief Operating Officer

Chief Compliance Officer

Legal Counsel

Records Manager

Information Technology Director

Data Protection Officer

Compliance Manager

Risk Manager

Human Resources Director

Department Heads

Information Security Manager

Quality Assurance Manager

Audit Manager

Operations Manager

Industries
Federal Law No. 2 of 2019 (Commercial Companies Law): Requires companies to maintain commercial books and records for a minimum of 5 years. This includes financial statements, accounting records, and shareholder information.
Federal Decree-Law No. 45 of 2021 (Personal Data Protection Law): UAE's first comprehensive data protection law, which sets requirements for processing and storing personal data, including retention periods and data subject rights.
Federal Law No. 8 of 1980 (UAE Labor Law): Mandates retention of employee records including contracts, personal information, and payment records. Employment files must be maintained for at least 2 years after employment termination.
Federal Decree-Law No. 36 of 2021 (Electronic Transactions Law): Governs electronic records and signatures, including requirements for maintaining electronic documents and ensuring their validity.
Federal Tax Authority Requirements: Requires VAT-registered businesses to maintain records for at least 5 years, including tax invoices, business records, and accounting documents.
DIFC Data Protection Law No. 5 of 2020: Specific to Dubai International Financial Centre, providing comprehensive data protection requirements including storage limitation principles.
ADGM Data Protection Regulations 2021: Applicable in Abu Dhabi Global Market, governing personal data protection and retention requirements for companies operating in this jurisdiction.
UAE Federal Law No. 20 of 2018 (Anti-Money Laundering Law): Requires retention of transaction records, customer due diligence documents, and related correspondence for at least 5 years.
UAE Central Bank Regulations: Specific requirements for financial institutions regarding retention of financial records, transaction data, and customer information.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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