Clifford Chance
Putting the records straight
20 January 2014
New information gathering powers and record keeping requirements apply to certain DIFC registered and recognised companies from 15 December 2013.
Changes to the DIFC Companies Law of 2009 which came into force on 15 December 2013 change the accounting record keeping requirements of both DIFC companies and foreign "Recognised Companies" operating in the DIFC and extend information gathering powers to the DIFC Companies Registrar.
Amendments have also been made to the General Partnerships Law of 2009, the Limited Partnership Law of 2006 and the Limited Liability Partnership Law of 2004 to introduce equivalent accounting record keeping requirements for the types of entities governed by these rules.
This Clifford Chance briefing highlights the key changes that the amendments have introduced, which include:
- a reduction in the minimum time period for maintaining accounting records
- an additional requirement to maintain underlying documents in respect of recorded transactions
- the extension of record keeping requirements and information gathering powers to foreign "Recognised Companies" operating in the DIFC
- broad powers for the DIFC Companies Registrar to obtain any information from a DIFC Company or a Recognised Company considered desirable in order to fulfil any of its purposes.
