“Document storage in the company is an important part of the business operations. This is not only for the internal management of the enterprise but also for complying with the law. In addition, proper document storage also helps business owners achieve efficiency in management, grasp the operational situation, and the company’s historical progress. In particular, record keeping is also needed when there are inspection requests from state agencies, or for preparing for merger and acquisition process which may arise in the future.”
And depending on each department and field of operation in the business, there are different requirements for archival documents, specifically:
Legal documents of enterprises, according to which enterprises need to store documents related to the process of establishment and changes such as:
Note that such storage will include both incorporated documents and subsequent revisions. Especially for license-related documents, the set of documents as submitted for adjustment to the competent authority should also be kept. This will be convenient for businesses, especially for those in management and executive positions when they need to find the changes in their business and understand what information was provided to state agencies.
Documents related to assets and products of enterprises – Understood as documents associated with services and products provided by enterprises (especially manufacturing enterprises), these documents should be stored at the headquarters of the enterprise. Such documents include:
Documents on internal corporate governance- This is a class of documents that regulates the daily activities of the enterprise that different departments from at various levels must comply with. These may include: Labor Agreements, Labor Regulations, Financial Regulations, Salary and Bonus Regulations and other regulations depending on the field of operation of the enterprise.
Financial documents and corporate accounting- This is a class of documents that enterprises need to store within a certain period as per specialized accounting, finance and tax laws. These include financial statements, tax records, accounting vouchers, and documents on fixed assets.
Note that depending on the type of document, the storage period is different. Beyond this period, the enterprise is entitled to destroy such documents(s).
Documents related to the labor affairs of enterprises- Enterprises’ human resources and administrative departments need to fully archive documents related to the establishment of labor relations and labor management documents such as:
In fact, many businesses neglect this issue, leading to the loss of employee documents as well as difficulties in providing them to the management agency during the periodical investigation by state agencies.
Abovementioned are some important documents, which have been listed by PLF and divided into appropriate classes for convenient management of businesses. However, you should also note that some company documents contain confidential company information such as business secrets, technology secrets, business plans, etc. Accordingly, not all employees have access to these documents. Therefore, finding a reliable place to store these documents is a must in the first step of setting up a business when business owners do not have reliable personnel and fixed headquarters.
Date of writing: 10th May 2021
This article is based on the current laws at the above recorded time and may no longer be relevant at the time readers access this article due to changes in applicable law and specific cases which the readers want to apply. Therefore, this article is for reference only.