5 Best Practices for Financial Translation in Dubai
Which best practices should a translation agency employ when dealing with financial translations?
Let us begin with defining financial documents. These are records dealing with the banking, finance and investment sectors, such as accountancy and tax reports, audit reports, insurance papers and others.
Most of these documents need to be translated into the official language of the country where they are being submitted. When submitting these papers in UAE, government authorities will require them in Arabic. Private companies and banks will require them in Arabic or English, in case they are issued in any other language.
Read on to learn what are the guidelines for obtaining a certified professional translation of the above.
1. Attention to detail
Financial documents are dense with information, such as numbers, dates, currencies and other specific terminology. Each of the translator, proofreader and translation project manager at the agency should take steps to ensure the above are rendered with complete accuracy.
Consider asking your translation agency this: what steps are being taken to ensure proper proofreading and quality assurance of the final translated document?
Speaking of quality assurance, it is absolutely essential to double-check that numbers are accurate and that commas and/or decimal points are placed correctly in the translated text.
One often overlooked detail is the use of separators, such as commas or decimal points.
These could vary from one language to another. For instance, in some languages a comma may be used to mark a decimal point, but in others it is simply used to separate groups of thousands.
The translated text should always be proofread manually by a proofreader, in addition to running a Quality Assurance check through the relevant CAT (Computer Aided Translation) Tool where this is applicable.
QA checks for numbers, whether manual or automated, should include the following:
· Number Consistency. This means double-checking that the numbers in the original are correctly transferred to the translation, ensuring the following: no numbers have been added or deleted; there are no additional or missing zeros; decimal points are placed correctly.
· Positive and negative numbers check. As you can imagine a missing or additional minus (-) sign can make all the difference in the meaning!
3. Knowledge of local regulations and financial terms
A reputable translation agency should not ignore financial and legal specific terminology. This includes paying attention that all local and foreign currencies are conveyed correctly. For instance, it will make a huge difference if a sum is being recorded in USD instead of AED!
Moreover, it helps to possess up to date knowledge of local financial and legal norms. For the UAE, this includes knowledge on recently introduced and upcoming regulations, such as VAT and corporate tax.
While we are always bound with confidentiality in all our projects, this is even more crucial in financial translation, in that it often involves working with sensitive data, such as clients’ financial information or investment reports.
A professional translation agency should let you rest assured by valuing your confidentiality and peace of mind when carrying out any translation.
5. Does the agency offer translation services which can be legally certified?
Most government and private authorities in UAE will require submitted financial translations to beаr a legal translator stamp.
Consider if the agency you have approached is accredited to offer legal translation, which is certified by the Ministry of Justice in the United Arab Emirates? It is worth noting that not every translation office has a Ministry of Justice and Dubai Courts accreditation to provide sworn translation of your documents.
If you found the above guidelines useful, contact Three Sixty-Five Translations today to learn how we can help you out with your financial and legal translations in the DIFC area and Dubai.