Corporate Compliance in Malaysia Statutory Declaration
A statutory declaration is like the magic piece of paper (a written oath) which is useful for company registration, as proof of debt and to confirm facts before the authorities. In fact, it’s actually a very common practice among the business owners in Malaysia.
Want to get a statutory declaration but worried about the pandemic? Well, you will be glad to know that it can now be done via video conference call or via private appointment basis at the firm.
What is a Statutory Declaration?
As per the Statutory Declaration Act 1960, a statutory declaration is a formal statement made by an individual as a supporting required by the regulation and it will be signed in the presence of a solicitor, commissioner of oath or a notary public.
Such statements are generally used to satisfy legal requirements as well as regulations when no physical evidence is available at that point of time. Hence, the statutory declaration is required to be truthful and accurate.
When is a Statutory Declaration Used in Malaysia?
In Malaysia, a statutory declaration is used to finalise a Company financial statement before it is lodged to the Companies Commission of Malaysia (SSM).
Other situations of when statutory declaration is used are:
Director of a Company changed his birth name by legally adopting their name and use it on personal documents such as passports and driving licenses. Such documents must have statutory declaration to support its validity.
Executors of a will
Declaration of nationality or marital status when the document is missing or unable to retrieve
Director of a Company to declare solvency when opting for voluntary liquidation
The Significance of a Statutory Declaration
Statutory Declaration Act 1960 is the law which governs the statutory declaration in Malaysia. The Act requires those documents with Statutory Declaration to be sworn or declared its truth and accuracy, with no elements of misrepresentation.
Pursuant to Section 2 of Statutory Declaration Act 1960, those who may take and receive such declaration from a person voluntarily making such declaration is the Notary Public or Commissioner of Oath. The person will be charged of a fee for engaging such service.
Pursuant to Section 3 of Statutory Declaration Act 1960, those who make false declarations will be penalised if caught.
How to Word the Statutory Declaration?
The statutory declaration must contain the words below:
I, (name)(NRIC/ID No.:) of (residential address) do solemnly and sincerely declare that …..
And I make this solemn declaration conscientiously believing the declaration to be true and by virtue of the Statutory Declaration Act, 1960.
Affirmed by: (Name)
On: (Date and time)
Commissioner of Oaths
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