Affidavit Of Sole Proprietorship Template for Malaysia

An Affidavit of Sole Proprietorship is a sworn legal document that you need to formally declare your exclusive ownership of a business under Malaysian law. This document serves as official proof that you are the sole owner and operator of your business, which is essential for various commercial and legal transactions throughout Malaysia.

When do you need this document?

You will need an Affidavit of Sole Proprietorship when opening business bank accounts, as financial institutions require proof of ownership before establishing commercial banking relationships. Government agencies often request this document when you apply for business licenses, permits, or participate in tender processes. If you're seeking business loans or credit facilities, lenders typically require this affidavit to verify your ownership status and assess lending risks. The document is also crucial when entering into significant business contracts, acquiring business premises, or when third parties need formal confirmation of your sole proprietorship status.

Key legal considerations

Your affidavit must include comprehensive business information including your registered business name, SSM registration number, and complete business address. The ownership declaration section requires you to explicitly state that you are the sole owner with full authority to conduct business operations. You must disclose any existing business debts, ongoing legal proceedings, or encumbrances that might affect your business. The document should specify your business activities and confirm compliance with all relevant Malaysian business regulations. Any false statements in the affidavit can result in serious legal consequences including perjury charges, so accuracy is paramount.

Legal requirements in Malaysia

Under the Statutory Declarations Act 1960, your affidavit must be sworn before a Commissioner for Oaths, who will verify your identity and witness your signature. The Registration of Businesses Act 1956 requires that your business be properly registered with the Companies Commission of Malaysia (SSM) before making any ownership declarations. You must provide your complete NRIC details, current address, and occupation information as specified under Malaysian legal standards. The Commissioner for Oaths Act 1949 governs the appointment and powers of officials authorized to administer your oath, ensuring the document's legal validity. Your affidavit must follow the prescribed format and include all mandatory sections as required by Malaysian statutory requirements to be legally enforceable.