Declaration Of Finances

Declaration Of Finances Template for Saudi Arabia

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Key Requirements PROMPT example:

"I need a Declaration of Finances for my technology company based in Riyadh, to be submitted to SAMA by March 2025, including detailed disclosure of our international investments and subsidiary companies, with specific attention to our recent tech acquisitions and venture capital investments."

Document background

The Declaration of Finances is a critical document within the Saudi Arabian legal and financial framework, designed to provide transparent and accurate financial information for various purposes. It is commonly required for regulatory compliance, business transactions, loan applications, government contracts, or legal proceedings. The document must adhere to strict requirements set by Saudi Arabian authorities, including SAMA regulations and Sharia law principles. This declaration typically includes detailed information about assets, liabilities, income sources, bank accounts, and financial obligations, with supporting documentation. It's particularly important in the context of Saudi Vision 2030's emphasis on financial transparency and regulatory compliance.

Suggested Sections

1. Declaration Header: Document title, date, and reference number

2. Declarant Information: Full legal name, national ID/Iqama number, contact details, and address of the person or entity making the declaration

3. Purpose of Declaration: Statement explaining the reason for the financial declaration and its intended use

4. Income Sources: Detailed listing of all sources of income including employment, business interests, investments, and other revenue streams

5. Asset Declaration: Comprehensive list of all assets including real estate, vehicles, investments, bank accounts, and valuable possessions

6. Liabilities Declaration: List of all debts, loans, mortgages, and other financial obligations

7. Bank Account Details: Information about all bank accounts held locally and internationally

8. Zakat Calculation: Declaration of Zakat-eligible assets and calculation of Zakat obligations

9. Attestation: Formal declaration of truth and completeness, with acknowledgment of legal consequences for false declarations

10. Authentication: Space for signature, date, and official stamps/seals as required

Optional Sections

1. Business Interests: Details of any business ownership, partnerships, or commercial interests (required only if applicable)

2. Foreign Financial Interests: Declaration of any financial interests held outside Saudi Arabia (required for those with international holdings)

3. Family Financial Obligations: Declaration of financial responsibilities towards family members (relevant for personal declarations)

4. Investment Portfolio: Detailed breakdown of investment holdings and securities (required for those with investment assets)

5. Real Estate Schedule: Detailed listing of all real estate properties with valuations (required for property owners)

Suggested Schedules

1. Schedule A - Bank Statement Attachments: Copies of relevant bank statements for verification

2. Schedule B - Asset Valuation Reports: Professional valuation reports for significant assets

3. Schedule C - Tax/Zakat Certificates: Copies of recent tax clearance and Zakat payment certificates

4. Schedule D - Property Documents: Copies of property ownership documents and valuations

5. Appendix 1 - Supporting Documents Checklist: Checklist of all required supporting documents and attachments

6. Appendix 2 - Declaration Guidelines: Guidelines for completing the declaration in compliance with Saudi regulations

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Finance

Real Estate

Investment Services

Government and Public Sector

Professional Services

Construction and Development

Manufacturing

Retail and Commerce

Healthcare

Education

Technology

Transportation and Logistics

Energy and Utilities

Non-Profit Organizations

Relevant Teams

Finance

Compliance

Legal

Treasury

Tax

Risk Management

Internal Audit

Corporate Governance

Regulatory Affairs

Executive Leadership

Accounting

Corporate Secretariat

Relevant Roles

Chief Financial Officer

Financial Controller

Compliance Officer

Finance Manager

Accountant

Financial Analyst

Tax Specialist

Zakat Specialist

Legal Counsel

Company Secretary

Treasury Manager

Risk Manager

Internal Auditor

Financial Director

Business Owner

Managing Director

Board Member

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Authors

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