What is Board of Resolution Banking?
When a firm wishes to open a business bank account, it must first pass a board resolution, which is known as a board resolution for bank account opening. This document gives someone in the company the authority to open a bank account on the firm's behalf. It is usually one of the first resolutions passed after a company is incorporated, and it is the obvious next step after launching a business.
The following are the main components of a board resolution for opening a bank account:
- Details about the company: name and address
- Information about the board meeting (only if using board minutes)
- Resolution's effective date
- Name and address of the bank with which the business is attempting to open a business account
- The names and positions of authorized individuals who have access to and control over the company's bank account.
- A statement indicating whether or not joint signatures are required for any given transaction.
- Signatures and dates must be certified.
- Seal of the company
The Board Resolution must be printed on the company's letterhead and signed by officially authorized Director(s), Officer(s) of the firm, along with the business's official seal.
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