Can we open Business account on basis of General Power of Attorney?

A General Power of Attorney is a legal document that allows you to nominate one or more persons or entities (referred to as an “agent” or “attorney-in-fact”) to act on behalf of you in all legal, business and financial matters.

 

A General Power of Attorney gives your agent the authority to do almost anything you could do if you were present, such as enter into contracts, buy and sell assets (with the exception of real estate), establish and manage companies, receiving money etc. in your name. Along with broad powers, a General POA carries a broader potential for misuse or abuse. For this reason, it is very important that the person whom you select as your agent be trustworthy.

 

Issue a General Power of Attorney only to a person who you fully trust, since it gives your agent broad powers to act and make decisions on behalf of you. Otherwise, you may consider giving a Special POA.

 

In Dubai, in certain cases, a General Power of Attorney may not be acceptable for certain transactions (e.g. for selling a real estate, Banking) and a Special Power of Attorney is required instead