Bank Account Opening

What is a Bank Account Opening?

A Directors’ Resolution for Bank Account Opening is a resolution required to be passed by the directors of a company to open a company bank account.

There are two options when using a Directors’ Resolution for Bank Account Opening:

• if a meeting of the board of directors to pass this resolution is chosen, it is necessary to record the minutes of this meeting and therefore a Board Minutes for Bank Account Opening is required; or
• if the board resolution can be passed by way of a written resolution, a Board Resolution for Bank Account Opening may be used.

Key points included

• Details of the company;
• Details of the meeting (if using Board Minutes);
• Date of passing the resolution;
• Name of the bank where the account is being opened;
• Authorised individuals who may use and operate the bank account; and
• Whether joint signatories are required for any specific transactions.