What is a Directors’ Resolution for Bank Account Opening?

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.


Directors’ Resolution for Bank Account Opening Template

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What is a Directors’ Resolution for 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.

What should a resolution to open a corporate bank account include?

A resolution to open a corporate bank account should include the following:

  • Corporation’s name
  • Corporation’s address
  • Name of the bank and its address
  • Bank account number
  • The date of resolution
  • The certifying dates and signatures 
  • A Corporate seal

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.