Overview of an Open a Company Bank Account

What is an Open a Company Bank Account?

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.

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