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Board Resolution To Open Bank Account for United Arab Emirates

Board Resolution To Open Bank Account Template for United Arab Emirates

A Board Resolution to Open Bank Account is a formal document issued under UAE corporate law that evidences the board of directors' approval to establish a banking relationship with a specified financial institution. This document, governed by UAE Federal Law No. 32 of 2021 and relevant banking regulations, outlines the company's authorization to open and operate bank accounts, designates authorized signatories, and specifies their respective powers and limitations. It serves as a crucial document for UAE companies to establish their banking relationships and meets the stringent requirements of the UAE Central Bank's compliance framework.

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What is a Board Resolution To Open Bank Account?

A Board Resolution To Open Bank Account is a fundamental corporate document required by UAE banks and regulatory authorities when a company wishes to establish banking relationships. This document is essential for compliance with UAE Federal Law No. 32 of 2021 on Commercial Companies and the Central Bank's regulations. It is typically required during company formation, when changing banking relationships, or when updating signatory arrangements. The resolution must detail the specific powers granted for account operation, including who can sign, their signing limits, and any specific conditions or restrictions. It serves as the bank's primary reference for account operation and forms part of the company's corporate governance documentation.

What sections should be included in a Board Resolution To Open Bank Account?

1. Company Information: Full legal name of the company, trade license number, and registered office address

2. Meeting Details: Date, time, location of the board meeting, and confirmation of quorum

3. Attendees: List of board members present at the meeting and those absent

4. Resolution Statement: The main resolution text authorizing the opening of the bank account

5. Bank Details: Name and branch of the chosen bank where the account is to be opened

6. Authorized Signatories: Names, positions, and signing powers of individuals authorized to operate the account

7. Operating Instructions: Specific instructions regarding account operation, such as signing limits and combinations

8. Certification: Statement certifying that the resolution was passed in accordance with the company's articles and applicable laws

What sections are optional to include in a Board Resolution To Open Bank Account?

1. Additional Banking Services: Authorization for additional services like internet banking, credit cards, or trade finance - include when such services are immediately required

2. Currency Specifications: Specific mention of multiple currency accounts if required - include for international businesses

3. Special Instructions: Any special operating conditions or restrictions - include when specific controls are needed

4. Temporary Powers: Temporary delegation of signing authority - include when temporary arrangements are needed

What schedules should be included in a Board Resolution To Open Bank Account?

1. List of Authorized Signatories: Detailed list of authorized persons with their specimen signatures and copy of Emirates ID

2. Signing Matrix: Table showing signing limits and combinations for different transaction amounts

3. Required Documents Checklist: List of supporting documents required by the bank for account opening

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Publisher

Ƶ

Document Type

Board Resolution

Cost

Free to use
Relevant legal definitions




















Clauses
















Relevant Industries

Financial Services

Manufacturing

Retail

Technology

Healthcare

Real Estate

Construction

Professional Services

Trading

Hospitality

Education

Transport and Logistics

Media and Entertainment

Energy

Relevant Teams

Legal

Finance

Corporate Governance

Treasury

Compliance

Corporate Secretariat

Executive Office

Operations

Risk Management

Relevant Roles

Chief Executive Officer

Managing Director

Finance Director

Chief Financial Officer

Company Secretary

Legal Counsel

Board Director

Financial Controller

Treasury Manager

Compliance Officer

Corporate Governance Officer

General Manager

Operations Director

Board Chairman

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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