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.
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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
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
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
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
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