As a limited company is a separate legal entity, it requires its own 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. The resolution also specifies the individuals who have the authority to use and operate that account. If a company wishes to have bank accounts with various banks, then a separate board resolution must be executed for each respective bank account.
The directors' resolution can be passed at a directors’ board meeting or by way of a written resolution.
If you choose to have a meeting of the board of directors to pass this resolution, it is necessary to record the minutes of this meeting. You will therefore need a Board Minutes for Bank Account Opening. Alternatively, the board resolution can be passed by way of a written resolution using a Board Resolution for Bank Account Opening.
When drafting a Directors' Resolution for Bank Account Opening, it is important to focus on a number of key clauses, in particular: