Power of Attorney for Opening a Corporate Bank Account: Guide and Sample

Opening a corporate bank account is a crucial step in running a business. This process requires several official documents, one of which is the power of attorney for opening a corporate bank account, especially when the company’s owner cannot be physically present at the bank.

This article will guide you on how to create a proper power of attorney, along with a template you can use.

Related Article: Corporate Bank Account: Definition, Benefits, and How to Open One

What is a Power of Attorney for Opening a Corporate Bank Account?

A power of attorney for opening a corporate bank account is an official document authorizing a designated person (the proxy) to open a bank account on behalf of the company at a specific bank. This document ensures a smooth administrative process in compliance with legal requirements.

Key Elements of a Valid Power of Attorney

To ensure the document is accepted by the bank, include the following:

1. Complete identification of the principal and the proxy, including names, addresses, identification numbers, and positions.
2. Purpose of the authorization, specifically to open a corporate bank account.
3. A statement of responsibility from the principal for the actions of the proxy.
4. Stamp duty and signatures of both parties for the document’s validity.

Template for a Power of Attorney to Open a Corporate Bank Account

Below is a template you can customize as needed:

[Company Letterhead of the Principal]

POWER OF ATTORNEY

The undersigned:

• Name: [Principal’s Name]
• Address: [Principal’s Address]
• Identification Number: [Principal’s ID Number]
• Type of Identification: [KTP/Driver’s License/Resident Permit]
• Phone/Email: [Principal’s Contact Information]

In their capacity as [Position] of [Company Name], based on [Legal Basis, e.g., Articles of Incorporation], hereby grants authority to:

• Name: [Proxy’s Name]
• Address: [Proxy’s Address]
• Identification Number: [Proxy’s ID Number]
• Type of Identification: [KTP/Driver’s License/Resident Permit]
• Phone/Email: [Proxy’s Contact Information]

Specifically to:

1. Open a corporate bank account under the name [Company Name] at [Bank Name].
2. Sign all required documents.
3. Communicate with the bank regarding the account opening process.

The principal assumes full responsibility for all actions taken by the proxy under this power of attorney.
This document is valid from the date of signing until the principal revokes it in writing.

[City], [Date]

Tips for Creating a Bank-Accepted Power of Attorney

Here are some tips to ensure your document is accepted:

• Ensure all data and information are accurate and match official documents.
• Use clear and formal language.
• The signatures of both the principal and proxy must match those on their official IDs.

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