General Power of Attorney
We would like to draw your attention to our policy and guidelines concerning the issuing General Power of Attorney:
- The duration of the General Power of Attorney is for a maximum period of 12 months.
The General Power of Attorney does not empower the right to open bank accounts throughout the world on behalf of the company. A Special Power of Attorney stating the details of the account, name of the bank, and authorised signature is required to open each bank account. Our experience has shown that when attorneys have this authority, directors are sometimes uninformed of such actions, resulting in incorrectly drafted company accounts.
A Special Power of Attorney is required when opening a bank account. The fee is dependent on the instruction of our clients/agents, and is often administered free of charge in some circumstances. For insurance reasons, written instructions by the beneficial owner of the company are required.
To grant a Special Power of Attorney, we require all bank details, copies of bank forms and signatory details as the signatory’s name and all bank details will be included within the Special Power of Attorney.
We must receive the relevant Board of Directors Resolution signed by the beneficial owner.
The only thing we will charge for is the cost of sending the documents (there is an additional fee for anything other than documents).
- The attorney cannot delegate the power to a third person.
- The Resolution for the Relevant Board of Directors is administered for internal use.
We can only issue Powers of Attorney for the beneficial owner once we have a certified copy of their passport.
The person in possession of the Power of Attorney should keep directors, secretaries and shareholders of the company informed of all actions undertaken on behalf of the company.
We thank you in advance for all your kind efforts and understanding in this matter and appreciate the opportunity to be of service to you.
Please do not hesitate to contact us should you require our further assistance.
Coddan CPM Ltd
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