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Account Opening Resolution

The Account Opening Resolution is a fundamental document for any organization establishing its financial presence. It serves as the official authorization for opening a bank account and, more importantly, designates the individuals who have the authority to manage the organization’s funds. Without it, an organization cannot legally or practically open and operate a bank account.

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Why Should I Use Auriga Accounting For Account Opening Resolution ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Account Opening Resolution.

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Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Account Opening Resolution

Complete your Certificate

Your Account Opening Resolution Is Done

Why Should I Use Auriga Accounting For Account Opening Resolution ?

Auriga Accounting has a team of registration experts who can provide complete guidance to register your Account Opening Resolution.

book appointment

Our team of experts will get in touch with you and collect all necessary documents and details

Resolve all your queries

We fill out and file your application for Account Opening Resolution

Complete your Certificate

Your Account Opening Resolution is Done

Overview
Advantages
Elements
Documents
Process

Overview - Account Opening Resolution

A board resolution for opening a bank account is the official authorization from a company’s or LLP’s Board of Directors to establish and manage a bank account. This resolution is essential because a company is a separate legal entity and requires specific permission for such actions. It designates who can open and operate the account. If the company plans to use multiple banks, a unique resolution is needed for each. This resolution is typically among the first passed after the company or LLP is formed.

An Account Opening Resolution is a formal document passed by the governing body of an organization (such as a board of directors for a company or a board of trustees for a non-profit) that authorizes designated individuals to open and operate bank accounts on behalf of the organization. This resolution typically specifies which financial institutions the accounts can be opened with, the types of accounts permitted, the authorized signatories, and the procedures for account operations, including withdrawals, deposits, and transfers. It serves as a crucial legal and procedural requirement for establishing banking relationships and ensuring proper financial management and control within the organization.

Advantages of Account Opening Resolution

  • Formal Authority: Legally authorizes opening the account.
  • Clear Signatories: Defines who can manage funds.
  • Enhanced Security: Controls access and prevents misuse.
  • Simplified Banking: Streamlines account opening and access to services.
  • Legal Record: Provides a formal basis for banking operations.

Key Elements For Account Opening Resolution

  • Name of the Organization: Clearly identifies the organization opening the account.
  • Date of the Resolution: Indicates when the resolution was formally adopted.
  • Statement of Authorization: A clear statement authorizing the opening of the bank account.
  • Bank Information (Optional but Recommended): May specify the name of the bank where the account will be opened.
  • Account Type: Specifies the type of account (e.g., “checking account,” “savings account”).
  • Designation of Authorized Signatories: Lists the names and sometimes titles of the individuals authorized to sign on the account. It may also specify the number of signatures required for transactions (e.g., “one signature required,” “two signatures required for transactions over [amount]”).
  • Effective Date: The date from which the resolution is effective.
  • Certification: A statement signed by the secretary or another authorized officer of the organization certifying that the resolution was duly adopted.
  • Seal (if applicable): The organization’s corporate seal may be affixed.

Documents required for Account Opening Resolution

  • Company PAN & Registration Certificate (CIN)
  • MOA & AOA
  • Company Address Proof
  • Authorized Signatories’ ID, Address Proof, & Photos
  • Letter of Authorization
  • KYC for Authorized Signatories

Process For Account Opening Resolution

  1. Drafting: A draft of the resolution is prepared, typically by the organization’s legal counsel or management.
  2. Adoption: The resolution is formally presented to and adopted by the organization’s governing body at a meeting. The adoption is recorded in the meeting minutes.
  3. Execution: The resolution is signed by the appropriate officers (usually the secretary and/or other authorized individuals).
  4. Submission to Bank: A certified copy of the executed resolution is provided to the bank when opening the account.

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Our Happy Clients!

Excellent
Based on 12 reviews
MD SAHIL
MD SAHIL
2023-06-10
Auriga Accounting is right CA firm is crucial for the financial health of our business. Auriga Accounting is reputable firm with experienced professionals, strong technology infrastructure, good communication, and transparent pricing.
Prince Kushwaha
Prince Kushwaha
2023-06-10
Workplace must be peaceful and be active during work , the Auriga Accounting Private Limited provides relevant and necessary things so employees save their time and complete their task before time period effectively and efficiently
Prince Singh
Prince Singh
2023-06-10
Auriga accouting private limited and it's team provide best service at affordable price. I have done my previous year GSTR and ITR they did it before the time
Priyanka Kumari
Priyanka Kumari
2023-04-07
They are best coordination with me. Time to time inform me how to work and what work is my pending. Time to time updated me about my company profile work like ROC Filling last date, GST filling last date, ITR etc... I have no paid any penalty since I started working with Auriga..
Vishal Singh
Vishal Singh
2023-04-07
Best company for providing services, I recommended to all. They give me the best rate of price and finished work before the time.
Sameer khan
Sameer khan
2023-04-07
The auriga accounting private limited is a reliable and a customer support company the team has give Clear answer towards the customer by which the customer cannot get confused and get necessary detail to solve their queries and auriga provided me good service and delivered my work on time very well coordinate with me and talk very well I suggest if you have any work then call auriga they will definitely finish your work on time
Vivek Shakya
Vivek Shakya
2023-04-07
Great Services , within affordable rate and give full satisfaction on works. Easy to Cordinate, I have done My Previous year ITR , Startup Registration. I am very happy with their services and their first priority is their Customer.
find way
find way
2023-04-06
I'll give a five-star rating, I had doubts about how to start my work in the field of business and they guide me and instruct me on how to start a business. They have a great team.
623 Anjali
623 Anjali
2023-04-06
The Auriga has great services. Efficient communication and really easy way to get help and support.
Anjali Sharma
Anjali Sharma
2023-04-06
Auriga Accounting team represents the highest level of customer services I have experienced.The team gives accurate information and responses to queries very fast, which are customer is facing.

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