To run a company, you need to open a bank account in the name of the company. The first step involves choosing a bank and providing the Bank with some necessary information, including your Certificate of Incorporation, GST Certificate, and details of directors. Then, you need to pass a Board Resolution (BR) to open a bank account in the company's name.
The board resolution format for opening a Bank Account includes details like the name and designation of the director, name, and branch of the Bank in which you want to open the bank account, the purpose for opening the bank account, and signature of the authorized representative.
You can download the Board Resolution for Opening Bank Account in the Word format, which is ready to use, and make any necessary modifications. The Board Resolution for Opening a Bank Account provided by Bizfoc can be generated quickly which will save time and reduce the chances of error.
CERTIFIED TRUE COPY OF THE RESOLUTION PASSED IN THE MEETING OF THE BOARD OF DIRECTORS OF THE COMPANY HELD ON __.__.______ AT 04:00 P.M. AT THE REGISTERED OFFICE OF THE COMPANY
OPENING OF BANK ACCOUNT OF THE COMPANY
“RESOLVED THAT pursuant to section 42 and other applicable provisions, if any, of the Companies Act, 2013, Approval of the Board of directors of the company be and is hereby accorded for the opening of a separate Bank account with _________ (Scheduled Bank) at……………Branch………………..for the purpose of receiving securities/share application money, adjusting application received towards allotment of securities or otherwise for refund of share application money received from the applicants under Private Placement Offer of securities.
RESOLVED FURTHER THAT the monies received on applications shall be utilized only for the purpose of:
RESOLVED THAT Mr./Mrs. ____________, (Designation) and Mr./Mrs. ____________, (Designation) of the company be and is hereby authorized to make application to the ICICI Bank for opening of aforesaid account and for the purpose to sign and execute necessary application forms and submit necessary documents and papers as may be required and specified by the Bank and to do all such acts, deeds, writings and things necessary in this regard to give effect to the above resolution.
For _______________________________________
Signature:
Name: __________
Designation: ____________
DIN: ____________
Yes, the Private Limited Company can have multiple bank accounts in the company's name without any restriction.
The company needs to file Form INC-20A with MCA, which is attached with a bank statement. That's why opening a bank statement is necessary.
The number of directors required to pass the resolution can vary depending upon the Company's Articles of Association or any specific requirements outlined in the Companies Act 2013.
Yes, withdrawing money from the company in the forms of salaries and dividends is allowed by the directors. Still, directors cannot take a loan from the company or withdraw money whenever they want otherwise.
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