Document background
A Corporate Resolution to Open Bank Account is a fundamental document required by banks in Hong Kong when companies seek to establish banking relationships. This document is necessary whenever a company wishes to open a new bank account, modify existing banking arrangements, or update authorized signatories. It demonstrates proper corporate governance and ensures compliance with Hong Kong's Companies Ordinance and banking regulations. The resolution typically follows a board meeting where directors approve the banking arrangements and must include specific details about the authorized signatories, their powers, transaction limits, and approved banking services. Banks in Hong Kong require this resolution as part of their due diligence process and to ensure that individuals operating the account have proper corporate authority.
