What is an Account Signatory?
An account signatory is a trusted person who has signatory rights in a corporate bank account. A bank account signatory is entitled to execute wire transfers, sign cheques and make other payments from the bank account.
A bank account signatory is entitled to execute wire transfers, sign cheques and make other payments from the bank account.
Depending on the rights granted by beneficial owner, an account signatory may either have a single signatory right, or a joint signatory right together with someone else, for example, the beneficial owner of the Company.
Bank Signatory Services provided by Alpha IBC Limited
We here at Alpha IBC Limited are able to provide bank signatory services where we allocate certain persons from our office to act as signatories on the bank account. For security reasons and for the speedy execution of payments, we suggest appointing two designated signatories.
In order to proceed, we will require preparation of a relevant indemnity letter along with a payment instructions from the client and an agreement between the client and our company authorizing the bank signatories to act on behalf of the beneficial owner of the company. Every single request for the execution of a payment must be sent from the email indicated in the service agreement.
All payment instructions must be emailed to the relevant department. Kindly note, that all payment instructions received by e-mail must be password protected for security reasons. Once transaction instructions are received, we may from time to time randomly call to verbally confirm the transfer.
In situations when we are appointed signatories of bank accounts, the above steps must be taken in order to protect the best interest of the company and ensure that we indeed remain the sole signatories of the bank account.
It is crucial to remember that the work of account signatory is that he/she can act only in accordance with the instructions of the actual owners of the Company, not in his own interest. Account signatory services are normally provided by a professional and could be created for various reasons, for example, as nominee services providing additional privacy, or for professional introducer to have some control to ensure that offshore bank account transactions will not involve obviously illegal or suspicious activities.
To order bank signatory services and for further information please do not hesitate to contact our staff.