IncParadise Resolution to Open Bank Accounts 2005-2024 free printable template

Video instructions and help with filling out and completing resolution to open bank account for non profit

Instructions and Help about bank resolution letter form

Music the next step is to open a bank account now this is something I learned from my co-founder Shaman which is that never open one bank account if you open one bank account then you only have one option his suggestion is to open two bank accounts in our case in Avalon India we have HDFC Bank as one provider and access bank as another provider this allows us to make better deals with the bank get better exchange rates and a bunch of other things remember that all banks in the world all corporate bank accounts in the world will require you to have a minimum balance, so some capital will remember that 10 to 20 lakhs that we spoke about some capital is going to stay in reserve usually what we do at Avalon is we keep one bank account for local payments and another bank account for international payments where we negotiate on the exchange rate the next thing you probably do is to transfer the rest of the mocked-up capital into your bank account reserve five lakhs out of that open something called a fixed deposit and ask for a credit card right this is the usual process you keep file acts in reserve and this is so that the bank knows that you'll be able to pay in case you default and then apply for a credit card you will need a credit card to make a lot of international transactions for some of the tools that we are going to use in the future we'll be appointing our official bank account later in something called the Board minutes in this process you should also be looking for a seal and just in case you don't find one I put my own CS email down there, but you should look for a CA that you're comfortable working with that you're close to and who will pick up your call whenever you call them it is extremely important for you to work in close association with your CA so try not to work with the CA whether it has too many clients try to work with a smaller one that is more hungry for success post this you will be holding your first board meeting now a lot of people think a board meeting you know is a room where everybody sits together and everybody decides what happens in the company it is that but in real life with smaller companies a board meeting is just done over paper which is a couple of people decide and agree that you know a board meeting was held on this date and these are the items past your first board meeting is probably going to be something like that where you and your co-founder just sit together and decide okay these are the two or three things that we're going to do in this meeting you're going to assign your auditor you're going to open a bank account are you going to mention that you opened a bank account and that it is the official bank account for your company, and thirdly you're going to mention an official registered office address my suggestion would be to use your local home address as your first office address as long as your home is not on rent you will be able to mention that it is an office if you don't own a home you can...