Seychelles Trusts

Licenced And Regulated In Seychelles

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Who can be a bank account signatory?

Anyone you choose can be a bank account signatory. It can be a professional director, a nominee shareholder, a trusted friend or family member, yourself of course or one of our team.

A bank account signatory is someone who “signs” on an account i.e. approves a transaction and is basically someone who can transfer money from an account or sign cheques. It must be someone who is responsible and who can be trusted. A signatory may act alone (a sole signatory – someone who you trust absolutely) or a signatory may only act together with other persons (joint signatory – for when more control is required). You will usually be able to have different groups of signatories. A common arrangement is to have one group of sole signatories and another group of joint signatories so that your business can continue as normal even when key people are away. You may even have two groups of joint signatories with one joint signatory required from each group so that they control each other.

Directors are generally expected to be bank account signatories, and professional directors are usually expected to at least be a joint signatory but this is not a requirement. When directors are active bank signatories it will help show their effective management and control.

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