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Certificate of Incumbency

Updated:2018-3-12 15:12:36    Source:www.tannet-group.comViews:175

Certificate of Incumbency, also known as incumbency certificate, is a document used to confirm the identity of the signing officers of a corporation. If you run a company, you often need to make sure that certain employees, as officers of the company, have the ability to conduct business for the company. A Certificate of Incumbency is a document that specifies individuals who are officers in a corporation.

Brief introduction to incumbency certificate
Incumbency is an official corporate document usually issued by a corporation's president or secretary. It lists the names and titles of all current officers within the company (for example, president, secretary, treasurer, etc), and includes a place for each officer to sign.

Sometimes it also confirms the names of directors and shareholders. A Certificate of Incumbency is often used to prove that a particular individual is authorized to enact legally binding transactions on behalf of a company. The Certificate is issued by the registered agent of the offshore jurisdiction at a cost for bank account opening.

Around the world, incumbency certificates go by many other names that essentially provide the same information, such as certificate of incumbency, certificate of officers, officer's certificate, register of directors or secretary's certificate. The actual name used for the document depends on local law and custom, but the content and use of the incumbency certificate are nearly always the same.

Content of Incumbency certificate
Incumbency certificates are issued by the corporate secretary and often bear the corporate seal. The secretary is the officer in charge of keeping company records. Because of this, the incumbency certificate is an official act of the company, and third parties can reasonably rely on its accuracy.

An incumbency certificate contains all relevant particulars regarding the company's directors and officers, such as the incumbent's name, position, whether elected or appointed, and term of office. It also usually includes a signature sample for comparison purposes.

Practical use
Anyone who is involved in a transaction with a company and needs to confirm the stated position of an officer within the company may request an incumbency certificate from the secretary of the company. In practice, an incumbency certificate is often required by a bank or another financial institution when opening an account to ensure that the person who claims to be the authorized signatory of a company truly is.

Similarly, when attorneys are drafting contracts for transactions involving companies, they usually require an official incumbency certificate to determine who can legally bind the company in the contracts.

In short, use the Certificate of Incumbency document if:
(1) You're incorporating a business and need to identify its officers.
(2) You're a new officer at a corporation and want to have this officially documented.
(3) You're an administrative manager of a corporation in charge of documentation.

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