What is “power of attorney ?
A. Power of attorney or POA is given to an agent (which can be a family member, a trusted person or a nominated professional.) The POA has the’ power’ to act on certain undertakings as outlined in a legal document produced by the Shareholder‘s. These undertakings can range from incorporating the Company and signing on behalf of the true Shareholder or simply opening the bank account on behalf of the Shareholder’s. Care must be taken to have a carefully written POA so that the true owner retains all rights and powers of the Company and the POA acts only as a signatory.
