What is acceptance of credentials?

We will explain the details of this document, which is required for carrying out procedures

The official acceptance of credentials is the document that accredits the verification by a Bank that the powers of one or several individuals are sufficient to act on behalf of a specific company when carrying out certain actions before a Bank, the Public Administration and/or its Bodies.

Any Credit Institution, for example before opening an account on behalf of a company, and permitting it to operate or to carry out other actions on behalf of another Company, will request the corresponding powers of attorney, which must be awarded before a notary and be registered in the Commercial Registry . This power of attorney will appear in the by-laws of an association, as well as in any other additional deed that has been provided by the company.

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The process of verification of the power of attorney carried out by the Credit Entities is called official acceptance of credentials and determines the area, scope and limitations granted by the company to its representatives. This study ends with the so-called official acceptance of credentials, and states that the powers of attorney presented by the Company are sufficient to represent it.

Basically, the information contained in the official acceptance of credentials responds to the questions "Who can act on the company's behalf? What type of activities can they do or request? And "How should they act, can they act alone with their signature or with the signature of the other company representatives?"

Therefore, the official acceptance of credentials permits the identification of the person and under which conditions (withdrawal limits, number of signatures needed to operate, etc.) they can act on behalf of the company. For example, a company can determine that to sign a check, take out a loan or close an account the signatures of two of the representatives are necessary, while to make a deposit into an account the signature of only one of these is required. 

Documentation required for the official acceptance of creditentials

Generally speaking, the documents required are the following:

  • The deed formalizing the power of attorney in favor of the representative, or if applicable, the deed of appointment of administrator of the mercantile company.
  • Identification of the legal representative.
  • Company's deed of incorporation.
  • • The company must be registered in the Business Registry (except in the case of a special representative for a specific purpose).
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What is the acceptance of credentials used for?

Acceptance of credentials allows a Company to be sure that it is correctly identified before the Credit institution, the Public Administration and/or its Bodies, thus preventing a non-legitimized third party to act in its name. It also allows the correct confirmation of the operations it carries out with another Bank. Logically, in order for this to work correctly, the company must periodically update the information on its representatives and notify any change that occurs.
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