Corporate Power of Attorney

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GUIDE / Corporate Power of Attorney

Corporate Power of Attorney

* DESCRIPTION: Power of Attorney is a legal document giving a representative (called an "agent" or "attorney-in-fact") the power to act for the company (the principal). The agent can have broad legal authority or limited authority. The power of attorney is frequently used in the event the principal has business interests in a foreign country.

The most common types of Powers of Attorney for use abroad include (a) general representation of a company's interests in a foreign country; (b) powers of attorney to heads of representative offices; (c) granting authority to open and manage bank accounts in foreign banks; (d) granting authority to buy ot to lease property; (e) powers of attorney to conduct negotiations and to sign contracts on behalf of a company, etc.

* LEGALIZATION: APOSTILLE: If the document is intended for use in a foreign country it has to be legalized (another word is “authenticated”) for foreign use. This is a process in which various seals are placed on the document. The legalization procedure basically depends on one factor: whether the target country has joined the Convention Abolishing the Requirement of Legalization for Foreign Public Documents (“The Hague Convention”). In this case the only legalization required is an Apostille certificate. (Apostille is a French word which means a certification). A document bearing an Apostille is valid in all of the Hague countries.

* CONSULAR LEGLAIZATION: Many foreign jurisdictions have not joined the Hague Convention. If the document is intended for a non-Hague country the consular legalization will be required. Before the consulate or the embassy can stamp the document, the document has to be authenticated on the state and federal levels.
* LEGALIZATION REQUIREMENTS: Only original notarized Powers of Attorney are accepted for legalization.
* RELATED DOCUMENTS: Certificate of Incumbency which confirms the authority of the officer of the company to execute the Power of Attorney.