Quite

The quite is a procedure that determines if a person can perform financial operations on behalf of a company . The procedure consists of a verification of data.

Through enough, the  bank  seeks to corroborate if the alleged attorney is legally accredited. To that end, public records are reviewed.

In Spain, for example, powers must be granted before a notary. In addition, registration in the Commercial Registry is required . However, the latter is not necessary if they are powers for a specific procedure.

Pretty much is an important procedure to avoid fraud . Otherwise, any individual could act as a proxy for a firm.

It is worth remembering that business activity requires constant transactions. For that reason, companies transfer their powers over their bank accounts to natural persons. It can be one of the partners or a trusted employee.

Details released in the rather

The details disclosed in the study are the following:

  • Identity of the proxies:You need to know who is authorized to carry out operations on behalf of the firm. It can be one or more people.
  • Authorized transactions:The bank must know in detail what operations each company representative can process. Perhaps a proxy is empowered, for example, only to sign
  • Limits of powers: The company may set restrictions on its representatives. For example, you can authorize cash withdrawals from your accounts only for amounts less than US $ 200 per day.
  • Procedures to followThe attorney receives instructions to act. For example, for important operations, such as credit applications , the signature of all proxies may be required.

Requirements requested in the quite

The requirements usually requested for the study are the following:

  • The ID or identity document of the attorney. That way, it is certified if the individual is not supplanting another.
  • The presentation of the deed where the company grants certain powers to one or more persons. This is the document that was signed and validated before the notary.
  • The deed in the Mercantile Registry, if applicable.
  • The procedure may be subject to the payment of any tax imposed. This depends on the laws and regulations in each country.

Origin of the name quite

The origin of the word quite comes from the verdict made by bank officials. This, after reviewing the papers presented by the alleged attorney of a company.

A first scenario is that it is resolved that the documentation is “quite”. In that case, the financial institution is recognizing a certain person as a company representative.

However, after the respective verification, it could be concluded that the writings “are not enough.” This means that the certificates may be invalid or incomplete. Therefore, the applicant cannot act on behalf of the firm.

 

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