Hey bunqers 🌈,

A legal director is any person who has the legal right to represent your business. That means they can sign contracts, make decisions, and act for the business in and out of court.

To open your Business account, we ask you to tell us who your business's other legal directors are.

What is a legal director?

A legal director is someone with the legal authority to run your business and act on its behalf. 

• If the law or your business’s rules name 1 person, they’re your legal director.

• If they name a group of people, everyone in that group who can represent your business is a legal director. They act together, unless your business’s rules say otherwise.

Who are the legal directors of my business?

Who your legal directors are depends on your business type:

• 🇮🇪Owners' management company (Ireland): every director on the company's board, even if they use a different title like "board member"

• 🇩🇪GbR, Gesellschaft bürgerlichen Rechts (Germany): all partners together, unless your partnership agreement says only certain partners can represent the GbR

• 🇩🇪Community of apartment owners, Gemeinschaft der Wohnungseigentümer (Germany): your property manager (Verwalter). If your community doesn't have one, all owners together

• 🇪🇸Community of property owners, Comunidad de Propietarios (Spain): your president (Presidente). Your administrator (Administrador) only counts if your community formally gave them the authority to represent it

Why do we ask for this?

In some countries, businesses don't need to be registered with their local chamber of commerce. If your business isn't listed in a chamber of commerce register, we can't look up who represents it. 

As a European bank, we need to know who can make decisions for every business we open an account for. Adding your legal directors tells us who's behind your business and lets us open your Business account.

Is a legal director the same as a UBO?

No, but one person can be both. A legal director can act for your business. A UBO, or Ultimate Beneficial Owner, ultimately owns or controls it. For example, a property manager can be a legal director without owning anything, while a partner in a GbR is often both. Learn more about UBOs.

A legal director is anyone who's legally allowed to sign contracts and make decisions about your business. To open your Business account, we ask you to tell us who your business's other legal directors are.