Power of Attorney in Switzerland
In Switzerland, a power of attorney document is made use of to nominate an individual to be able to perform any and all legal activities in place of the donor. This document is most convenient when a business owner is out of Switzerland and is unable to sign and approve vital and operational documents. It is absolutely imperative that the person assigned this control is loyal to the company and a trustworthy person.
Please speak with our business establishment and legal consultants who are able to assist with any questions or proceedings in Switzerland. They are also able to assist in the development of a ‘power of attorney’ document.
The contents of a power of attorney
A person holding the power of attorney document is able to exercise rights to perform legal acts on behalf of a chairman, CEO or other principal. Details within the power of attorney can be adapted to suit any particular requirement of a business operating in Switzerland with principals outside the country. The document is able to suit a general purpose or be drawn up to be specific.
Swiss law allows for the creation of power of attorney documents that give the principal the ability to make provisions prior to the document’s enactment. This means that the individual chosen to administer the affairs will be able to, in the event the principal is no longer able to do so.
Generally, the Swiss power of attorney document allows for; extrajudicial representation, representation before a court of law or administrative authorities, entering contractural and arbitration agreements, issuing and receiving payments, debt collection, representation during inheritance affairs and even criminal matters.
Drawing up a power of attorney
The most vital component of a Swiss power of attorney document is the correctness and the identification of the empowered individual, as well as the identification of the principal, who is the issuer. It is also required to hold a space for signatures from both parties.
Without additional terms, a power of attorney will remain active even in the event of the principal’s death, or loss of ability to act upon bankruptcy. Although, the power of attorney is able to be nullified at any time. Limited power of attorney documents is also able to be created in Switzerland, which allows for a defined timeline.
If you are planning to establish a Swiss company, our consultants are able to assist with the development of the comprehensive power of attorney documents, which cover all necessary procedures.