The power of attorney is an instrument employed to grant authorization to a person to act on behalf of another person. The person grating authority is called a donor or a principal, while the person accepting to act as a representative is called an agent or attorney-in-fact. Powers of attorney in Singapore are used quite often by businessmen wanting to open companies in the city-state. The power of attorney is usually drafted before a Singapore public notary and must contain the names of both grantor and agent, their signatures and the date the document was prepared. Powers of attorney in Singapore must stipulate what their purpose are and what the agent is authorized to do on behalf of the principal. Depending on the purpose of the power of attorney, one can distinguish between the following:
Specific to Singapore is also the House and Development Board (HDB) power of attorney which is necessary when purchasing a property with the House and Development Board in the city-state.
By far the most employed type of power of attorney in Singapore is the general one. The general power of attorney grants an agent the authority of representing the grantor under all circumstances. However, certain restrictions can be imposed in general powers of attorney. The general power of attorney is usually employed when opening a company in Singapore because foreign citizens must appoint local agents to handle the registration procedures. The validity of the general power of attorney can be revoked by the grantor at any time. It is advisable to ask the services of a law firm in Singapore when drafting a general power of attorney.
Singapore citizens can also prepare specific powers of attorney which will be used for a certain purpose only. Lasting and HDB powers of attorney can also be considered specific because their purposes is limited to the wishes or needs of the grantor. Lasting powers of attorney are usually employed in inheritance matters in Singapore, while the HDB power of attorney only when buying a property.
If you need help in drafting a power of attorney please feel free to contact our lawyers in Singapore.
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