The power of attorney is defined as a document created by an individual through which another person is appoint to act on their behalf. The creator of the power of attorney is called a donor, a grantor or a principal, while the appointed person is known as an agent or attorney-in-fact. The Singapore legislation differentiates between several types of powers of attorney depending on what they are used for. The acknowledged powers of attorney in Singapore are:
Depending on the power of attorney, it can be used for different purposes. The general power of attorney gives the agent authority to represent a donor in all circumstances, but may also contain certain limitations. General powers of attorney are usually employed by Singapore companies. The general power of attorney is valid until it is revoked by the donor.
Specific powers of attorney are not very common in Singapore, as they are granted for certain situations only and are very restrictive on the powers of the agent.
The lasting power of attorney is a legal document that allows adults with the age of at least 21 to plan how their businesses in Singapore will be managed in case of mental incapacity of the donor. The donor may appoint more than one agent to make decisions on their behalf. The agent will also be granted the power to decide about the donor’s properties and accounting matters. Lasting powers of attorneys fall under the regulations of the Mental Capacity Act in Singapore.
The HDB power of attorney is the most common type of power of attorney in Singapore. The HDB power of attorney is used by homebuyers in Singapore. The HDB power of attorney may be granted for one on the following situations:
For complete information about power of attorney you may contact our specialists in Singapore. In case you need assistance in company liquidation in Singapore, our incorporation experts are at your disposal.