Companies that carry out business activities in Turkey should take care of a bank account that can be opened in person or by using the services of experienced specialists available at our portal. A current account in Turkey is mandatory for local and foreign entrepreneurs, including those operating in the international market through the free economic zones (FEZ).
- How to Open a Bank Account for Legal Entities in Ankara in 2022?
- Documents Required to Open a Bank Account in Turkey for the Company (Legal Entity)
- Documents for Opening a Main Bank Account for a Legal Entity in Turkey
- Documents Required to Open a Deposit Account for a Foreign Legal Entity
- How Much does a Turkish Account Cost for a Foreign Company?
How to Open a Bank Account for Legal Entities in Ankara in 2022?
To start a business in Ankara, one of the largest cities in the jurisdiction, you will need:
- to register your company with the Chamber of Commerce
- to obtain a license to conduct business, if necessary
- to undergo the procedure of obtaining a tax number for a legal entity and visit all social institutions to make contributions (pension, insurance, etc.)
- not to forget about accounting and financial reporting in Ankara, which can only be entrusted to a certified specialist
- a corporate bank account that can be opened in a Turkish state or commercial financial institution according to the established rules.
Registration of a company in Turkey is now actively protected by the government, which means that the process is easy for all organizational and legal forms of business, including a closed joint-stock company with a hidden beneficial owner. Once completed, it allows investors to have a respectable business without paying taxes in the FEZ and enjoy benefits on an equal basis with local residents.
However, the Turkish banking sector imposes restrictions on foreign persons wishing to open and maintain a current account.
You need to know the local legislative norms quite well, so it is better to contact the experts of our organization for professional advice. It will allow you to minimize time and financial costs by following their recommendations, and your role will be limited to a 2-3-day visit to the country. We will organize the rest remotely, and all you have to do is sign the bank service documents for the legal entity.
Please note that the registration of an account with banks in Ankara and any other city in Turkey takes from 5 to 15 days, and the presence of a legal entity will only be required to carry out security checks and sign the documents (2-3 days).
Documents Required to Open a Bank Account in Turkey for the Company (Legal Entity)
A company operating in this southern state can open a current account or a deposit account. Let’s look at the difference between them:
- a current account is required for current payments, settlements with counterparties, payment of salaries, and receiving profit
- a deposit account for a legal entity is opened in Turkey if the company wishes to accumulate and increase its assets and keep them for some time as an inviolable part
Our Turkish partners are ready to open either of the listed accounts for you with a state or commercial bank in a short time and on favorable terms. If a deposit is required as a safety option, consider offshore banks where a wide range of opportunities for foreign investors is also available.
Documents for Opening a Main Bank Account for a Legal Entity in Turkey
The list of documents you need to hand over to our Turkish partners for preparation, certification and apostilling:
- Articles of Association
- entries or extract from the Trade Register
- document confirming the company’s activities (dated no later than 1 month before the date of addressing our partners)
- information on each shareholder, founder, director, and other company members.
- confirmation of the signature put by the director or directors (Şirket yetkililerin imza sirküleri). In addition to the right to sign, the document should contain information about the manager’s powers and his right to open current accounts and receive a tax number on behalf of the company in any foreign country.
- director’s foreign passport data and contact details
- an extract on the foreign company’s activities obtained from the tax service
- if a joint-stock company, limited liability company or closed joint-stock company conducts licensing activities, a license with translation into Turkish will be required
Mind that the main document giving our partners the right to represent the interests of a foreign legal entity in Turkish institutions is a power of attorney. It will allow us to speed up the procedure, and you will avoid unnecessary hassle, such as obtaining a tax number, opening an account, and buying a phone number of a Turkish operator (required for e-banking).
Documents Required to Open a Deposit Account for a Foreign Legal Entity
The list of documents submitted to open a deposit account for a foreign legal entity in Turkey contains the same items as the one for a current account.
There is a mandatory requirement for a foreign subject (company director): a visit to Turkey must be legal, which can be confirmed by a residence permit, citizenship, valid tourist or work visa.
Please note that all submitted copies and extracts must be translated into the local (Turkish) language, certified by a notary, and apostilled.
How Much does a Turkish Account Cost for a Foreign Company?
We offer a professional solution to any questions on banking and accounting services for individuals and legal entities in Turkey. With the support of our specialists, any foreign citizen can open a current account as a company representative, including a non-resident of Turkey that needs an account for personal use, or a legal entity.
The cost of this service on our international portal is 3800 USD and up, and it includes:
Advising the applicant (remotely or in person) on opening and maintaining a company bank account in Turkey.
Preparation of documents and support of the transaction until the agreement between the banking institution and the legal entity is fully signed.
Visit to the tax office and obtaining a taxpayer number.
A security procedure conducted by the bank that involves checking the client for reliability and non-participation in illegal actions and money laundering.
Signing documents for opening an account and banking activation.
We operate in all Turkish cities with all state/commercial banks. The cost of opening a bank account for legal entities in Turkey depends on the additional services to be requested and the client’s wishes. These may include assistance in obtaining a loan on favorable terms for the investor, translation of documents into Turkish, audit, legal advice, and much more.
We do not cooperate with companies whose employees are under EU sanctions or have commercial ties with blacklisted jurisdictions, including Iran.
To become our client and quickly open an account with a bank in Turkey, simply contact us at firstname.lastname@example.org.
I have an account in the international payment system and I intend to open a business in Turkey. Do I need to have a bank account with a Turkish bank?
Yes, this requirement is mandatory for local and foreign investors that have business in Turkey. Even if you don’t receive income in the Turkish jurisdiction and the company is used as an intermediate point for international business and commercial activities in other countries, you need an account to generate financial and tax reporting and keep the company’s authorized capital.
What documents do I have to submit to the bank to open a corporate account in Turkey?
Articles of Association.
data on company registration from the Trade Register.
data confirming business in Turkey.
personal data of all company founders and managers, regardless of their citizenship
confirmation of the signature put by the head or authorized person
foreign companies opening a branch provide a decision of the board of directors
companies conducting licensed activities also provide a license
All documents must be translated into Turkish and apostilled if necessary.