How to Open Corporate Bank Accounts in Turkey?

Opening corporate bank accounts in Turkey is an essential step for any business looking to establish a presence in the Turkish market. The process begins with selecting a reputable bank that offers the necessary financial services tailored to your business needs.

It requires the preparation and submission of key documents, including company registration documents, identification of legal representatives, board resolutions, and proof of address.

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Once these documents are submitted, the bank will conduct a verification process to ensure compliance with Turkish banking regulations. After successful verification, the corporate bank account will be activated, providing the business with access to various financial services, including online banking and foreign currency transactions.

Our Turkish accountants are ready to open bank accounts at the Banks in Turkey without a resident permit. If you need a bank account and don’t have a resident permit we can open bank accounts with online and mobile banking.

How to Open Corporate Bank Accounts in Turkey: A Comprehensive Guide

Opening a corporate bank account in Turkey is a critical step for businesses looking to establish and operate effectively in the Turkish market. This guide will provide an in-depth look at what it means to open a corporate bank account in Turkey, how the process works, and the responsibilities involved.

What is a Corporate Bank Account in Turkey?

A corporate bank account is an account specifically designed for business entities to manage their financial transactions.

These accounts are essential for handling business-related expenses, payroll, tax payments, and other financial operations. In Turkey, corporate bank accounts offer various services tailored to meet the needs of businesses, such as foreign currency transactions, online banking, and credit facilities.

How to Open a Corporate Bank Account in Turkey: Step-by-Step Process

Choose the Right Bank:

• Research and select a bank that offers the services and facilities your business requires. Major banks in Turkey include İşbank, Garanti BBVA, Akbank, and Ziraat Bank.

Prepare Necessary Documents:

• Company Registration Documents: These include the Articles of Association, the Trade Registry Gazette, and the company’s tax registration certificate.
• Identification Documents: Valid identification for the company’s legal representatives (passports for foreign nationals).
• Board Resolution: A resolution from the company’s board of directors authorizing the opening of the account and specifying the authorized signatories.
• Proof of Address: A utility bill or lease agreement showing the company’s registered address.

Visit the Bank:

• Schedule an appointment with the bank and visit the branch with the required documents. Some banks may offer online application services, but an in-person visit is typically required for the initial setup.

Submit the Application:

• Complete the bank’s application form and submit it along with the required documents. The bank will review your application and may ask for additional information if necessary.

Verification Process:

• The bank will conduct a verification process to ensure all submitted documents are valid and comply with Turkish regulations. This process may include background checks on the company and its representatives.

Account Activation:

• Once the verification process is complete and the application is approved, the bank will activate the corporate account. You will receive account details and access information, including online banking credentials.

Responsibilities of a Corporate Bank Account Holder

Compliance with Regulations:

• Ensure that all financial transactions comply with Turkish banking and financial regulations. This includes adhering to anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

Accurate Record-Keeping:

• Maintain accurate records of all transactions conducted through the corporate bank account. This is essential for auditing purposes and for preparing financial statements.

Timely Tax Payments:

• Use the corporate bank account for timely payment of taxes and other government dues. This helps in maintaining good standing with tax authorities and avoiding penalties.

Transaction Monitoring:

• Regularly monitor account activity to detect and report any suspicious transactions. This is part of the compliance requirements to prevent financial crimes.

Communication with the Bank:

• Maintain open communication with your bank to ensure smooth operation of the account. Inform the bank of any changes in company structure or authorized signatories.

Bank Account Opening for a Non-Turkish Company

We need the below details to open bank accounts in Turkey.

• Type of company
• Capital amount
• Shareholder’s names and share amount in %
• Shareholder’s nationality
• Who will represent the company and how

We Need the Below Documents to Open Bank Accounts for a Foreign Company

• Company articles of incorporation (notarized and apostilled).
• Shareholders and directors’ passport copies and their addresses proving documents such as a utility bill.
• Turkish tax id number for the company (we will get it).
• Turkish tax id number for each shareholder (owns 25% and more of the company shares) and director (we will get it).
• Signature circular for the company (notarized and apostilled).
• Power of Attorney from the company to open bank accounts (notarized and apostilled).
• Power of Attorney from each shareholder and director to obtain tax number (notarized and apostilled).

Reach us to Open Bank Accounts in Turkey

Opening a corporate bank account in Turkey is a straightforward process that involves selecting the right bank, preparing necessary documentation, and adhering to regulatory requirements.

By following the steps outlined in this guide, businesses can ensure they establish a corporate bank account that meets their operational needs and complies with Turkish banking laws. Maintaining accurate records, ensuring compliance, and monitoring transactions are crucial responsibilities for account holders to successfully manage their corporate finances in Turkey.

You may reach us to open bank accounts in Turkey through our Contact page.