How to open business bank account in Turkey? A bank account is required for any business, domestic or foreign, operating in Turkey in order to conduct financial operations, operate effectively on the market, and deposit the share capital required for incorporation.
The “potential tax number” issued by the Turkish tax authorities will be required by the bank along with the comprehensive documentation of the new firm in the nation. The task of opening the bank account may fall to the company representative. Our attorneys in Turkey can provide you with more information on how to open a bank account.
In Turkey, there are currently 55 active banks, of which 36 are outposts of foreign financial organizations. This information is given for the year 2022.
In 2023, open a bank account in Turkey as an expat
Any foreign national living in Turkey who has a current foreign identity number (YKN) is eligible to open a bank account without any limitations. For the purpose of opening a bank account, copies of the passport, the Turkish tax identification number, the bank forms, and a utility bill are required.
The entire process can be completed online on the official bank websites in under an hour. Turkey has a large number of significant banks, and customers can select from domestic institutions like Is Bankasi, Akbank, Garanti, Yapikredi, and Denizbank or international financial institutions with local branches like ING, Citibank, HSBC, or Eurobank Tekfen.
As a reminder, all natural individuals in Turkey and foreign residents who are employed legally there are permitted to open an unlimited number of bank accounts. A corporate bank account is required for Turkish businesses in order to begin operations and conduct any kind of transaction.
Why is opening a business bank account in Turkey required?
One of the initial stages when beginning a business in Turkey in 2023 is opening a bank account. Banks in this nation permit the opening of a variety of accounts, the majority of which are intended for natural persons, including foreign nationals with residency permits in Turkey.
This group includes foreign investors in Turkish companies. However, the majority of banks also offer corporate banking services so that businesses may function. For two reasons, Turkish businesses require corporate bank accounts:
for placing the share capital in escrow; for concluding its business dealings.
Before a company may be incorporated in Turkey, a corporate bank account needs to be opened.One of our consultants will help you with this and give you information on the 2023 regulations change. If you want to move here, you may also ask for information about immigration to Turkey.
Some Turkish banks provide what is known as a “gold bank account,” which combines the savings and current accounts. As a result, precious metals, first and mostly gold, are used to support the reserves. With such an account, precious metal trading is permitted.
How to open a corporate bank account in Turkey
Getting a prospective tax identification number is the first step in opening a corporate bank account in Turkey. To receive a tax identification number, the following documentation is needed:
the articles of association for the firm; a required application form; and evidence of the company’s registered address.
The bank will ask for the tax number when the account is opened. The identical papers must be submitted in order to open a Turkish corporate bank account. The business must also supply the information regarding the representative running the account on its behalf as well as the most recent tax identification number. It’s vital to remember that any sort of account can be opened with a power of attorney in Turkey.
Do I need a Turkish bank account to open a residency permit?
The opening of a Turkish bank account is not necessary to obtain a residency visa there. The government will want evidence of your financial status, nevertheless. You should think about creating a bank account after you get your Turkish residency permit so that you may make the appropriate payments while you are there. Please feel free to talk to our Turkish lawyers if you have any questions on how to open a bank account in Turkey.
Is a residence permit required in Turkey to create a bank account?
Yes, you must have a residence permit in order to create a bank account in Turkey. This requirement is made of all banks. You should first secure the necessary documentation with the assistance of one of our lawyers in Turkey since you could need a work permit in some circumstances. Please feel free to contact us with any questions you may have so that one of our immigration lawyers in Turkey can clarify all the requirements for acquiring a residence and work visa as well as those for opening a bank account.