Opening a bank account in Turkey for a legal entity

Today, there are about 50 banks in Turkey. In terms of the range of services provided, Turkish banks are among the leading financial organizations in Europe, as they are loyal to foreign clients.

Of course, if a foreign legal entity wants to register a local legal entity, it will be much easier for them to open a corporate bank account.

Turkish banks, both private and state, have a state guarantee, so cooperation with them is equally safe.

The first thing to pay attention to is the type of activity of the legal entity. For some types, the banking system in Turkey is closed – this is the trade in oil and oil products.

To open a corporate bank account in Turkey, you need to provide a standard set of documents, which includes:

• company documentation (this includes the charter, extract from the trade register, confirmation of activity, and tax number);
• data of each of the founders and the director (this includes: foreign passport, residence permit, work permit, and photo);
• certified signature of the director or directors.

Here it is important to remember that in addition to the right to sign, this document must contain information about the authority and the right to open current accounts or receive a tax number on behalf of the company in a foreign country!

If it is a joint-stock company or a limited liability company that carries out licensed activities, it will be necessary to provide a license with a Turkish translation as well.

If a person does not have a residence permit or a work permit, it is possible to open a commercial bank account in Turkey through a nominal director. Such a person is appointed as a director in the company with only one purpose – to open a bank account.

This entire package of documents must be translated and notarized in Turkey. All documents must also have an apostille. The bank, having received the package of documents, carries out the compliance procedure. At this stage, the bank may ask additional questions.

For example, if the legal entity has a complex structure, the bank may request information on the final beneficiaries.

But if there are no additional questions, then the usual criterion by which the bank considers a legal entity is the monetary turnover per month and the balance of funds that the person will keep permanently in the bank account.

After opening a bank account, the director is issued a corporate card. With this card, you can pay expenses in Turkey, buy round-trip tickets, and pay for hotels – this is an important feature that will help reduce the tax base.

The SWIFT system works perfectly in Turkish banks: you can pay both European and American suppliers. At the same time, there is no currency control.

But to make a payment, you need to send a copy of the contract and an invoice to the supplier in advance to your bank manager’s e-mail.

Importantly! The bank does not charge any additional fees for opening a bank account or monthly maintenance. However, there are commissions that the bank charges for transferring funds through the SWIFT system.

What other difficulties can arise with a bank account for legal entities in Turkey?

The bank can additionally request documents for SWIFT payment: these can be transport documents (CMR, proforma invoice)

Recommendation: we do not recommend for either a resident company or a foreign company to open several accounts in different banks (as long as there is at least one bank that you are completely satisfied with in terms of service), because in case of blocking an account in one bank, all other banks will see this information and may ask additional questions.