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Business registration and support in Turkey
Opening a business and accounts Opening a bank account in Turkey for a legal entity

Mykola Sirenko

Lawyer

E-mail

sirenko@prikhodko.com.ua

Phone numbers

Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.

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.

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1 question

Is your company registered in Ukraine?

Yes

2 question

Is your director in Turkey?

Yes

3 question

Have you chosen the bank where you want to open a bank account?

Yes

Can a Ukrainian open a company in Turkey without a local partner?

For many ordinary types of commercial activity, a company with wholly foreign capital is possible. A foreign founder may be an individual or a legal entity. A Turkish partner is not a universal requirement for every company, but before registration, restrictions applicable specifically to the selected sector should be checked.

Management is determined separately: who will represent the company, sign agreements and operate the account. The ability to own a business does not automatically mean the right to work personally in Turkey. Therefore, the ownership structure, authority and immigration matters are considered together, before the documents are prepared.

Is it mandatory to establish a Turkish company in order to open an account in Turkey?

This depends on who needs the account and for which transactions. An individual’s account, an account of a Turkish company and banking services for a foreign legal entity involve different banking procedures. This service primarily covers launching a Turkish company and preparing it for corporate banking.

If the legal entity is already registered in another country, it is first necessary to clarify whether the bank will consider servicing it and which documents and local connections it expects. Establishing an additional company solely for the account should be considered only after the business need has been reviewed. It is also important to take into account the accounting and corporate obligations that will arise for the new structure.

What practical advantage does an account in Turkey provide for trade?

An account helps organise payments in the country where the company purchases or sells goods: paying suppliers, receiving local proceeds and handling settlements for business transactions. Foreign currency accounts and international transfers can complement this model for working with overseas clients.

For more complex supplies, letters of credit, documentary collections or guarantees can be considered separately. For example, a letter of credit links payment to the presentation of the documents specified in it. At the same time, the bank checks the documents in accordance with the terms of the instrument and does not guarantee the quality of the goods. This is why the banking product and supply agreement should be aligned.

Can a company and an account be opened entirely online?

Representation under a power of attorney is permitted for some registration actions, but the possibility of completing the entire process without travelling depends on the specific composition of founders and signatories. Documents issued abroad must be prepared in a form acceptable to the Turkish registry. Incorrectly worded authority may result in the power of attorney having to be reissued.

The bank establishes its own identification procedure and may require the personal participation of a company representative. Online banking after the account has been opened does not confirm the possibility of making the initial application remotely. Therefore, the format of participation is agreed before booking travel, executing a power of attorney and planning the first payment.

How long does registration and the launch of settlements take?

Registration in the trade registry is only one stage. Before it, the structure must be determined and documents and translations prepared; afterwards, the necessary organisational procedures must be completed and the bank review passed. Therefore, the date on which the company appears in the registry and the date on which the account is ready for the required payments may differ.

The overall plan is affected by the founder’s documents, participation of a foreign legal entity, the need for a power of attorney, a regulated type of activity and additional bank requests. An indicative timeframe should be determined after analysing the source information. For the first contract, it is advisable to separately check whether the required currency, access and payment direction have already been activated.

Does company registration give the right to live and work in Turkey?

Company registration formalises the business but does not in itself give the founder an unrestricted right to reside or work. If the owner plans to work personally or perform management functions in Turkey, the relevant immigration and employment regime, including possible exceptions, must be assessed.

Separate financial and staffing criteria may apply to a work permit. They cannot be replaced by the minimum share capital established for company registration. This is why plans to relocate and work personally should be disclosed at the beginning of the consultation: they may affect the organisation of the business.

Is accounting required if the company is not yet earning income?

After registration, the company must comply with applicable accounting and reporting obligations even while preparing to start sales. At this stage, there may already be owner contributions, rent, equipment purchases and other transactions. They must be properly recorded and supported by documents.

The list of tax returns, notifications and electronic tools is determined by the local accountant according to the company’s status and activities. It is advisable to agree the calendar and document transfer procedure immediately. If the company will not be used for a long period, further actions regarding it should be assessed separately rather than simply discontinuing accounting and communication with the authorities.

Do CFC obligations arise in Ukraine?

Such obligations may arise if the owner is a Ukrainian tax resident and meets the statutory criteria for control of a foreign company. Ukrainian citizenship alone is insufficient for a conclusion: tax residence, ownership structure and actual control must be assessed.

Where the relevant ground exists, a CFC notification is submitted within 60 calendar days from the event. The annual report is a separate obligation. A possible exemption of CFC profit from taxation should not be equated with an exemption from reporting. To ensure the required information is available later, Turkish financial documents and corporate changes should be collected systematically from the moment the company is established.

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