Open a bank account as a foreign or national company in Turkey
If you have a company based in a foreign country however willing to open a bank account in Turkey for your business and business projects, we will need articles of association (AOA), trade registry certificate, certificate of good standing, signature circular of the company, translated and notarized passport copies of shareholders, any document proving address information of the shareholders, potential tax identification number to be obtained for the shareholders, potential tax ID number to be obtained for the company based in the foreign country, Power of Attorney from the company and shareholders and directors separately.
If you have established a company in Turkey, in order to transfer capital in foreign currency, set up your business, execute financial operations and make required money transactions you will need to open a bank account in Turkey. We will need certificate of trade registry and articles of association (AOA), Power of Attorney, translated and notarized passport copies of the shareholders and directors and any document proving their addresses and Turkish tax ID number obtained for shareholders.
Even if our lawyers are authorized by a Power of Attorney, sometimes banks would like to see the authorized signatory of the company. On the other hand, some banks only allow you to open a bank account at the district of the branch where the companies’ head office is registered.
If you want to open a bank account for a company established in Turkey, the founding partners of the company will be investigated by the banks following the application. In this respect, banks can request documents other than the ones we have mentioned here, from foreign partners.
Open a bank account as an expat in Turkey
There is no restriction in Turkey to open a personal bank account in Turkey for foreigner real persons. Our law firm in Turkey opens bank accounts for foreigners permanently or temporarily staying in Istanbul. It is possible to open a bank account without presenting a residence permit card excluding a few banks. But if you are a foreigner with residence permit, you can even apply to open a bank account online.
We can say that there is a standard procedure for non-resident foreigners to open a bank account in Turkey. In order to open a personal bank account in Turkey, we only need your translated and notarized passport, potential tax ID number, SIM card obtained from a local operator, any bill from your home country proving your residence address and any document proving your temporary address in Istanbul.
Not all banks require you to obtain a local SIM card meaning that you can open a bank account in Turkey with your foreign phone number too before some banks. In order to open a bank account in Turkey, your passport needs to be valid. Some of the banks require foreigners to deposit a certain amount in Turkish Liras too in exchange for opening your bank account in Turkey.
Our law firm in Turkey obtains for you the required potential tax number before opening a bank account in Turkey for you. On the other hand, it will be the best to learn required documents by sending an e-mail to relevant officers from each bank through a lawyer based in Turkey.
Why is it necessary to open a corporate bank account in Turkey?
You must have a bank account for commercial purposes in order to make payments for the company and receive money for the company, in order to prove your commercial expenses, to create legal evidence for commercial business relationships, to pay taxes, to apply for commercial loans and for example to receive letters of guarantee. In addition, the company bank account you will use for gaining income and making expenses for your business will be legally required for keeping your accounting records veridical.
How to set up a Turkish corporate bank account
Unlike limited liability company establishment in Turkey, in joint stock company establishment in Turkey, the commercial bank account of the company is opened during the establishment process, not before the application. As we have explained in detail in our Article Commercial and Corporation Law, Turkish Business Commercial Lawyers Istanbul Turkey, the application for the joint stock company is made online through MERSİS, following completion of the documents listed and required by Istanbul Chamber of Commerce.
After filing the application through MERSİS, a potential tax identification number shall be obtained for the company. Like the Articles of Association (AOA), with the required documents notarized before the Notary Public along with the tax identification number, a company bank account is opened by depositing minimum %25 of the committed shares in cash to the said account and requesting from the bank to put blockage on that account.
The blockage in the bank is resolved as a result of completion of the company formation procedures and can be withdrawn in cash by the corporation representative. In order to obtain more information on documents required for opening a joint stock company in Turkey, you can kindly review the Article, Commercial and Corporation Law, Turkish Business Commercial Lawyers Istanbul Turkey we have prepared for you.
Do I need a bank account in Turkey to obtain the residence permit?
Yes, you need to open a personal bank account in Turkey in order to obtain the residence permit in Turkey since you will be required to present proof of your financial condition. It will be beneficial for clients to note that if you are willing to obtain a residence permit in Turkey, another thing you need to know is that acquiring residence permit conditions have been changed in our Turkey.
Due to the intense immigration our country received over the last couple of years, residence permits are no longer given to foreigners with a notarized lease contract as of 26 April 2022. According to the new practice of the Ministry of Interior Directorate General of Migration Management, a foreigner who is willing to obtain a Turkish residence permit card must purchase a house in Turkey with a value of at least 75,000 USD and also indicate that the real estate value is over 75,000 USD both in the real estate appraisal report and in the title deed.
For purchasing a property you will need to open a bank account in Turkey before starting residence permit transactions. On the other hand, we would also like to remind you that you will need to open a personal bank account for example in order to obtain Turkish citizenship through buying a property and Turkish citizenship through bank deposit. Therefore, we would suggest as one of the things first need to be done by our clients is to open a bank account if they are temporarily or permanently willing to stay in Istanbul.
Do I need a residence permit for opening a bank account in Turkey?
No, you don’t need to obtain a residence permit for opening a bank account in Turkey. Government banks like Ziraat Bank doesn’t require foreigners to present their residence permit ID cards for bank account opening. On the other hand private banks like Garanti BBVA or ING Bank don’t accept to open a bank account in their branches if the foreigner doesn’t present his/her residence permit card.
Banking services offered in Turkey
Banks based in Turkey offer a wide range of financial services to legal entities and real persons such as overdraft, investments, credit card, etc. Based on our experiences Ziraat Bankası, Garanti BBVA, Albaraka Türk Katılım Bankası, Ziraat Katılım Bankası, Kuveyt Türk Katılım Bankası are the foremost among the others preferred by foreigners in Turkey.
Choosing the bank you will open an account in shall depend on your needs and preferences, the services that can be provided to customers by the bank, whether if the bank has an online and mobile banking or not, which type of transactions you can make via mobile banking, the type of investment you are willing to make, interest rate the bank is willing to pay, between which country banks you will transfer your money, whether if you can open an account including your national unit of currency or not, and facilities provided by the bank for bank account opening such as not requiring residence permit card. In order to choose the right bank it will be the best to contact customer relation officers of each bank and gather information.
Making investments in Turkey
There are governmental incentives, tax exemptions and free land allocations luring many investors to Turkey providing a foreign investment oriented investment environment. If you are willing to invest in Turkey, you can prefer making an investment on the sectors IT and technology, construction and real estate, textile and ready to wear clothing, energy and natural resources, environment and recycling which are listed as most profitable fields.
As a foreigner investor you can either set up your own business in Turkey by opening a company in Turkey or can take over the shares of a company that is already established in Turkey. On the other hand if you are willing to obtain Turkish citizenship through making a personal investment as a real person, there are a few ways to make it happen in a short period of time. Based on our experiences real persons are in the tendency to obtain Turkish citizenship through buying a property or obtain Turkish citizenship through depositing money to bank.
Obtaining Turkish citizenship through buying a property is a fast and safe way to obtain your Turkish passport in a short period of time enabling you also to gain income through selling the property after three years restriction period in which your real estate property will already increase in value.
You can either make profit by renting out the real estate property within mentioned three years restriction period. If you are willing to obtain more information you can kindly visit our Articles, Turkish Citizenship Through Buying A Property and International Foreign Investment Law. You can contact our law firm in Turkey in order to obtain detailed information on any type of foreign investment.
Mesci Law firm is a law firm in Turkey that can legally help and assist you with setting up your business in Turkey, open up a company in Turkey, opening a bank account in Turkey, obtain a tax ID number in Turkey, property purchase in Turkey, obtain health insurance in Turkey, obtain your residence permit card in Turkey, acquire Turkish citizenship and obtain your Turkish passport and much more!
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Which bank allows foreigners to opening a bank account in Turkey?
Many private banks and governmental banks allow foreigners to open a bank account in Turkey, however as per our explanations made in accordance with law above, requirements of each bank changes. Ziraat Bank, Türkiye İş Bankası, Yapı Kredi Bankasi, Akbank, Vakıfbank, Garanti BBVA, Denizbank are among the banks that allow foreigners to open up their bank accounts in Turkey.
Can foreigners open a bank account in Turkey?
Yes, as per our explanations made in accordance with law above, foreigners can open a bank account in Turkey easily and within a few hours if documents required by the relevant bank is prepared.