Corporate Bank Account In Turkey

Corporate Bank Account In Turkey

Opening a corporate bank account is one of the primary steps when setting up a business venture in Turkey. This step is essential for facilitating financial transactions, including the deposit of share capital (for Joint-Stock type companies), a prerequisite before formally registering the company.

In Turkey, both domestic and foreign enterprises must possess a business bank account to conduct market activities efficiently. Banks offer various account types tailored to individual needs, including those of foreign nationals holding a Turkish Residence Permit, and extend corporate banking services to accommodate business entities.

For foreign investors and entrepreneurs establishing companies in Turkey, corporate bank accounts are indispensable for several reasons:

1. Deposit of Share Capital: Necessary during the company formation process.

2. Payment Facilitation: Essential for making payments such as taxes and social security premiums.

3. Financial Management: Enables efficient management of receivables and payables.

STEPS TO OPEN A BUSINESS BANK ACCOUNT IN TURKEY

The first step to open a business bank account in Turkey is to obtain a tax identification number. To initiate the process of opening a corporate bank account, the following documents are typically required:

1. The company’s Articles of Association

2. Certificate of company registration

3. Certificate of tax registration

4. Company seal

5. Wet signatures of company representatives

6. Residence Permit of representative(s) if they are based in Turkey

No Restrictions for Non-Resident Foreign Companies

It is important to note that there are no regulations restricting non-resident foreign companies from opening business bank accounts in Turkey.

This opens many opportunities for global foreign companies willing to do business in Turkey. Turkish banks can open accounts for these companies if the necessary documents are provided.

Please be aware that the company representative must be present at the bank branch at the time of account opening.

Benefits of Government Banks for Businesses in Turkey

Each company must maintain a business account with a government bank in Turkey, as taxes can only be paid through government banks. Government banks offer numerous advantages that are beneficial for businesses:

International Money Transfers

Government banks facilitate international money transfers, making it easier for businesses to conduct cross-border transactions. In some cases, these banks might be the exclusive method for transferring money to specific countries, such as Russia.

Special Conversion Rates

Businesses can qualify for special conversion rates on transactions exceeding 100,000 USD. This benefit can result in significant savings during currency exchange, making large transactions more cost-effective.

Direct Currency Conversion

Government banks offer direct currency conversion, allowing businesses to convert, for example, Rubles into Euros or USD without first converting them to Turkish Lira. This flexibility streamlines the currency exchange process and provides a significant advantage for businesses dealing with multiple currencies.

Open a Corporate Bank Account in Turkey

Turkish banks offer a diverse array of services, often tailored to meet the specific needs of their clients, whether individuals or business owners. Many of these services, including money transfers, ATM withdrawals, currency payments, and online banking, are typically provided free of charge,

Conducting transactions with a Turkish bank accounts is straightforward, whether online or in-person. However, it’s essential to be mindful of the fees associated with various banking services to effectively manage costs and optimize financial operations.

Keep it in your mind

It is important to keep in mind that in Turkey cosporate bank accounts can also be set up through power of attorney.To accomplish this, you only need to grant power of attorney to a Turkish CPA.

Get in Touch with Us to Open a Corporate Bank Account in Turkey

We’re here to ease the process of opening corporate bank accounts for companies like yours and help your business perform in Turkey.