How to open an account in Turkey
The Turkish government has been implementing a large-scale investment promotion plan over the past decades, which provides for a number of opportunities for foreign investors to receive benefits and preferences. Among them are incentive certificates that exempt from taxes under certain conditions, as well as free economic zones with a favorable tax and customs regime for entrepreneurship.
A non-resident in Turkey, on acceptable terms, can both register a business and open a bank account. The main thing is to understand the specifics of Turkey as a financial jurisdiction. At the same time, it is not at all necessary to follow the path of long time expenditures for studying the intricacies of local legislation. Become your trusted advisor and help directly Opening an account in Turkey</i >Lawrange experts are ready.
To begin with, we offer you a short overview that reveals the features of registering a corporate account in a Turkish bank. Then we recommend that you sign up for a consultation with us and get an individual solution to the issue with a bank account in Turkey.
Peculiarities of Turkey as a financial jurisdiction
Turkish bankers are loyal to non-resident corporate clients, as they are accustomed to the country’s active involvement in international economic activity, and banking support is a necessary success factor in such activities. The Association Agreement between Turkey and the EU, the status of a candidate member of the European Union, which country received back in 1999, makes it possible to freely do business with European countries.
For your information! Turkey deserves attention as a country for business development in a variety of niches – trade (in particular – import- export operations), production, real estate and construction, services, resources. The country annually attracts a lot of tourists, which expands the already considerable potential of the domestic market. Along with this, the high level of development of the banking sector favors the development of various business areas.
Creating a bank account in the current conditions is a necessary condition for any business activity in Turkey, which can be carried out by both local and foreign entities. The account is required for the payment of the authorized capital upon registration of the company and the further execution of operations in the course of economic / commercial activities.
The main advantage of the Turkish account is the well-established practice of communication between the country’s bankers and non-residents. As pluses, it is also worth noting favorable tariff rates, service in Russian by many banks, understandable and clear requirements for documentation for opening an account . Accounts are issued both in local currency (Turkish lira), and in euros or dollars. translation funds are allowed, both domestically and internationally.
Important! If we highlight the specific features of Turkey as a financial jurisdiction, they can be b> difficulty opening a bank account remotely. The country’s financial institutions mainly set requirement for a personal visit of the founder/director to open an account. Banks are rarely ready to make concessions. In connection with this situation, specialists of Lawrange JSC: firstly, constantly monitor offers from banks for non-residents; secondly, for each individual request from the client, they negotiate with representatives of several banking institutions. If a number of conditions are met, as an exception, we are able to open an account in Turkey for a non-resident remotely.
As a factor in increasing the chances of success – openness and transparency in communication with bankers. An example is when banks request a history of the origin of funds and a description of the company’s activities, such information should be provided.
Documents for opening an account in Turkey
Attention! A mandatory document in the package for opening a corporate bank account is an individual tax number (TIN, tax ID, Turkish vergi numarası) signatory, that is, the person who signs the documents for opening an account. You will also need a tax number for the company. These numbers are assigned by the state tax authority. In particular, tax numbers are issued at the Tax Office (Vergi Dairesi Müdürlüğü) of the city municipality.
***Note: By itself, obtaining a tax ID in Turkey by a non-resident does not entail tax obligations.
Representatives of JSC Lawrange are ready to take all the necessary steps to obtain tax numbers in Turkey.
In order to open an account with a pre-selected bank, you will need the following documents: a) for the company; b) a director with the right to sign and a beneficiary. Documentation is submitted after agreeing on the possibility of opening an account, it must first be translated into Turkish and notarized. Forms for signing are provided at a personal meeting with the client. To use Internet banking, you will need a SIM card from a Turkish mobile operator.
A package of documents for the company:
- constituent documents (including articles of association, extract from the commercial register);
- tax number;
- an extract from the tax office on the activities of a foreign company;
- confirmation of registered company address;
- if more than a year has passed since the registration date – Certificate of Good Standing, Certificate of Incumbency:
- license, if required by law for the type of activity the company is engaged in;
- share capital information may be required.
A package of documents for a director with the right to sign and a beneficiary:
- passport, which expires no earlier than six months later (if available – residence permit, work permit);</ li>
- internal passport with registration of place of residence (for citizens of Ukraine and the Russian Federation);
- in the absence of a registration mark, original utility bills (not older than three months) to confirm the place of residence;</li >
- tax number;
- confirmation of the right to sign and determine the authority (Şirket yetkililerinin imza sirküleri).
***Note: In the process of reviewing an application for opening an account, the bank may request additional documentation and information. As an example, it is required to reasonably confirm the financial stability and the existence of prospects for the development of an economic entity.
Popular banks in Turkey
The Turkish banking system includes more than 50 institutions, of which about a third are foreign representations. To open a Turkish bank account for a foreigner with the support of JSC Lawrange, it is not necessary to delve into the terms of service of each institution. We select in advance the best, most popular banks among non-residents. The client makes only the final choice, spending a minimum of time.
We bring to your attention brief characteristics several banks we cooperate with:
The largest bank in Turkey with a large network, making it a convenient business option. This institution has branches in other countries of the Middle East, as well as in China and the UK. Some of the branches specialize in working with foreigners, which can make the account setup process a bit easier. In advertising, the bank positions itself as a “Turkish bank for foreigners”.
Turkey’s second largest bank, with branches that include English-speaking customer service specialists. Telephone communication, as well as information on the official website is available in English, Services and products are adapted for expats, including multi-currency accounts and international cards.
A large and well-established bank with a full range of products, accounts and card offerings with some packages specially designed for expatriates and international clients. The bank offers Internet banking and services via SMS. In addition to standard offers, the bank also provides tax consulting services. The institution has an extensive network of ATMs and branches, where you can withdraw cash, as well as a number of other necessary operations.
A large bank that has established itself well among both Turkish citizens and foreigners. The institution includes 908 branches and has many ATMs. Clients are offered a full range of products and services, including insurance and loans, savings and checking accounts, debit and credit cards, and special accounts designed for international clients and foreign residents.
A fast-growing financial institution offering favorable terms of cooperation, high interest rates, and minimal transfer and service fees for all clients.
Institution specializing in servicing corporate and investment accounts. Services are provided by the bank all over the world – in more than 100 countries. Account and deposit management is available through Internet banking at any time of the day.
State bank established in 1863. Now it is the largest financial institution in the country. The bank serves corporate, commercial, agricultural segments and retail trade, having for this purpose an extensive network of branches (more than 1800 throughout the country). Also, customers are served in 18 countries.
Türkiye Finans Katılım Bankası, Kuveyt Türk, Vakıf, Albaraka Türk Katılım Bankası, Şeker bank and some other Turkish banks are also considered as an option. We prepare and provide the client with detailed information about any financial institution in Turkey as soon as possible. Moreover, if a client comes to us with a request to open an account in a particular bank in Turkey, which is not in the list, we are ready to develop and provide a plan for solving such a problem.
How can a non-resident open an account in Turkey?
To successfully open a bank account in Turkey, it is often enough to meet two conditions A: 1) get a tax number in the country; 2) make a personal visit to a banking institution at least once (although, as noted earlier, exceptions are possible in some cases).
For the convenience of customers, Lawrange JSC offers a package service of registering a company in Turkey (Joint Stock Company Anonim Sirket or Limited Liability Company Limited Şirketi) + registration of a corporate account for this company. The procedure takes several weeks, depending on the wishes of the client regarding the company and the bank chosen to open an account.
Note! Our company also provides support for opening accounts in Turkey for the purchase of real estate and other purposes by individuals.
Requirements and conditions Corporate accounts in Turkey are quite acceptable for non-residents. With the support of representatives of Lawrange JSC the necessary the result is achieved with minimal participation of the client.
Turkey as a financial jurisdiction has been attracting the attention of non-residents for a long time, and this trend will continue in the future, as the government of the country keeps a stable course towards attracting foreign investment. Turkish bankers are used to communicating with foreigners, they are ready to find a common language and make individual offers if the client is interesting.
How to open a bank card in Turkey?
The bank card is issued after the account is issued (usually within a week). In particular, Turkish bank customers can receive Visa and MasterCard international cards.
How to open an account for a foreigner in Turkey?
If the foreigner is an individual, then you will need a passport + work permit or residence permit + tax number. If this is a company, then corporate documentation + tax number must be submitted to the bank.
How much does it cost to open a bank account in Turkey?
We will indicate the cost of opening a bank account in an individual commercial offer, which is sent upon request. Payment does not include bank fees and other related payments.