Corporate Bank Accounts in Turkey
Opening a corporate bank account is an essential step after forming a Turkish company. The account is needed for:
- Depositing share capital (required for company formation)
- Receiving payments from customers
- Paying suppliers, salaries, and taxes
- Conducting international wire transfers
- Foreign currency operations
Turkish companies can open accounts at any of Turkey’s licensed commercial banks. The major Turkish banks have robust corporate banking infrastructure including internet banking, mobile banking, virtual POS, trade finance, and FX services.
Capital Deposit Account (Pre-Formation)
For a JSC (A.Ş.): 25% of the declared share capital must be deposited in a blocked capital account at a Turkish bank before the company is fully registered. The remaining 75% must be paid within 24 months of registration.
For an LLC (Ltd. Şti.): No pre-formation capital deposit is required (per Law 7099). Capital can be contributed after registration. However, many banks require the capital to be transferred before opening an operating account.
Major Turkish Banks
Turkey has a well-developed banking sector with several major banks offering full corporate banking services:
| Bank | Character | Foreign Corporate Services |
|---|---|---|
| İş Bankası (Isbank) | Largest private bank by assets | Extensive corporate division |
| Garanti BBVA | BBVA subsidiary, modern | International clients division |
| Yapı Kredi | Unicredit-affiliated | Corporate banking |
| Akbank | Sabancı Group | Corporate and treasury |
| Denizbank | Emirates NBD-owned | Trade finance, international |
| HSBC Turkey | International brand | Expat and foreign corporate focus |
| Citibank Turkey | International | Treasury, multinational clients |
| QNB Finansbank | Qatar National Bank subsidiary | Corporate banking |
| Ziraat Bankası | State-owned | Government transactions |
| Vakıfbank / Halkbank | State-owned | SME and corporate |
For foreign-owned companies, Garanti BBVA, İş Bankası, HSBC Turkey, and Denizbank are frequently recommended due to their international client experience, English-language service, and online banking capabilities.
Documents Required to Open a Corporate Account
Banks conduct thorough KYC (Know Your Customer) due diligence under Turkish MASAK (Financial Crimes Investigation Board) regulations. Required documents for an LLC or JSC:
Company Documents
- Trade Registry Certificate (recent, not older than 3–6 months)
- Articles of Association (notarized copy)
- Tax Registration Certificate (Vergi Levhası)
- Signature Circular (İmza Sirküleri) — notarized document showing who is authorized to act on behalf of the company and their signature samples
- Chamber of Commerce membership certificate (Oda sicil kayıt belgesi)
Shareholder/Beneficial Owner Documents
For each beneficial owner holding 25%+ of the company:
- Passport (original or notarized copy)
- Proof of address (utility bill, bank statement — from home country)
- Turkish Tax Identification Number
- Proof of source of funds/wealth (may be requested for larger accounts)
For corporate shareholders (foreign companies):
- Apostilled certificate of incorporation
- Apostilled articles of association
- Beneficial ownership chain documentation
- Board resolution authorizing the Turkish account
Manager Documents
- Passport/ID of authorized signatories
- Turkish Tax ID of signatories
KYC and Compliance Requirements
Turkish banks take KYC seriously under MASAK and international AML/CTF (Anti-Money Laundering / Counter-Terrorism Financing) regulations. Banks may:
- Request additional documentation about the nature of the business
- Ask about expected transaction volumes and types
- Require explanation of the source of capital
- Request information about suppliers and customers
- Conduct periodic account reviews for high-risk clients
Transparency is essential: Provide complete, accurate, and consistent information. Inconsistencies in documentation cause delays and can lead to account rejection.
Do You Need to Visit in Person?
Traditional Approach (In-Person)
Historically, opening a Turkish corporate bank account required at least one authorized signatory to be physically present at the bank for identity verification. This remains the most reliable approach.
Recommended approach: After company formation, plan a visit to Istanbul (or your registration city) for 1–2 days specifically for bank account opening. Most banks can complete the process in a single appointment.
Video KYC / Remote Account Opening
Several major Turkish banks have introduced video KYC processes allowing account opening without in-person visits:
- Online appointment scheduled via the bank’s portal
- Video call with a bank officer for identity verification
- Digital document submission
Availability varies: Not all banks offer this for foreign-owned companies, and the process may be more limited. Contact the bank’s international business desk before your company is formed to understand current options.
Power of Attorney Approach
An authorized representative in Turkey with specific banking power of attorney can open a corporate account on behalf of foreign shareholders at some banks. The power of attorney must explicitly authorize opening bank accounts. This approach is less reliable — some banks refuse to open accounts under POA without at least one signatory present.
Timeline
| Stage | Duration |
|---|---|
| Schedule bank appointment | 2–7 days |
| Document preparation | 3–10 days (depending on apostille requirements) |
| Bank review | 3–14 business days |
| Account activation | Same day or next business day after approval |
Some banks complete the process faster, especially for referred clients (through your formation agent’s banking relationships).
Online and Digital Banking
Once the account is open, Turkish banks offer robust digital banking:
- Internet banking (web) and mobile banking apps
- International wire transfers (SWIFT)
- TRY domestic transfers (EFT, Havale)
- Instant payments (FAST — Turkey’s real-time payment system)
- FX purchase and sale
- Virtual POS for e-commerce (requires separate application)
- Trade finance (letters of credit, guarantees) for import/export
Costs
| Cost Item | Notes |
|---|---|
| Account opening | Free at most banks |
| Monthly maintenance | Free or low fee (varies by account type and activity) |
| International wire transfer | 10–50 USD per transaction |
| SWIFT incoming transfers | 5–20 USD flat fee |
| Virtual POS setup | One-time fee + commission on transactions |
Frequently Asked Questions
Can I open a Turkish corporate bank account before company formation is complete? Some banks allow opening a capital deposit account (for JSC pre-registration) before full formation. Operating accounts generally require the Trade Registry certificate, which is issued after full registration.
Can I operate the account entirely online from abroad? Yes — once the account is open, all routine banking can be done digitally. Some transaction types or large transfers may require additional authorization documents. Initial account opening requires physical or video presence.
Does the corporate bank account need to be in Turkish Lira only? No. Turkish corporate accounts can hold TRY and multiple foreign currencies (USD, EUR, GBP, etc.) in separate sub-accounts within the same account structure. FX account management is straightforward at major banks.
My company has no Turkish employees — will the bank still open an account? Yes. Turkish corporate bank accounts are available to companies regardless of employee count, including companies with zero employees. The bank’s focus is on the company’s legal status and KYC documentation.