things you need to get your Turkish bank account today
Turkey offers immense possibilities for foreign investments which is why during the last few years several industries have registered important growths. This is also one of the reasons the number of foreign enterprisers has decided to open companies in Turkey. However, before having one’s own business here, there are several stages to be completed. The first one is to register the company with the Turkish Companies Registrar, followed by obtaining all licenses required to start operating. The most complex action implies the company registration process which is comprised of several steps. It is also important to know that a company must complete all its transactions through a bank account.
Our company formation representatives in Turkey can help foreign investors set up a company in this country.
So this is Turkey and you’ve heard all kinds of stories about opening a bank account in Turkey. As a leading Financial service Company we visit lots of foreign investors who want to open bank accounts for themselves and their family members, karma_Turkey is here to assist you for registering your business and startup your company, at the same time we have employees to follow up and accompany you for a quick bank account process. we can safely say that it’s not as complicated as you might think.
When registering a company in Turkey, one should know that a bank account will be necessary to properly function and start doing transactions. Individuals can also open bank accounts in Turkey for personal purposes if they meet the requirements of the chosen financial institute. Our Turkish lawyers are ready to offer you information and legal assistance if you want to open a bank account in Turkey.
Why is it necessary to open a corporate bank account in Turkey?
The bank account is one of the first steps when starting a business in Turkey. Banks in this country allow for the opening of several types of accounts, most of them dedicated to natural persons, including foreign citizens with Turkish residence permits. Foreign shareholders in Turkish companies are included in this category. However, most banks also provide corporate bank account services through which companies may operate.
Turkish companies need corporate bank accounts for two reasons:
– for depositing the share capital;
– for completing its transactions.
The corporate bank account must be set up prior to the company incorporation in Turkey.
Open a bank account as an expat in Turkey
Any overseas citizen established in Turkey and with a valid foreign identity number (YKN) in the country can open a bank account with no restrictions. A copy of the passport, the Turkish tax number, the bank forms and a utility bill will be necessary when opening a bank account. The entire procedure takes about one hour or less and can also be made online on the official bank websites. There are many important banks in Turkey and people can choose from national institutes like Is Bankasi, Akbank, Garanti, Yapikredi, Denizbank or from the foreign banks with branches in the country, like ING, Citibank, HSBC or Eurobank Tekfen.
How to set up a Turkish corporate bank account
The first step to open a corporate bank account in Turkey is to obtain a potential tax identification number. The following documents are required to obtain the tax identity number:
– the company’s Articles of Association;
– a prescribed application form;
– proof of address of the registered address of the company.
The tax number will be requested by the bank upon the opening of the account. The same documents will be required when setting up the Turkish corporate bank account. Additionally, the company must also submit the details of the company’s representative operating the account and the recently created tax number. It is important to keep in mind that in Turkey any type of account can also be set up through power of attorney.
For assistance in opening a company bank account, do not hesitate to contact karma_Turkey incorporation agents in Turkey the the Email firstname.lastname@example.org or filling the contact form on the right side of the page.
As a reminder, all natural persons in Turkey and foreign residents who legally work in the country can open as many bank accounts as they need. Regarding the enterprises in Turkey, a corporate bank account is necessary to start doing activities and to make all kinds of transactions.