Turkey is a good choice if you want to set up a company as it provides really beneficial conditions for non-resident entrepreneurs. However, you will have to open a local bank account to carry out your business activities. This can be done in person – or you can rely on the support of our experienced specialists who know all the ins and outs and will smoothly guide you through the procedure. Mind that you will need an account with a Turkish bank even if you have registered a company in a free economic zone, so you’d better think of it in advance.
If you need more practical information on Turkey, we will be glad to see you on our portal where you can read a Turkey Legal Entity Banking Guide and find posts on Turkish company setup, investment in real estate, obtaining a residence permit or citizenship by investment for the whole family, and more. You can book a free individual session with our expert to discuss all these issues and get professional advice. You can also talk about the support we can provide for a reasonable fee using our agents on-site. The assistance is just one click away!
Starting a Business in Ankara
Want to set up a business in Ankara, the Turkish capital? Here is the procedure you will have to follow:
- Register a company in the Chamber of Commerce
- Obtain the required license (if any) to carry out your business activities
- Get a tax number and make contributions to all social institutions (insurance, pension, and so on)
- Find a certified accountant who will deal with the accounting/reporting in Turkey
- Open a business account in Turkey in compliance with all applicable regulations
The Turkish government provides active protection for foreign company registration, trying to make it a more straightforward process in an attempt to attract more international entrepreneurs. A fully operational company in Turkey will give you an opportunity to take advantage of all the local benefits on a par with Turkish residents and pay low taxes if you set up your legal entity in a free economic zone.
As for the banking sector in Turkey, you should be aware of all restrictions it imposes on non-residents before you open a current account for your needs.
You have to carefully study the local legislative norms or rely on the assistance of our experts instead. The latter option will help you save time and money as you will simply follow their recommendations and you will only need to be present in Turkey for 2-3 days to put all important signatures on documents. All the remaining steps will be completed remotely.
You will need 5 to 15 days to set up an account with a Turkish bank.
Documents Required to Open a Corporate Account
You may need a current account or a deposit account for your company. Let’s look at the differences between them:
- You will need a deposit account for your Turkish company if you intend to accumulate funds and keep them intact for some time.
- A current account is typically used to pay salaries, obtain profit, and make settlements with your counterparties.
We can open either of these for you and offer a bank with the most favorable terms.
Let’s look at the list of documents you will need to submit:
- Extract (entries) from the Trade Register.
- Articles of Association.
- Documents that confirm the company’s business activities (these should be no older than 1 month).
- Sample signature of the company director(s) (Şirket yetkililerin imza sirküleri in Turkish). The document should assign the right to sign documents and provide the scope of the director’s powers and the right to open a current business account and obtain a tax number on behalf of the legal entity in any other country.
- Data on each company founder, director, and shareholder.
- Director’s international passport details and contact information.
- If a company is engaged in licensed activities, you will need to submit a license translated into Turkish.
- Information on the non-resident company’s activities received from the tax service.
If you need our assistance and you want to avoid the hassle of opening an account, buying a Turkish phone number for e-banking, or obtaining a tax number, all you need is to let us be your representative and provide the main document to us – a power of attorney.
The above list refers to deposit accounts and current accounts.
You will need to visit Turkey to complete the account opening procedure by putting your signature, but make sure your visit is legal (that is, you have a valid visa or a residence permit).
All the documents you provide need to be translated into Turkish, notarized, and apostilled. We can take care of all this for your convenience.
Cost of a Corporate Account
We offer professional assistance in any matters related to individual and corporate banking in Turkey. Our specialists can provide support to enable any non-resident to set up a current account as a company representative, including a personal or a business account.
The service package that costs USD 3,800 includes:
- Professional advice provided to the applicant in person or online on setting up and maintenance of a business account with a Turkish bank.
- Preparing the documents and providing support until the final stage (when the agreement has been signed between the company and the bank).
- Paying a visit to the tax authority to receive a taxpayer number.
- The bank’s security check (it verifies the customer’s reliability and non-involvement in any money laundering or any other illegal activities, and it comes for a fee).
- Signing the documents to finalize account opening and activation of your banking functionality.
We work with any state or commercial bank located in any Turkish city, and we will choose the institution that matches your financial needs best of all. The cost we specified above covers the basic package of services, but you may request additional ones at an extra fee (such as audit, translation of documents into Turkish, help with receiving a loan on beneficial conditions, legal advice, and so on).
Keep in mind that we do not work with companies if their employees have commercial ties with jurisdictions on the blacklist (such as Iran) or are under EU sanctions.
Interested in opening a corporate bank account in Turkey? Follow the above link to discuss the opportunity with us!