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Open a Corporate Bank Account in Turkey

Updated on Thursday 04th August 2016

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Open-a-corporate-bank-account-in-TurkeyTurkey 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 have 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.

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.

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 our company incorporation agents in Turkey.

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