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Opening a Bank Account in Turkey

Opening a Bank Account in Turkey

Updated on Thursday 02nd March 2017

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Opening-a-Bank-Account-in-Turkey.jpgWhen 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.

Open a bank account as a foreign or national company in Turkey

A foreign or national enterprise in Turkey needs to have a bank account in order to properly function on the market, to make money transactions and to deposit the share capital, a necessary step before registering the company. The complete documentation of the new company in the country will need to be provided to the bank, where the “potential tax number” issued by the tax authorities in Turkey will be necessary. The company representative can be in charge of opening the bank account. Additional information about how to open a bank account can be found from our lawyers 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.
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.
Please feel free to contact our Turkish law firm for guidelines or information about how to open a bank account in Turkey.