In today’s interconnected global economy, having a bank account is a fundamental requirement for both enterprises and individuals. Whether you are a business looking to expand your operations or an individual seeking financial stability, understanding the process of opening a bank account is essential. In this article, we will provide you with a comprehensive guide on opening bank accounts for enterprises and individuals, focusing on key considerations, requirements, and benefits.

Opening a Bank Account for Enterprises

Establishing a bank account for your enterprise is vital to ensure smooth financial transactions and operational efficiency. It enables you to receive and make payments, manage payroll, conduct international transactions, and deposit funds, among other essential activities.

To operate effectively in the Turkish market, both foreign and national enterprises are required to have a bank account. Having a bank account is essential for conducting financial transactions, facilitating money transfers, and depositing the share capital, which is a crucial step before registering the company.

Selecting the most suitable bank for your enterprise is crucial. Consider factors such as the bank’s reputation, services offered, fees and charges, online banking capabilities, and geographical reach. It is advisable to consult with one of our legal professionals who can provide guidance tailored to your business needs.

When opening a bank account, it is necessary to provide the bank with the complete documentation of the new company in Turkey. Additionally, obtaining a “potential tax number” from the tax authorities in Turkey is a prerequisite for the process.

Documentation and Legal Requirements

When opening a bank account for your enterprise, you will typically be required to provide specific documentation, including but not limited to:

Required Documents for Opening a Bank Account for Companies Resident in Turkey (Resident Legal Entities):

• An instruction letter duly signed by the authorized signatures
• Trade registry gazette
• Chamber of commerce registry
• Commercial registration certificate
• Articles of incorporation
• Passport or ID copies of the signatures of the firm
• Tax Registration Certificate (Tax ID number)
• Certificate of existence
• List of authorized signatures (Signature Circulars)
• Also, a standard contract (standard banking services contract) is required to be signed. The Turkish version of the contract is to be signed, however, an English version is generally provided for information purposes only.

Required Documents for Opening a Bank Account for Liaison Offices of Non-Resident Legal Entities:

• Documents of the Parent Company (Articles of Association , Trade Registry Gazette, Signature Circulars, Certificate of Existence)
• Original permit granted by the Undersecretariat of Treasury – Foreign Capital Directorate related to the establishment of a liaison office.
• Original authorization certificate granted to the person assigned to carry out the liaison office activities
• List of authorized signatures (Signature Circulars)
• ID (Passport) and proof of home address (utility bill/bank statement) of the person(s) in liaison offices authorized to represent. ID Proof (passport) should be presented to the bank in original or as certified color copies.
• Also, a standard banking services contract is required to be signed. The Turkish version of the contract is to be signed, however, an English version of it is generally given for information only.
• Documents issued abroad are to be translated into Turkish and approved by the local Turkish Consulate or apostilled by the local authority and then translated and certified by a Turkish notary.

Required Documents for Opening a Bank Account for Branches of Non-Resident Legal Entities:

• Documents of the Parent Company (Articles of Association , Trade Registry Gazette, Signature Circulars)
• Resolution of the Board of Directors related to Branch Opening
• License or authorization certificate of the person authorized to represent the branch
• Trade Registry Gazette
• Tax Registration Certificate
• List of authorized signatures (Signature Circulars)
• ID (Passport) and proof of home address (utility bill/bank statement) of the person(s) authorized to represent the branch. ID Proof (passport) should be presented to the bank in original or as certified color copies.
• ID (Passport) of the shareholders owning %25 or more of total shares. ID Proof (passport) should be presented to the bank in original or as certified color copies.
• Also, a standard banking services contract is required to be signed. The Turkish version of the contract is to be signed however, an English version of it is generally given for information only.
• Documents issued abroad are to be translated into Turkish and approved by the local Turkish Consulate or apostilled by the local authority and then translated and certified by a Turkish notary.

Opening a Bank Account for Individuals

If you’re an expat residing in Turkey with a valid foreign identity number (YKN), opening a bank account is a straightforward process with no restrictions.

As an expat residing in Turkey, you have the flexibility to open multiple bank accounts based on your requirements. Both natural persons and foreign residents who are legally employed in the country can open as many bank accounts as they need to manage their finances effectively.

To open a bank account as an expat in Turkey, you will typically need the following documents:

• Copy of your passport
• Turkish tax number
• Completed bank account application forms
• Utility bill (proof of address)

These documents are essential for identity verification and compliance with banking regulations.

Turkey’s banking sector

Turkey’s banking sector is robust, with around 55 banks operating within the country. Among them, approximately 36 are branches of internationally recognized financial institutions. These figures are based on data provided by the Turkish Bank Association for the year 2022.

Bank account opening services

Opening a bank account in Turkey is a fundamental step for both companies and individuals, enabling them to effectively manage their finances and conduct transactions. As a law firm specializing in bank account opening services, we are committed to simplifying the process and ensuring compliance with regulatory requirements. Whether you are a company seeking a corporate bank account or an individual looking for personal banking services, our expertise and personalized approach will guide you through the procedure with ease.

Please note that the information given on this article are for informative purposes only and does not constitute legal advice. We encourage you to reach out to us for further assistance or to discuss your specific requirements related to bank account opening in Turkey.. Our team is ready to assist you with the utmost professionalism and a friendly approach, ensuring that your experience with Bicak is positive and rewarding.