A Turkish bank account is usually the first operational necessity for a new business in Turkey (Türkiye). It is needed to pay in capital, receive customer payments, pay rent, salaries and taxes, and move funds to and from the group. For foreign-owned businesses, opening it is also often the step that takes longest, because the bank must understand and verify the whole ownership chain, not only the Turkish entity.
This guide explains what banks generally ask for, how accounts are set up for companies, branches and liaison offices, the foreign exchange rules that affect day-to-day banking, and how to avoid the most common causes of delay. Bank requirements differ between institutions and change over time, so treat this as a guide to preparation rather than a definitive list.
Key points
- Turkish banks must identify customers and their ultimate beneficial owners under the anti-money laundering framework (Law No. 5549 and its regulations, supervised by MASAK).
- Expect to provide the Turkish entity's registration documents and apostilled, translated documents for each foreign shareholder up the chain.
- A joint stock company generally deposits part of its cash capital into a bank account before registration. Limited companies usually pay capital in after registration.
- Accounts can be held in Turkish lira and in foreign currencies. Rules restricting foreign-currency pricing of some contracts between Turkish residents have been in flux in 2025–2026 and should be checked before signing.
- Delays usually come from incomplete beneficial ownership information, inconsistent documents, or signatories who cannot attend in person.
How Turkish banks approach foreign-owned customers
Turkey has a developed banking sector with state-owned, private and foreign-owned banks, many of which have international or corporate banking teams used to foreign-owned clients. All banks operate under the anti-money laundering and counter-terrorist financing framework established by Law No. 5549 on the Prevention of Laundering Proceeds of Crime and its regulations, supervised by the Financial Crimes Investigation Board (MASAK).
Under this framework the bank must identify the customer, the persons acting on its behalf and its ultimate beneficial owners. It must also understand the purpose and expected nature of the relationship and keep that information up to date. For a foreign-owned company, this means looking through the Turkish entity to the parent, any intermediate holding companies and the individuals who ultimately own or control the group.
Banks also apply their own risk policies, including sanctions screening and correspondent banking requirements. Two banks may therefore ask for different documents, and a bank may decline a relationship without giving detailed reasons. Choosing a bank whose corporate team regularly deals with your sector and home country often makes the process smoother.
Which documents will the bank ask for?
The list below reflects what banks commonly request for a newly incorporated subsidiary. Banks may ask for more, particularly for complex group structures.
| Document | Source | Notes |
|---|---|---|
| Trade Registry Gazette showing incorporation | Turkish registry | Plus later gazettes showing changes |
| Articles of association | MERSİS or registry | As registered |
| Signature circular (imza sirküleri) or signature declaration | Notary or registry | For each authorised signatory |
| Tax certificate (vergi levhası) and tax number | Tax office | The tax office inspection must normally be complete |
| Certificate of activity (faaliyet belgesi) or registry record | Chamber of commerce | Usually recent |
| Identity documents of signatories and beneficial owners | Passport or Turkish ID | Foreign passports usually notarised and translated |
| Beneficial ownership declaration and group structure chart | Company | Showing each layer up to the individuals |
| Parent company documents | Foreign registry | Good standing certificate, register extract, and board resolution, apostilled and translated |
| Proof of address and contact details | Company | For the registered office and, often, for signatories |
| Information on expected activity | Company | Business purpose, expected turnover, countries of counterparties, source of funds |
For individual foreign shareholders, banks may also ask for information on the source of funds and wealth, particularly where significant capital is being brought in.
Documents issued abroad generally need to be notarised, apostilled or legalised, and translated by a sworn translator, as for incorporation. See setting up a company and our article on apostille and document certification. Turkish tax numbers for the foreign persons involved are also usually needed. See our article on tax numbers for foreigners.
The capital deposit at incorporation
The timing of the first bank interaction depends on the company type:
- Joint stock company (A.Ş.): generally at least 25% of the cash capital must be paid before registration into an account opened in the name of the company in formation. The bank issues a letter confirming the deposit, which is filed with the registry, and the funds are usually released once registration is complete. The remaining capital is generally payable within 24 months after registration.
- Limited company (Ltd. Şti.): cash capital can generally be paid within 24 months after registration, so the account is usually opened after incorporation.
- Competition Authority contribution: for both types, a small statutory contribution calculated on the capital is paid to the Competition Authority's account at incorporation and on later capital increases, and the receipt is filed with the registry.
Because a joint stock company needs a bank before it exists, some banks offer a simplified pre-registration process for the capital deposit, followed by the full onboarding once the company is registered. Others require much of the onboarding up front. Ask the bank how it handles this before the incorporation timetable is fixed.
When capital comes from abroad, keep the transfer documentation. It is relevant to foreign investment reporting through E-TUYS and may be requested by the bank, the auditors and the tax authorities.
Branches and liaison offices
A branch of a foreign company opens an account in the name of the foreign company's Turkish branch. The bank will generally review the parent's documents in the same way as for a subsidiary's shareholder, together with the branch's registration documents and the authority of its resident representative.
A liaison office opens an account after obtaining its Ministry permit and tax number. Because a liaison office may not generate income in Turkey, its expenses must be funded by the parent from abroad in foreign currency, and the inflows are reported to the Ministry in the office's annual activity report. The account should be operated so that this funding trail is easy to evidence: transfers from the parent, conversion into Turkish lira as needed, and payments of rent, salaries and other costs. See branches and liaison offices.
Foreign-currency accounts and the foreign exchange rules
Turkish companies may hold accounts in Turkish lira and in major foreign currencies, and can generally send and receive international payments, subject to the bank's documentation requirements. Several rules affect how these accounts are used in practice.
Foreign-currency contracts between Turkish residents
Under Decree No. 32 on the Protection of the Value of the Turkish Currency and its implementing communiqué, Turkish residents have for many years been restricted from agreeing the price or payment obligations in certain contracts in foreign currency or indexed to foreign currency. The restrictions apply, subject to exceptions, to contracts such as leases and sales of real estate in Turkey, employment contracts and certain service contracts between residents. A Turkish subsidiary of a foreign group counts as a resident for these purposes. The legal framework behind these rules (Law No. 1567 and Decree No. 32) was the subject of a 2025 Constitutional Court decision taking effect in July 2026 and of legislative changes, so the current position should be confirmed with Turkish counsel before any contract between Turkish residents is priced in foreign currency.
The exceptions depend on factors such as the nationality of the parties, foreign shareholding, the nature of the contract and its connection with exports or international transactions. The rules have been amended several times. In March 2025, for example, the requirement to make payments in Turkish lira under certain sales of movable goods (other than vehicles) was lifted, as explained in our article on foreign currency payments for movable sales. Check contracts against the current rules before signing, particularly leases and employment contracts.
Export proceeds
Exporters have, at various times, been required to bring export proceeds into Turkey within a set period and to sell a proportion of them to their bank in exchange for Turkish lira. The proportion and the conditions have changed frequently. Manufacturers and exporters should check the current requirements with their bank and advisers. See customs, import and export.
Supporting documents for payments
Banks commonly ask for invoices, contracts or customs declarations to support international payments, especially larger or unusual transfers, and may delay payments until these are provided. Intercompany payments for services, royalties or loans should be documented with written agreements that are consistent with the group's transfer pricing position. See the tax guide.
Signatories, authorities and internet banking
The bank operates the account according to the company's registered signing authorities, as shown in the signature circular and the registered resolutions. Points to consider when designing them include:
- Joint or sole signature. Many groups require two signatures above a set amount. These internal limits should be reflected in the registered authorities so that the bank applies them.
- Local signatory. A Turkey-based signatory makes routine banking, tax payments and payroll far easier. Foreign signatories who are rarely in Turkey can cause delays.
- Internet banking users. Internet banking users and their approval limits are set up separately with the bank, often requiring a corporate internet banking agreement and identification of each user.
- Changes. When a manager, director or signatory changes, register the change and give the bank the updated gazette and signature circular promptly, or the bank may restrict the account.
Paying salaries and taxes through the bank
Employers above a statutory headcount threshold are required to pay wages through bank accounts, and in practice almost all employers pay salaries through the bank, often using a payroll agreement that opens salary accounts for employees. Social security contributions and taxes are typically paid electronically through the bank. The employment side is covered in hiring employees in Turkey.
Salaries of employees in Turkey are generally agreed and paid in Turkish lira, subject to the foreign exchange rules described above.
How long does it take, and why are accounts delayed?
Once the bank has received a complete file, account opening often takes from about one to four weeks, depending on the bank's internal approvals and the complexity of the ownership structure. These timings are indicative only.
Common reasons for delay or refusal include:
- Incomplete beneficial ownership information: the chain to the ultimate individuals is not documented at every level.
- Inconsistencies: names, addresses or company numbers differ between registers, translations and identification documents.
- Stale documents: good standing certificates or activity certificates the bank considers too old.
- Unavailable signatories: authorised signatories or beneficial owners cannot attend identification in person or by an accepted remote method.
- High-risk indicators: links to sanctioned countries or persons, complex trust or nominee arrangements, or business activities the bank treats as high risk.
- Unclear business purpose: no clear explanation of what the company will do, who it will trade with and how it is funded.
- Tax office inspection not complete: some banks wait for the tax certificate after the address inspection.
Preparing for the bank meeting
A short preparation pack usually shortens the process:
- a one-page description of the group and the Turkish business, with expected annual turnover, main counterparties and countries;
- a group structure chart showing every entity and the individuals who ultimately own or control it, with percentages;
- apostilled and translated parent documents, issued recently;
- passports of signatories and beneficial owners, with Turkish tax numbers;
- the Turkish entity's gazette, articles, signature circular, tax certificate and activity certificate;
- an explanation of how the capital or funding will be transferred and from where;
- details of the intended signatories, internet banking users and approval limits.
If you are setting up in Turkey for the first time, the overview of doing business in Turkey shows where banking fits in the wider sequence. Our Türkiye market entry page describes how we coordinate these steps alongside Turkish-qualified professionals.
Frequently asked questions
Can a foreign-owned company open a bank account in Turkey?
Yes. Foreign-owned companies, branches of foreign companies and liaison offices can open accounts with Turkish banks. The bank will verify the Turkish entity, its authorised signatories and the full ownership chain up to the ultimate beneficial owners under the anti-money laundering rules. Requirements vary from bank to bank.
What documents do Turkish banks require for a corporate account?
Banks usually ask for the Trade Registry Gazette, articles of association, signature circular, tax certificate, activity certificate, identification of signatories and beneficial owners, a group structure chart and apostilled, translated documents for foreign shareholders. They also ask about the expected activity and source of funds. See setting up a company for how these documents are produced.
Do I need to visit Turkey to open a corporate bank account?
Often at least one authorised signatory is expected to attend identification in person, although some banks accept other verification methods in certain cases. Having a signatory resident in Turkey makes account opening and day-to-day banking much easier. Check the bank's identification requirements before planning travel.
How long does it take to open a business bank account in Turkey?
Once the bank has a complete file, it often takes from about one to four weeks, depending on the bank's internal approvals and the complexity of the group structure. Missing beneficial ownership information and inconsistent documents are the most common causes of delay. These timings are indicative.
Does a company need a bank account before it is registered?
A joint stock company generally needs one, because at least 25% of its cash capital must normally be deposited before registration. A limited company can usually pay its capital within 24 months after registration, so it typically opens its account after incorporation. Both pay the Competition Authority contribution before registration.
Can a Turkish company hold accounts in euros or US dollars?
Yes. Turkish companies can hold foreign-currency accounts and make and receive international payments, subject to the bank's documentation requirements. However, some contracts between Turkish residents, such as many leases and employment contracts, have been restricted from being priced in foreign currency except in specified cases. Because the legal basis of these rules has been the subject of a Constitutional Court decision and legislative change in 2025–2026, the current position should be confirmed before signing.
Can rent or salaries in Turkey be paid in foreign currency?
Under Decree No. 32 and its communiqué, contracts between Turkish residents for real estate leases and employment have generally been restricted from being denominated in foreign currency unless an exception applies. Because the legal basis of these rules has been the subject of a Constitutional Court decision and legislative change in 2025–2026, the current position should be confirmed before signing. The exceptions depend on factors such as the parties' nationality and the nature of the contract. Check the current rules before signing, and see leasing offices and warehouses.
How does a liaison office fund its bank account?
A liaison office must cover its expenses with funds transferred by the parent from abroad in foreign currency, converting them into Turkish lira as needed. It may not generate income in Turkey. The foreign currency brought in is reported to the Ministry in the office's annual activity report.
Why might a Turkish bank refuse to open an account?
Banks may decline relationships for reasons including incomplete beneficial ownership information, inconsistent documents, sanctions or high-risk country links, unclear business activity or their own internal risk policies. They are not always required to give detailed reasons. A well-prepared file and a clear business explanation reduce the risk.
Who needs to be identified as a beneficial owner?
Banks identify the individuals who ultimately own or control the customer, looking through every corporate layer. Where no individual meets the ownership test, the bank typically identifies senior managing officials instead. The exact approach follows the anti-money laundering regulations and the bank's own policies.
Do employees have to be paid through a bank in Turkey?
Employers above a statutory headcount threshold must pay wages through bank accounts, and in practice almost all employers do so through a payroll agreement with their bank. Salaries are generally paid in Turkish lira. See hiring employees in Turkey.
What should I prepare before meeting the bank?
Prepare a short description of the business and expected activity, a group structure chart down to the beneficial owners, recent apostilled and translated parent documents, passports and Turkish tax numbers of signatories, and the Turkish entity's registration and tax documents. Explaining how capital and funding will arrive also helps.
This guide is general information about Turkish law and practice at the date shown above. It is not legal, tax or customs advice and should not be relied on as such. Rules, thresholds and procedures in Türkiye change frequently and their application depends on the facts, so take advice on your own circumstances before acting. Advice on Turkish law is provided through lawyers qualified in Türkiye.