Yes. A foreign-owned Turkish company can open a corporate bank account, usually within 1 to 3 weeks of registration. The bank identifies every natural person who owns more than 25% and wants the ownership chain documented with apostilled, translated papers. A director does not always have to travel: most banks accept a power of attorney with specific banking powers, but practice varies by bank.
Which documents does the bank ask for?
Pending lawyer review| Group | Documents |
|---|---|
| Company | Trade registry extract, Trade Registry Gazette announcement, articles of association, tax registration |
| Authority | Notarised signature circular, identity documents of the representatives, resolution or power of attorney authorising the account |
| Ownership | Identification of every natural person holding more than 25%, with documents for each company in the chain |
| Foreign documents | Apostille or Turkish consular certification, plus sworn Turkish translation |
| Often also | Business plan, main contracts, evidence of the source of funds |
The list varies by bank. The identification rules come from the financial crimes regulation on customer due diligence.
Who counts as the beneficial owner?
Pending lawyer reviewThe bank applies a three-step test. First, natural persons holding more than 25% of the shares. If there are none, or there is doubt, the natural persons who ultimately control the company. If still none, the senior managing official registered in the trade registry. For a foreign parent this means the bank follows the chain up to individuals, so prepare a signed ownership chart and registry extracts for each level.
Do you have to travel to Turkey?
Pending lawyer reviewPower of attorney
A notarised and apostilled power of attorney with specific banking powers. Banks read the wording closely, so we draft it for the bank you choose.
Most commonRemote identification
Allowed for companies since 1 June 2023 by video call with the representative. In practice it usually requires a Turkish ID or residence card and a Turkish mobile line.
Limited useVisit in person
Some banks still ask a signatory of a foreign-owned company to come once. Plan for this possibility.
Depends on bankHow does the capital deposit work?
Pending lawyer reviewFor a joint stock company, 25% of the cash capital is paid before registration. A potential tax number is obtained for the company in formation, a special account is opened in its name, and the bank issues a letter that is filed with the trade registry. The funds are released once the company is registered. A limited liability company has no deposit obligation before registration: its capital is payable within 24 months.
How long does it take, and what causes delays?
| Situation | Published estimate |
|---|---|
| Turkish company with local shareholders | 1 to 3 business days |
| Turkish company with foreign corporate shareholders | 1 to 3 weeks |
| Foreign company with no Turkish entity | 2 to 6 weeks |
- Gaps in the ownership chain or an unidentified beneficial owner
- Missing apostille or sworn translation
- Registry data that does not match the documents
- Unclear source of funds or business activity
- An out-of-date signature circular or unclear signing authority
- Shareholders in jurisdictions the bank treats as high risk
What should you know about foreign currency?
Pending lawyer reviewCompanies can hold foreign currency accounts. Three rules matter in practice. Export proceeds must be brought to Turkey within 180 days of the export. At least 35% of proceeds tied to an export proceeds certificate are sold to the central bank through your bank, under a temporary rule extended to 31 January 2027. And a Turkish company generally cannot borrow in foreign currency unless it earns foreign currency income, with exemptions for items such as export finance and intra-group loans. Turkish foreign investment law provides for the transfer of profits and dividends abroad.
Common questions
Pending lawyer reviewCan a foreign-owned Turkish company open a bank account?
Yes. A Turkish company with foreign shareholders opens a corporate account like any other Turkish company. The bank must identify every natural person who owns more than 25% of the shares, so it will ask for documents on the whole ownership chain.
Does a director have to travel to Turkey to open the account?
Not always. Banks accept a notarised and apostilled power of attorney with specific banking powers, and remote identification of companies has been allowed since 1 June 2023. In practice remote identification usually works only for representatives with a Turkish ID or residence card, and some banks still ask for a visit.
How long does it take to open a corporate bank account in Turkey?
Published estimates are 1 to 3 business days for a company with local shareholders, 1 to 3 weeks for a company with foreign corporate shareholders, and 2 to 6 weeks for a foreign company with no Turkish entity.
Can a foreign company without a Turkish entity open an account in Turkey?
Yes. It needs a Turkish potential tax number, which a representative can obtain under a power of attorney, and apostilled company documents with sworn translations.
Do exporters have to convert foreign currency earnings?
Export proceeds must be brought to Turkey within 180 days. Under a temporary rule extended to 31 January 2027, at least 35% of proceeds tied to an export proceeds certificate are sold to the central bank through your bank.
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