Can A Foreign-Owned Company Open A Bank Account In Turkey?

A foreign-owned company can generally open a bank account in Turkey, but company registration does not guarantee that a bank will approve the application. The bank must verify the company, the person acting on its behalf and the individuals who ultimately own or control it. It will also assess the company’s intended account activity. For an investor who needs to receive funds or make business payments soon after incorporation, the time required for these checks can affect when the company becomes operational.

The banking application should be planned alongside setting up a business in Turkey, particularly when the shareholders live abroad or include a foreign company. An account used for a pre-registration capital deposit serves a different purpose from the operating account opened after incorporation. The required documents should be checked with the chosen bank before a visit is scheduled. This article explains what banks review, whether an owner must travel to Turkey, and why