Bank account application

The bank decides; our job is a clear file

Turkish banks must identify every customer and its beneficial owners under the anti-money-laundering rules, and each bank adds its own internal compliance policy on top. For a foreign-owned company, that review is usually thorough. Banks often want to see the authorised signatory in person, ask where the capital comes from and look closely at foreign holding structures. A bank can decline even after the company is registered.

There is no legal deadline for a bank to decide. What we can influence is the file: complete documents, a clear ownership chart and direct answers. That is what this service covers: you choose the bank, and we prepare the file, sign the application documents under your power of attorney and stay with the process until the bank decides. For China-headquartered companies we recommend ICBC Turkey (ICBC Turkey Bank A.Ş.).

What banks look at in a foreign-owned company

• Who owns and controls it. If the shareholder is a Hong Kong or mainland holding company, the bank follows the chain up to the individuals at the top. A one-page chart with percentages can save a round of questions.
• Where the money comes from. The first transfers usually come from the parent company or the founders. Have the documents that show the origin of those funds ready.
• What the company will do. Customers, suppliers, countries and expected volumes. A short profile can answer many of the usual follow-up questions in advance.
• Who signs. The signatory’s passport and authority must match the trade registry records.

Official documents from mainland China (since 7 November 2023) and Hong Kong can carry an apostille instead of consular legalisation. In Türkiye they are then sworn-translated and notarised.

How the account fits with company formation

The account plays a different role depending on the company type. A joint-stock company (A.Ş.) needs a capital account before registration. A limited company (Ltd. Şti.) has no such requirement: it can open its account after registration and pays its capital within 24 months. Both need a Turkish tax number for each foreign shareholder first: see tax number (ITIN) for foreign partners and company formation.

If your company is formed under a power of attorney, keep in mind that the bank decides separately how it identifies the signatory. A power of attorney that was enough for the trade registry may not be enough for the bank. We check the wording with your chosen bank before the power of attorney is signed.

For the full sequence from documents to tax office registration, see our company formation guide for Chinese investors.

After the account is open

Use the company account for capital payments, taxes, salaries and supplier payments, and keep company and personal money apart. This keeps bookkeeping and tax returns simpler.

The bank’s beneficial owner check is separate from the notification to the tax administration. A new company, and any later change in its beneficial owners, must be notified within one month: see beneficial ownership filing.