Trading Company in Turkey: Where to Open an Account?
The Republic of Turkey is currently not just an alternative to more popular jurisdictions but is becoming one of the main choices for foreign companies looking to open an account in 2024. Turkey's banking system is one of the most progressive in the world.
Main advantages:
- account opening takes 1 to 3 working days;
- prompt processing of non-cash transactions;
- lower commissions compared to European banks;
- a wide range of currencies for transactions;
- loyal attitude towards foreign companies;
- no residence permit required for opening corporate accounts;
- the account can be used immediately after signing the contract, with details provided on the same day;
- after opening a corporate account, a personal account for an individual can be opened, and a debit card can be issued;
- no minimum balance requirements;
- remote access through online banking.
Which bank to open an account with
A corporate account can be opened in both state-owned and private banks. All financial institutions are members of the Banks Association of Turkey (TBB), which guarantees their reliability. The largest financial institutions include Akbank, FinansBank, DenizBank, Yapikredi Bankası, Türkiye Garanti Bankası, Ziraat Bankası, Vakıf Bank, and Halk Bank. With the help of IT-OFFSHORE specialists, you can find the optimal banking solution for your company.
What is required to open a corporate account
- obtain an individual tax number from the tax office;
- provide company registration documents: certificate of incorporation, articles of association, minutes of the founders' meeting, and others;
- identity documents of the authorized person: passport (driver's license, identification card);
- documents confirming the company's address and the address of the authorized person (extract from the taxpayer register, utility bill);
- documents confirming the company's activities: contracts, invoices, balance sheet, and financial statements for the previous period.
The requirements for the document package may vary depending on the chosen bank. IT-OFFSHORE specialists will assist you in preparing the necessary documents and will accompany you at all stages of opening a bank account.
