The slowest step in forming a company is often not registration but the bank account. Under Law No. 5549 and MASAK rules, banks must know their customers; for companies with foreign shareholders in particular, the ownership structure and source of funds must be documented. The file is prepared in advance around the questions the bank will ask.
Which case is yours?
| Case | Typical time |
|---|---|
| Personal account, at a branch, documents complete | Same day |
| Personal account, remote (video) identification | Same day – a few days |
| New company with Turkish shareholders | 1–3 business days after tax registration |
| Company with a foreign corporate shareholder | 1–3 weeks |
| Foreign company without a Turkish entity | 2–6 weeks |
Personal accounts for foreigners
- A residence permit is not a legal requirement; identification with a passport is possible, though some banks ask for a residence permit or foreigner ID number by policy.
- Tax number: residence permit holders use their 11-digit foreigner ID number; others get a potential tax number from the Internet Tax Office or a tax office (no tax liability arises).
- Proof of address: a bill, residence certificate or official document from the last 3 months.
- Remote onboarding: video identification is permitted; easier in practice with a chip ID card and a Turkish mobile line.
Corporate accounts
- Limited company: no blocked account at formation; the account is opened after registration and tax registration, and capital is paid within 24 months.
- Joint stock company: at least 25% of cash capital is deposited in a blocked account in the name of the "company in formation"; returned if legal personality is not acquired within 3 months; released after registration.
- Branch and liaison office: all expenses of a liaison office are funded with foreign currency from abroad. Branch and liaison office
- Foreign company without a Turkish entity: can open an account with apostilled and translated documents.
Typical documents for a corporate account
- Trade Registry Gazette, certificate of activity, signature circular, tax certificate
- Articles of association, share register / ownership structure
- IDs or passport translations of authorised persons
- Lease or title deed
- Beneficial owner declaration: individuals holding over 25%; otherwise those ultimately controlling the company; otherwise the senior manager on the registry
- For a foreign corporate shareholder, a group chart and registry documents of the shareholders (apostilled translations)
- Description of activity and expected transaction volume
2026 thresholds
| Rule | Amount / period |
|---|---|
| Identification for transactions without an account | TRY 185,000 and above (including linked transactions) |
| Originator information in wire transfers | TRY 15,000 and above |
| Collections and payments via bank/PTT (Tax Procedure Law art. 257) | Transactions over TRY 30,000; rent payments regardless of amount |
| Fine for collecting through someone else's account | 10% of the amount, max TRY 20 million a year |
| Wages paid through banks | Workplaces with 5 or more employees |
| Deposit insurance (TMSF) | TRY 1,200,000 per person per bank |
| Record retention (MASAK) | 8 years |
| Dormant accounts | Transferred to TMSF after 10 years |
Why applications are refused
- Beneficial owner not documented or a complex ownership chain
- Activity and expected transactions do not match
- High-risk country links, unexplained funds
- Address or contact details cannot be verified
- Missing apostilles or translations
So a short activity summary, an ownership chart and documents showing the source of funds are prepared before applying.
Frequently asked questions
Can an account be opened before the company exists? Only for the joint stock company capital block. The operating account is opened after registration and tax registration.
Can the account be in foreign currency? Yes, a foreign-currency deposit account can be opened. Setting prices in foreign currency is restricted in some contracts between residents. Currency converter
Are my details reported abroad? If you are tax resident in a country participating in automatic exchange of information, account details may be shared with it.
Sources
Banking Law No. 5411; Law No. 5549 on Prevention of Laundering Proceeds of Crime and the Regulation on Measures (MASAK); Remote Identification Regulation; Turkish Commercial Code art. 344; Tax Procedure Law arts. 257 and 355 repeated; Decree No. 32.