Business accounts: Turkey

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

A company account in Turkey is opened at a local bank for a Turkish company. A foreigner may own it 100% and be its director: the law sets no nationality or residence requirement for directors. But banks scrutinise Turkish companies with foreign owners closely, especially since 2022, so the document file and the explanation of the business decide almost everything. The account is needed from day one: for a joint-stock company a quarter of the capital is paid into a bank account before registration.

The company for the account

• Limited liability company: minimum capital 50,000 lira, about $1,020, for companies formed from 1 January 2024.
• Joint-stock company: minimum capital 250,000 lira, about $5,090.
• Registration with the trade registry through the central registration system, paying a 0.04% of capital fee to the Competition Authority.
• Foreign founder's documents: passport with a notarised translation and a tax number; for a corporate founder, apostilled and translated documents.

More on our Turkey company formation page.

What the bank checks

• the trade registry gazette entry on formation and powers;
• the director's notarised specimen signatures;
• the company's tax registration and office lease;
• passports and tax numbers of owners and directors;
• business description, client and supplier contracts, expected turnover and payment countries.

Taxes the bank will see

• Corporate income tax: 25%.
• VAT: standard rate 20%.
• The bank compares declared turnover with tax filings, so nil returns alongside large account flows prompt questions and closures.

Reporting after opening

• VAT: a return every month.
• Corporate income tax: an annual return by the end of April of the following year, with quarterly advance payments.
• Bookkeeping is kept by a certified financial adviser, through whom the company files electronic returns.

The bank compares these filings with account flows, so bookkeeping is set up from the first month.

Currency and payments

Company accounts are opened in lira, dollars and euros. The lira fluctuates noticeably: about 49.2 lira per dollar at the European Central Bank rate of 5 October 2026. The bank checks payments abroad against documents: contract, invoice, customs declaration. Transactions linked to sanctioned countries and dual-use goods are the most common reason for refusals and closures.

How opening works

1. Tax numbers for founders and director.
2. Company registration with the trade registry and tax office.
3. Office: a lease or registered address.
4. Bank file and the director's branch visit.
5. Account opening in lira and foreign currency, online banking.

Why banks refuse and close accounts

• No real activity in Turkey, only money transit.
• Payments linked to sanctioned countries or goods.
• Ultimate owners or origin of capital not disclosed.
• Turnover does not match tax filings.
• No office or registered address where the bank can verify the company.

What we do

Murblz specialists register a Turkish company with locally licensed partners, obtain tax numbers, prepare the bank file and business explanation, choose a bank that works with your structure, and support the opening until the decision. We quote the cost after a short consultation; the decision always rests with the bank.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property · Country taxes · All country programs

FAQ