Opening a corporate bank account in Türkiye: stages and realistic timing for foreign-owned companies
Founders with foreign shareholders usually ask one question: how many days until the account works? No law fixes that period, and banks do not publish one for foreign-owned companies. What can be explained is the sequence a file goes through, which stages depend on you and which on the bank, and why a complete first submission matters more than anything else.
Why there is no fixed number of days
The Measures Regulation requires the bank to complete identification before it establishes a business relationship or carries out a transaction (Article 5), and to learn the purpose and nature of that relationship. Until both are done, the account cannot be opened. The pace is therefore set by how quickly the bank can verify your file, not by a statutory deadline.
Banks do publish fast routes, but read their conditions. İş Bankası says its app-based onboarding is completed within minutes, yet opens it to firms whose partners are Turkish citizens. Garanti BBVA’s remote route requires all partners to be natural persons and asks for their Turkish ID numbers.
| Route | Typical user | Published timing |
|---|---|---|
| App and video call | Partners with Turkish ID, simple structure | Minutes, per the banks |
| Branch file | Foreign shareholder or director, corporate partner | None published |
The stages from first meeting to a working account
Every bank names its steps differently, but the file of a foreign-owned Ltd or A.Ş. moves through the same sequence. Some stages are in your hands; others run inside the bank and cannot be pushed from outside. Knowing which stage you are in prevents false expectations and duplicate applications.
- Pre-check: the branch hears what the company does, who owns it and which payments it expects.
- Document collection: registry records, tax number, signature circular, shareholder and director documents.
- KYC and UBO: identity of the representatives and of every natural person above 25 percent (Article 17/A).
- Compliance review: risk assessment, source of funds and, where required, approval by a senior official.
- Approval and activation: the account and a customer number are opened.
- Channels: internet banking users, cards and, if requested, POS.
Most of the calendar is spent in stages two and three. Every missing or inconsistent paper sends the file one step back, and the review restarts where the gap was found. A file complete on arrival avoids most of these loops.
What actually speeds a file up
Nothing legitimate shortens the bank’s internal review, but a great deal shortens the time around it. Under Article 7 of the Regulation the bank verifies the company’s title, registry number, activity and address against trade registry documents, and the tax number against Revenue Administration records. These details should match exactly before you arrive.
- A current Trade Registry Gazette and articles of association showing the authorised signatories.
- The tax number: the potential number obtained through MERSİS at incorporation becomes the tax number after registration.
- A notarised signature circular for each representative.
- Documents of a foreign corporate shareholder with apostille or consular legalisation and a notarised Turkish translation (Article 11).
- A one-page ownership chart down to the natural persons.
Add a short note on expected turnover, counterparties and countries. It answers the question about the purpose of the relationship before the bank asks it, and usually saves a round of correspondence. Keep it factual: documented figures carry more weight than ambitious projections.
What stops a file and why the bank asks again
Article 22 of the Regulation is direct: where identification cannot be completed or the purpose of the relationship cannot be understood, no relationship is established. Article 26/A adds enhanced measures for higher-risk cases: more information on the customer and the business, research into the source of funds, more frequent checks and approval by a senior official.
- Names spelt differently in the passport, the registry and the translation.
- An ownership layer abroad that does not lead to a natural person.
- Capital or a first deposit with no documented origin.
- An activity description that does not match the expected payments or countries.
- Expired documents, missing apostille or translations without notarisation.
Each of these sends the file back to document collection. Answer every question once, in writing, with the document that closes it, and keep one consistent version of the file for every bank you approach. A rushed partial answer usually produces a second, longer list of questions.
After approval: internet banking, cards and POS
An approved account is not yet a working one. At İş Bankası the branch assigns a commercial customer number, and a user code is defined under it for each person who will act for the company. A temporary commercial password issued at the branch lapses if it is not used within five days.
Signing rules follow the signature circular. Garanti BBVA notes that a joint signatory may at first have viewing rights only and must request transaction authority from the branch; on its remote route the account becomes active only after every partner and representative has approved.
- Internet banking users and approval roles.
- Company debit cards for authorised persons.
- Credit limits and business cards, assessed separately; İş Bankası requires a branch visit for a credit limit.
- Physical or virtual POS, usually a separate merchant application.
Sources
- lexpera.com.tr — Regulation on Measures against Laundering and Terrorist Financing, consolidated text: Articles 5, 7, 11, 17/A, 22 and 26/A (mevzuat.gov.tr blocks automated access, so this copy was used)
- ticaret.gov.tr — Ministry of Trade: MERSİS central registry system and the potential tax number at incorporation
- isbank.com.tr — İş Bankası: becoming a commercial customer, conditions of the app route and branch handling
- garantibbva.com.tr — Garanti BBVA: corporate customer onboarding, approvals and signing authority
Questions
Is there a legal deadline for a bank to open a corporate account?
No. The Measures Regulation requires identification to be completed before the relationship starts, but no rule we found sets a period for the bank’s decision. Each bank follows its own internal process.
Can a company with foreign shareholders open an account online?
The app routes published by İş Bankası and Garanti BBVA are built around partners with Turkish ID numbers. With foreign shareholders or corporate partners, expect the file to be handled at a branch.
Why does the bank ask about a parent company abroad?
Article 17/A requires the bank to reach the natural persons holding more than 25 percent or, failing that, those who ultimately control the company. A foreign holding layer has to be documented down to them.
Do foreign corporate documents need apostille and translation?
Article 11 of the Regulation provides for documents of legal persons resident abroad to be certified by a Turkish consulate or under the Apostille Convention, with a notarised Turkish translation where needed.
Can the account be used as soon as it is approved?
Not always. Internet banking users, passwords and transaction authority are set up afterwards, and cards, credit limits and POS are separate applications.