Business Bank Account Application in Turkey

Apply for Business Bank Account in Turkey

Applying for a business bank account in Turkey can be challenging for both foreign entrepreneurs and Turkish citizens. Banks, especially private ones, often require extensive documentation and may have specific requirements such as residency or work permits. Communicating with non-English speakers and navigating the complex process can be daunting.

At Workon, we streamline the application process. We identify the best banking options based on your needs and guide you through the requirements, turning a potentially exhausting experience into a straightforward. Post-application, we continue to provide support for any issues you may encounter.

How It Works

Obtaining Signatory Circular:

• If you are in Turkey, we accompany you to a notary to obtain your signatory circular.
• If you are abroad, you can sign this document at any Turkish embassy along with a power of attorney for bank account opening, and then ship them to us. The signatory circular proves your authority to sign documents on behalf of your company.

Document Preparation:

With the signatory circular, company stamp, certificates, and a notarized passport translation, we either accompany you to the bank or handle the application on your behalf using the power of attorney.

Comprehensive Assistance:

We assist throughout the entire process, mitigating language barriers and ensuring your safety and privacy. We help you apply for accounts with multiple currencies and personal accounts if needed.

Bank-Specific Processes:

The bank account opening process typically takes an average of 1 business day for companies established under individual ownership. However, if the company is a subsidiary of a foreign entity, the process may take 2-3 business days on average. These timelines are approximate and can vary depending on the bank’s review process and the applicant’s specific circumstances, potentially leading to longer processing times.

Post-Opening Support:

Once your account is approved, we assist you in setting up online banking, which supports the English language. You will receive your passwords on your mobile phone, even if you do not have a Turkish SIM card. With the online banking application, you can conduct transactions worldwide. Depending on the bank, you may receive your debit card immediately or within a few days. Many banks also offer virtual cards through their online system. Lastly, we appoint a customer service representative to assist you post-approval.

FAQs

Which bank account option may be most suitable for my business?

The most suitable bank account for your business depends on several factors, including the nature of your business, the countries you will be transferring funds to, and your specific requirements as a client. Once we gather this information, we identify the most appropriate banking options for your needs. Most importantly, we consult with the bank regarding your company’s account application to ensure the best chances of approval before proceeding with the application.

What are the costs and fees associated with opening a bank account?

Some banks require a deposit to activate the account. This amount is usually not blocked and can be used freely. Generally, there are no fees or taxes associated with opening an account.

How long does the bank account opening process take and what documents are required?

Typically, the process takes 1-2 business days. However, these are average timelines, and the duration may be extended depending on specific circumstances.

For more information and to start the process, please contact our customer support team. We ensure a smooth and efficient bank account opening experience tailored to your needs.

Can I Be Certain That My Bank Account Will Be Opened?

The approval of a bank account depends on compliance with Turkish laws and the internal policies of the respective banks. Successfully completing an application requires clear communication with the bank, providing complete and accurate documentation, and addressing any additional requests or inquiries from the bank promptly and effectively.

It’s worth noting that banks are generally inclined to open accounts for individuals and businesses with whom they see potential for future collaboration and trust. However, the decision ultimately depends on the applicant’s specific circumstances and eligibility, which vary from person to person.

Since bank account openings are reviewed and approved by independent compliance departments, no external party can guarantee the outcome of an application. While support services can facilitate the application process and help navigate it smoothly, they cannot influence or override the bank’s final decision.

In summary, because the decision to open a bank account is influenced by individual factors and varies for each applicant, providing a guarantee is not possible. Instead, the focus is on submitting a strong application that meets all requirements to maximize the likelihood of success.