How to Open a Business Bank Account in Turkey: Step-by-step Guide for UK Businesses

Opening a business bank account in Turkey can be an important step for UK entrepreneurs on an international expansion journey, or those who are working with Turkish clients.

However, Turkish banking procedures are very different from what most self-employed individuals in the UK are used to. Think more paperwork, stricter compliance checks and less online-only options.

This guide looks at how to open a business bank account in Turkey and covers every stage of the process in detail. This includes company set-up, required documents, bank selection, timeline, fees and common obstacles.

We’ll also explore how Wise Business can be used alongside a Turkish bank account to help UK-based founders manage international payments and cash flow more efficiently.

Register for Wise Business ✍️

The Wise account is not a bank account but offers some similar features and your money is [safeguarded](https://payout-surge.live/help/articles/2949821/how-wise-keeps-your-money-safe).

Note: This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited, its subsidiaries or affiliates, and it is not intended as a substitute for obtaining business advice from a tax advisor or any other professional

Summary of steps

Step & Category	Notes & Key Takeaways
💳 Step 1: Open Wise Business Account	Set this up first as it's quick and digital; it provides an immediate way to manage TRY, GBP, and EUR while your Turkish entity is being registered.
🏗️ Step 2: Legal Entity Setup	Register your Turkish company (Ltd. Şti.); Turkish banks generally won't open corporate accounts for foreign businesses without a local legal presence.
👮 Step 3: Compliance Research	Be prepared for rigorous scrutiny; banks will evaluate your business model, expected volumes, and source of funds to meet strict local regulations.
📄 Step 4: Document Preparation	Gather original documents for local Turkish translation and notarisation; assuming UK-based notarisation is sufficient is a common pitfall.
💰 Step 5: Capital Requirements	Ensure you can meet statutory minimums (e.g. TRY 50,000 for Ltd); some banks require a portion of this to be deposited before registration is complete.
🏦 Step 6: Bank Selection	Target large, reputable banks like İşbank or Akbank, which often have established workflows and English-speaking staff for international founders.
✈️ Step 7: Travel & Verification	Plan a trip to Turkey; most banks require at least one director to attend an in-person appointment for identity verification and a compliance interview.

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Step 1: Open a Wise Business Account

Many companies and sole operators choose to open a Wise Business account before opening a Turkish bank account. This allows them to receive international income, pay overseas suppliers and hold multiple currencies while preparing for Turkish banking requirements.

It can be a useful stopgap until a local bank account is open, as well as being very handy for international transactions and multi-currency management after that.

With Wise Business, you can hold 40+ currencies in one account.

Step 2: Set up your Turkish company

Before you can open a business bank account in Turkey with a Turkish bank, you need to have a legally registered Turkish company.

Turkish banks don’t allow corporate accounts for foreign businesses operating without a local legal entity - even if all shareholders are based overseas.¹

For most UK entrepreneurs, the most practical option is a Limited Şirket (Ltd. Şti.). This resembles a UK private limited company and is widely recognised by Turkish banks. It’s also flexible for foreign ownership and is suitable for a number of different commercial activities.

To register your company, you typically need to prepare articles of association, secure a registered Turkish address, appoint at least one director and register the business through Turkey’s Central Registry System (MERSİS).¹

Foreign directors must also obtain a Turkey tax number, and all passports have to be notarised and officially translated into Turkish.¹

You will be notified of the expected timelines for processing registrations, but the time to acceptance depends on document readiness and local registry workloads.¹

Business continuity with Wise

While waiting for your Turkish company to be registered, this could be a good time to sort out at least an interim payment method for managing business finances in TRY (until you open your Turkish bank account). You might need to pay suppliers, cover bills for your new premises in Turkey or receive income.

Wise Business allows UK founders to do just that, making and receiving payments in 40+ currencies including TRY, EUR and GBP.

Wise implements a wide range of safety and security measures, including a team of thousands of fraud specialists working night-and-day to keep your money safe.

Register for Wise Business ✍️

Step 3: Understand Turkish banking compliance for foreign-owned companies

Turkish banks typically come with significantly stricter compliance checks compared to UK banks. This is because banks must comply with domestic financial regulations and international anti-money laundering standards.¹

During the application process, banks look beyond your documents. They may also evaluate your business model, source of funds, expected transaction volumes and geographic exposure.²

Occasionally, the industry you operate in is considered, including whether it’s classified as low, medium or high risk under Turkish banking rules.

It’s also common for banks to request an explanation of how your company will generate income, where clients are located and why a Turkish entity is required.

It’s important to note that while lengthy, this process isn’t designed to discourage foreign founders. But it does mean that applications without clarity or consistency can be delayed or rejected.

What’s more, even after your bank account is opened, Turkish banks may continue their compliance reviews - periodically reassessing your activity. This is often where updated information is requested.

Step 4: Prepare the documents required to open a company bank account

Document preparation can be one of the most time-consuming parts of opening a business bank account in Turkey - particularly for UK-based founders.

This is because Turkish banks require original documents, notarised copies and sworn Turkish translations.¹ Digital copies alone are rarely enough.

Typically, banks will request the following:

• Your Trade Registry Gazette
• Certificate of incorporation
• Tax registration certificate
• Signature circular
• For directors and shareholders - passports, Turkish tax numbers and proof of address.

Some banks may also ask for sample invoices, contracts or a company website.¹

This stage is where many UK entrepreneurs experience pitfalls - mainly in assuming UK notarisation is enough.

However, in most cases, documents must be translated by a sworn translator who is registered in Turkey and notarised locally. Preparing your documents correctly and in advance can reduce delays during this process.

Wise Business tip

When gathering documents and paying for services such as translation and notarisation, having a Wise Business account can be extremely helpful. It can be used to organise start-up expenses and keep international payments separate from personal finances.

Step 5: Understand capital requirements and minimum balances

Beyond individual bank policies, you must meet statutory minimum capital requirements: TRY 50,000 for an Ltd. and TRY 250,000 for an A.Ş..

For Joint Stock Companies, 25% of this capital must be deposited in a Turkish bank account prior to registration.

Some banks might ask for a small opening deposit, while others require a higher balance. Failing to maintain a minimum balance can even result in monthly maintenance fees or reduced account functionality.

For UK freelancers and self-employed founders, this can affect early-stage cash flow and planning. This is why it’s wise to ask clear questions during your bank meeting regarding thresholds and penalties.

The Wise Business advantage

Many UK entrepreneurs choose to keep surplus funds in a Wise Business account rather than leaving large balances in a Turkish account. Wise allows you to hold 40+ currencies and convert funds only when needed.

Step 6: Choose the right Turkish bank for your business

Choosing a bank in Turkey isn’t just about selecting a brand. It’s about the experience for foreign-owned companies. Turkey has many reputable banks but not all branches or relationship managers are comfortable working with overseas founders.

Large and well-known banks such as İşbank, Garanti BBVA, Yapı Kredi, Akbank, or Ziraat Bankası are likely to offer English-speaking support and established compliance processes.

However, it’s important to remember that even within the same bank, service quality can vary by branch.

When comparing banks, consider the following:

• Online banking usability
• International transfer fees
• Responsiveness to compliance requests
• Whether the bank has experience supporting companies similar to yours.

This is where speaking with a local advisor or lawyer can help to identify banks that are more receptive to foreign applicants.

The perfect business partnership

Regardless of which Turkish bank you choose, you might want to consider using a Wise Business account alongside it to manage international transfers more efficiently and cost-effectively.

Step 7: Consider travelling to Turkey

Many UK entrepreneurs wonder whether it’s possible to open a Turkish company bank account without travelling to Turkey.

Unfortunately, in most cases, the answer is no. Turkish banks typically require at least one director to attend an in-person appointment for identity verification.⁴

While many banks require in-person verification, you can open an account remotely by providing POA-based representation to a local legal or accounting professional who handles the entire process on your behalf.

For first-time founders, travelling to Turkey can mean a quicker approval process with fewer follow-up requests. This can add upfront cost and planning but also has the potential to reduce any delays in the future.

If travel is required, consider scheduling the bank appointment shortly after your company registration to help streamline timelines.

Step 8: Attend the bank appointment and compliance review

When it comes to your bank appointment, in person, think of it as more than a formality. It’s effectively a compliance interview. Expect the bank staff to ask detailed questions about your business activities, expected turnover, client locations and transaction frequency.

You may also be asked to provide supporting evidence such as contracts, invoices or even a live website. Try to be clear and consistent in your answers. Any contradictions between your answers and documents can lead to delays or additional reviews.

Some bank appointments are completed in under an hour,⁴ others may require a follow-up meeting. Either way, being well prepared and transparent can improve your chances of a smooth approval.

Step 9: Account approval and activation

After your appointment, your application will be reviewed internally by the bank. It’s not uncommon for banks to request additional documents or clarification. Unfortunately though, this can prolong the timeline for acceptance.

Once approved, you’ll receive access to online banking as well as account numbers, and cheque books and debit cards if you’ve requested them. Foreign currency sub-accounts can take extra time to activate. This is why it’s important to build some buffer time into your business plan.

Work around the timelines with Wise

While waiting for full activation, Wise Business allows UK founders to continue sending and receiving international payments without interruption. This ensures business can continue as usual.

Transaction speed claims depends on individual circumstances and may not be available for all transactions.

Step 10: Set up TRY and foreign currency accounts

Once approved, most Turkish banks automatically open a TRY account, which is required for local payments such as rent, utilities, payroll and taxes.

Many banks also offer USD and EUR sub-accounts, though these may involve extra fees or minimum balances. In comparison, Wise Business offers complete fee transparency (no hidden fees).

Avoid hidden fees when managing cross-border payments in Turkey with Wise Business

Traditional international banking in Turkey can involve several additional costs that aren’t always obvious upfront. These may include SWIFT transfer fees, intermediary bank charges and foreign exchange mark-ups applied when converting between currencies.⁶

Over time, these costs can add up, especially for UK entrepreneurs making regular cross-border payments.

That’s where Wise Business comes in, giving you an international business account through which you can manage your British operations using same-currency features like local account details to receive GBP while also accessing cross-currency tools to hold and convert between 40+ different currencies.

When it’s time to pay Turkish suppliers, you can send money to 140+ countries at the mid-market rate without the sting of hidden fees.

And to further streamline your expansion, you can empower your team with business debit cards that earn cashback on eligible spending.

What’s more, you can sync your transactions with accounting software integrations, giving you more time to focus more on your Turkish partnerships and less on manual admin.

Simplify your cross-border trade by opening a Wise Business account today.

Be Smart, Get Wise.

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*Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.

FAQs

What are the common challenges with opening and having a business bank account with a Turkish bank?

Volatility: Just like other currencies, the Turkish lira can be volatile. With this in mind, you’re at risk of sudden cost increases, poor exchange rate mark-ups and forced conversion timing. Wise Business can help here - you can convert currency at the mid-market exchange rate at a time that suits you.

Invoicing and payment references: Turkish banks may review invoice descriptions, payment references and counterparty countries. Vague information and descriptions can trigger reviews. With this in mind, try to be as specific yet concise as possible when invoicing and managing payments.

Restrictions: Turkish bank accounts can be restricted for various reasons. Some of the most common include unusual transaction activity or changes in business activity. Missing compliance responses can also result in restrictions to your account. Again, this is where Wise can come in very handy. Why not consider keeping Wise Business as a secondary operation account in case of temporary restrictions?

Payroll and staff payments: If you employ staff, it’s useful to know that salaries must be paid from a local TRY account. This is a local requirement and must be adhered to. While Wise Business won’t replace a Turkish payroll account, it can be used to fund it from abroad, without costly fees.

Cards and expense management:Often, non-residents don’t have access to Turkish corporate cards. However, Wise Business offers a solution thanks to debit cards that can be issued to team members in 150+ countries.

Can I get local company account details in Turkey with Wise Business?

Yes, you can get Turkish local account details with Wise Business, including your own Bank name and IBAN. Find out more here.

Can I open a company bank account in Turkey without travelling there first?

While this will depend on individual bank protocols, typically Turkish banks do require an in-person appointment for ID verification.⁴

Can I issue corporate credit cards to directors or employees based outside of Turkey?

Yes, Wise cards are available in 150+ countries.

How do banking procedures differ for companies operating in Turkish Free Zones vs. the mainland?

Companies operating in Turkish Free Zones typically face additional compliance checks, longer onboarding timelines and separate regulatory oversight.⁶ Although they may benefit from tax and customs incentives once approved.

Manufacturing companies in free zones must export at least 85% of their production value to maintain full corporate tax exemptions. Sales to the Turkish mainland above this 15% threshold trigger normal tax obligations.

What happens if my company’s business sector is considered "high risk" in Turkey?

Additional checks apply and some banks may decline your application.

Are there any tax considerations for UK self-employed founders with a Turkish business bank account?

Opening a Turkish company account does not remove UK tax obligations. UK tax residents must still consider Self Assessment rules and the UK-Turkey double taxation treaty.

Sources:

1. Istanbul Lawyer Firm - Opening a bank account
2. Elevate Pay - Opening a bank account
3. Global Citizens solutions - Visiting Turkey for bank openings
4. Turkish Bank - Fees and charges
5. Celikel CPA - Free Zones

Sources last checked on 20th January 2025