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Abdullah MERCANLI

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How to Open a Corporate Bank Account and Transfer Share Capital for Foreign-owned Companies in Turkey

By Abdullah MERCANLI

– posted 2 hours ago

To open a corporate bank account and transfer share capital for a foreign-owned company in Turkey, founders must navigate a sequence of regulatory, documentary and operational steps that connect bank onboarding, anti-money-laundering (AML) screening and Trade Registry filings into a single workflow. Turkey remains one of the most attractive jurisdictions for international investors seeking a bridge between European and Asian markets, but the practical mechanics of banking and capital deposit are often where cross-border founders encounter delays. This guide sets out a step-by-step roadmap covering bank KYC checklists, acceptable documents, notarised powers of attorney, comparative capital deposit methods and how each integrates with MERSIS and tax reporting.

It is written for foreign shareholders and directors who want to understand the process before they land in Turkey, and it reflects practical experience in advising international founders.

Search intent: This is a step-by-step, compliance-focused guide for foreign-owned companies to open bank accounts and transfer or deposit share capital in Turkey. It includes a KYC checklist, deposit methods, power-of-attorney guidance and realistic timeline expectations.

Advisor note: The practical insights in this guide reflect advisory experience with international founders setting up Turkish entities and managing bank onboarding. This content is framed as advisor commentary and consulting guidance, not legal representation.

Quick summary: Can foreign-owned companies open a bank account and transfer share capital in Turkey?

Yes. Foreign shareholders and foreign-controlled companies can open corporate bank accounts in Turkey and transfer or deposit share capital, subject to standard bank KYC and AML requirements. There is no general prohibition on non-resident ownership of Turkish companies, and both the Limited Liability Company (Limited Şirket, or Ltd. Şti.) and the Joint Stock Company (Anonim Şirket, or A.Ş.) can be wholly foreign-owned.

In practice, the process to open a corporate bank account and transfer share capital runs in parallel with company registration. Once the company is incorporated through the central registry system (MERSIS) and recorded in the Trade Registry, the bank account is used to receive the paid-in share capital, and proof of that deposit feeds back into the registry and tax filings. The whole cycle commonly takes between two and six weeks, depending on document legalisation, AML checks and bank workload.

Three practical tips set the tone for the rest of this guide: prepare and legalise your documents before arrival, gather clear source-of-funds evidence early, and pre-check each prospective bank’s requirements for foreign-owned companies, because acceptance practices vary between institutions.

Which entity types and company formation steps affect bank onboarding (Ltd. Şti. vs A.Ş.)

The entity you choose affects both the capital you must commit and the mechanics of how that capital is deposited and released. Capital rules for both structures derive from the Turkish Commercial Code (Law No. 6102), published on the official legislation portal, Mevzuat. Understanding the distinction early helps you plan how to open a corporate bank account and transfer share capital efficiently.

Ltd. Şti. (LLC), capital deposit mechanics

The Limited Liability Company is the most common vehicle for small and mid-sized foreign-owned businesses in Turkey. Under the Turkish Commercial Code, shareholders subscribe to the company’s capital in the articles of association, and the minimum capital for an LLC is set by law (and has been increased by presidential decision effective in 2024, so founders should confirm the current minimum before proceeding). For the LLC, the paid-in capital timeline is relatively flexible compared with the joint stock company, which is one reason many founders prefer it, the Turkish Commercial Code permits subscribed cash capital to be paid within a defined period after registration.

In operational terms, the bank account is opened in the company’s name after incorporation, and the subscribed capital is deposited there. The bank issues a deposit confirmation, which supports the registry record. For a foreign-owned LLC, the main friction point is rarely the capital amount itself but the KYC and source-of-funds documentation attached to the deposit.

A.Ş. (JSC), capital deposit requirements and release

The Joint Stock Company is favoured for larger ventures, capital-market activity and structures that may later seek external investment. Its minimum capital is also set by law and subject to periodic revision, so the current threshold should be verified. Under Law No. 6102, a portion of the cash capital must typically be paid into a bank before registration, with a blocked deposit confirmation issued by the bank to the Trade Registry. The blocked funds are released after the company is registered.

This “blocked-then-released” cycle is the defining banking feature of the A.Ş. It means that, for a joint stock company, the bank onboarding step and the capital deposit step are tightly sequenced with the registry filing. Founders planning an A.Ş. should coordinate the bank’s blocking letter and the registry submission so the capital does not sit blocked longer than necessary.

Bank KYC checklist: documents banks typically require

Bank KYC in Turkey is governed by AML and customer due diligence rules administered by the Financial Crimes Investigation Board (MASAK), with banking conduct supervised by the Banking Regulation and Supervision Agency (BDDK). Banks apply these rules through their own onboarding forms, so the documentary burden is real and front-loaded. The checklist below is the practical core of any effort to open a corporate bank account and transfer share capital for a foreign-owned company.

Company documents

Banks will ask for the full corporate file establishing the company’s legal existence and governance. Typical company-level documents include:

Trade Registry extract. The official registry record confirming incorporation and current details, produced through the MERSIS and Trade Registry system.
Articles of association. The company’s constitution, showing capital, shareholders and management structure.
Signature circular (imza sirküleri). The notarised document confirming who is authorised to sign on behalf of the company.
MERSIS printout. The central registry record of the company, including its unique MERSIS number.
Tax identification number. The company’s tax ID, obtained through the Revenue Administration (GİB).
Company activity details. A description of the business purpose and expected transaction profile, which banks use for risk rating.

Advisor guidance, practical tip: keep at least two original sets of the signature circular and Trade Registry extract. Banks frequently retain originals, and having duplicates prevents a return trip to the notary mid-process.

Individual IDs for directors and signatories

Each person who will act for the company must satisfy individual KYC. For foreign directors and signatories, that usually means:

Passport. A valid passport, with notarised and translated copies where required.
Turkish tax number. A tax number is generally required for foreign individuals connected to the company.
Proof of address. A recent utility bill or equivalent, sometimes translated.
Contact and specimen signature. Collected on the bank’s own mandate forms.

Where a signatory cannot attend in person, a properly executed power of attorney becomes essential, as covered in a dedicated section below.

Beneficial ownership and UBO declarations (MASAK requirements)

Identifying the ultimate beneficial owner (UBO) is a cornerstone of MASAK’s AML framework. Banks must look through the corporate structure to the natural persons who ultimately own or control the company. For a foreign-owned company, this frequently means tracing ownership through one or more layers of holding entities.

Expect to provide a UBO declaration identifying each beneficial owner, supporting corporate documents for intermediate entities, and identification documents for the individuals at the top of the chain. Transparent, consistent ownership documentation is one of the strongest predictors of a smooth onboarding; unclear or inconsistent UBO information is one of the most common reasons banks pause an application.

Bank account mandates, signature authorities and corporate resolutions

Finally, banks require their own account-opening mandates and, in many cases, a corporate resolution authorising the opening of the account and the deposit of capital. The resolution should name the authorised signatories, specify the account to be opened, and confirm authority to transact. Aligning this resolution with the signature circular avoids conflicting authority records that banks will query.

Legalisation, apostille, certified translation and notarisation: what foreign documents need

Foreign-issued documents almost never arrive in a bank-ready state. They must be authenticated for cross-border use and then translated and notarised in Turkey. Getting this chain right is often the difference between a two-week and a six-week onboarding.

Apostille vs consular legalisation

Turkey is a party to the Hague Apostille Convention, so documents issued in another Convention country can be authenticated with a single apostille from the issuing state’s competent authority. For documents from countries that are not party to the Convention, the longer consular legalisation route applies: the document is certified by the issuing country’s authorities and then legalised by the Turkish consulate in that country.

For most EU and many other founders, the apostille route is faster and cheaper. For founders from non-Convention jurisdictions, build extra time into the plan for consular steps, which can involve multiple authorities and courier cycles.

Certified Turkish translation and notary steps

Once authenticated abroad, foreign documents generally need a certified Turkish translation and notarisation in Turkey. Notarisation is handled through the Turkish notary system, coordinated by the Union of Turkish Notaries (TNB). A sworn translator produces the translation, and a notary certifies it so that Turkish institutions, including banks and the Trade Registry, will accept it.

Remote notarisation, consular POAs and expedited services

Founders who cannot travel can execute a consular power of attorney at a Turkish consulate abroad, which is already in a format Turkish institutions recognise. This is a practical shortcut that avoids a separate legalisation step for the POA itself.

Powers of attorney (POA) and remote founder options

A well-drafted power of attorney is the key that lets a foreign founder open a corporate bank account and transfer share capital without being physically present. Because banks scrutinise POAs closely, the document must be precise, properly authenticated and translated.

Example POA checklist items

A bank-focused POA for Turkish onboarding should typically address:

Clear scope. Explicit authority to open and operate a corporate bank account on the company’s behalf.
Capital authority. Authority to deposit share capital and receive deposit confirmations.
Signing authority. Power to sign bank account-opening forms and related documentation.
Acceptance of terms. Authority to accept the bank’s general terms and conditions.
Validity period. A clear validity window so the POA is not treated as stale.
Authentication chain. Notarisation plus apostille or consular legalisation, with a certified Turkish translation.

Advisor guidance, practical tip: a narrow, purpose-built POA is accepted more readily than a broad general POA. Banks are cautious about open-ended authority, so define the scope tightly around account opening and capital deposit.

Bank acceptance of POAs, typical variations and pre-check tips

Acceptance of POAs is not uniform. Some banks accept a properly legalised foreign POA without difficulty; others prefer a POA executed before a Turkish notary or consulate, or insist on specific wording. Because BDDK-supervised institutions set their own onboarding policies within the regulatory framework, the only reliable approach is to confirm requirements with the target bank before the document is finalised. Sending a draft POA for pre-check avoids the costly scenario of re-executing and re-legalising the document.

How to deposit share capital, methods compared

There are several routes to fund a Turkish company’s capital, and the right choice depends on entity type, the source and location of funds, and how quickly you need the registry record completed. The table below compares the main methods, followed by detailed guidance on each.

Method	How it works	Timeline	Bank acceptance	Trade Registry effect	Pros	Cons
Cash deposit in TL	Capital paid in Turkish lira into the company account after incorporation	Fast once account is open	Widely accepted	Deposit confirmation supports registry record	Simple; no FX conversion	Requires funds already in TL in Turkey
Foreign currency wire transfer	Funds wired from abroad, often converted to TL on receipt	Moderate; depends on correspondent banks and AML checks	Commonly accepted with SOF evidence	Confirmation and FX records support registry and tax files	Suits non-resident founders funding from abroad	FX conversion and possible reporting; AML scrutiny
Blocked account	Capital deposited and blocked by the bank before registration, released after	Sequenced with registry filing	Standard for A.Ş. formation	Blocking letter is a primary registry proof	Clear, recognised proof of payment	Funds temporarily inaccessible
Bank guarantee	Bank instrument used in lieu of certain cash deposit arrangements	Variable	Depends on bank and structure	May support registry filing depending on practice	Preserves liquidity	Cost and limited availability
In-kind contribution	Non-cash assets contributed as capital, subject to valuation	Longer due to valuation	Not a bank deposit route	Requires valuation report for registry	Allows asset-based funding	Valuation and compliance overhead

Comparison table: capital deposit methods for foreign-owned companies in Turkey and how each affects bank acceptance and Trade Registry filings.

Cash and domestic TL deposits

The simplest route is a direct deposit in Turkish lira into the newly opened corporate account. The bank issues a deposit confirmation, which becomes part of the record supporting the company’s paid-in capital. This method works cleanly where the founder already holds funds in Turkey or can move them domestically, and it avoids FX conversion questions. The documentary focus still falls on source-of-funds evidence.

Foreign currency transfer and FX conversion

For many non-resident founders, the natural route to open a corporate bank account and transfer share capital is a wire transfer from a foreign account. Turkish banks generally accept inbound foreign currency and convert it to lira, but the transfer triggers AML screening and may implicate foreign exchange rules overseen by the Central Bank of the Republic of Türkiye (TCMB). Keep the originating bank statements and transfer confirmations, as these double as source-of-funds evidence and FX records for later tax filings.

Blocked accounts vs bank guarantee

A blocked account is the classic mechanism for proving paid-in capital, particularly for the A.Ş., where a cash portion is blocked before registration and released afterwards. The bank’s blocking letter is a recognised proof for the Trade Registry. A bank guarantee is an alternative instrument that can, in some structures, preserve liquidity while still satisfying the registry, but availability and cost vary and it is less universally used. For most founders, a blocked account or straightforward deposit confirmation remains the reliable path.

In-kind capital contributions and valuation

Capital can also be contributed in kind, for example, equipment or intellectual property, rather than in cash. This route is not a banking transaction but a corporate and valuation exercise: the assets must be independently valued and the valuation reflected in the registry filing. It is useful where funding is asset-based, but it adds compliance steps and time compared with a cash deposit.

Source of funds, AML screening and common bank queries

Source-of-funds (SOF) documentation is where most foreign-owned company applications succeed or stall. MASAK’s AML and customer due diligence framework requires banks to understand where capital originates and to screen transactions for risk. Preparing a clean SOF bundle in advance is the single most effective way to accelerate the process to open a corporate bank account and transfer share capital.

Typical evidence banks accept

Banks look for documentary evidence that ties the funds to a legitimate origin. Commonly accepted items include:

Bank statements. Recent statements from the originating account showing the funds and their history.
Sale agreements. Contracts evidencing proceeds from the sale of assets or a business.
Loan agreements. Documentation of financing where capital is funded by a loan.
Escrow receipts. Evidence of funds held and released through escrow.
Corporate board resolutions. Decisions authorising the transfer of funds for capital.
Financial statements. Accounts linking the corporate funds to legitimate activity.

How to prepare a source-of-funds and source-of-wealth bundle

Assemble a short, coherent dossier that answers two questions clearly: where did the money come from, and how did the owner accumulate the underlying wealth. A one-page summary with cross-references to the supporting documents helps the bank’s compliance team review quickly. Consistency between the UBO declaration, the SOF evidence and the transfer records is essential; discrepancies invite follow-up queries and delay.

Common red flags and mitigation

Typical red flags include funds routed through unrelated third parties, gaps in the transaction trail, and ownership structures that obscure the beneficial owner. Mitigate these proactively by documenting each step of the money’s journey and keeping the ownership chain transparent.

Trade Registry, MERSIS and tax reporting after deposit

Once capital is deposited, the process loops back into the registry and tax systems. Capital registration and company records are maintained through MERSIS and the Trade Registry, administered under the Ministry of Trade.

Filing timeline and required documents to the Trade Registry

The registry filing links the bank’s proof of deposit to the company’s official capital record. Required items generally include the deposit confirmation or blocking letter, the notarised corporate minutes, and the MERSIS capital declaration. For a joint stock company using a blocked account, the registry filing and the subsequent release of funds are closely sequenced, so coordinate the bank letter and the registry submission to avoid funds being blocked longer than necessary.

Tax registration, declaration and withholding considerations

After incorporation and capital deposit, the company must be properly registered with the Revenue Administration (GİB) for corporate tax and related obligations. The capital deposit itself, the FX conversion records and the company’s activity profile feed into the tax file. Keeping the banking records, transfer confirmations and registry documents organised from the outset makes subsequent tax declarations and any withholding questions far easier to manage.

Timeline expectations and common causes of delay

Realistic expectations prevent frustration. For a prepared foreign-owned company, the end-to-end cycle to open a corporate bank account and transfer share capital typically runs from two to six weeks.

Practical pre-check timeline

Document legalisation abroad is often the longest pole in the tent, particularly for consular legalisation from non-Convention countries. Bank onboarding and AML review generally take a few business days to a few weeks depending on complexity and the clarity of the SOF bundle. Registry and tax steps follow once the deposit is confirmed. Starting legalisation before arrival compresses the overall timeline substantially.

Escalation and pre-submission checks

The most common causes of delay are a missing apostille, an incomplete or non-certified translation, unclear UBO information, insufficient source-of-funds evidence, and POA wording the bank will not accept. A pre-submission check against each of these items, confirmed with the target bank, prevents most hold-ups before they occur.

Practical checklist: 10-step roadmap for founders

Choose the entity type (Ltd. Şti. or A.Ş.) and confirm the capital plan against the current statutory minimum.
Obtain apostille or consular legalisation for all foreign documents.
Arrange certified Turkish translations and notarisation.
Prepare a narrow, bank-focused power of attorney if acting remotely.
Assemble the UBO declaration and ownership chain documents.
Build the source-of-funds and source-of-wealth bundle.
Incorporate through MERSIS and secure the Trade Registry extract and tax ID.
Pre-check the target bank’s KYC and POA requirements.
Open the account and deposit or transfer the share capital.
Complete registry capital filings and tax registration with GİB.

Advisor guidance and practical tools

Advisor guidance, practical tools: a POA checklist and a source-of-funds template can help founders structure their documentation before approaching a bank. These tools are practical, advisory aids designed to streamline onboarding and do not constitute legal representation. Founders can also reach out through the advisor profile for tailored consulting support on company formation and compliance in Turkey.

Conclusion

For foreign founders, the effort to open a corporate bank account and transfer share capital in Turkey is less about any single obstacle and more about sequencing many small steps correctly: entity choice, document legalisation, bank KYC, source-of-funds evidence, capital deposit and the registry and tax filings that close the loop. Founders who prepare their documentation, legalise it early and pre-check each bank’s requirements consistently complete the process within the expected two-to-six-week window.

If you are planning to open a corporate bank account and transfer share capital for a new Turkish entity, structured advisory support can help you avoid the common causes of delay, reach out through the Global Law Experts advisor profile for tailored, consulting-based assistance rather than legal representation.

Need Expert Advice?

This article was produced by A&M Consulting Co. For specialist advice on this topic, contact Abdullah MERCANLI at A&M Consulting Co., a member of the Global Law Experts network.

Sources

Ministry of Trade, MERSIS / Central Registry (Turkish-language portal for company registration, MERSIS capital entry and Trade Registry filing).
Mevzuat, Turkish Legislation Portal (Turkish Commercial Code, Law No. 6102) (Turkish-language source for statutory capital and company formation rules).
Banking Regulation and Supervision Agency (BDDK) (regulator overseeing bank onboarding and customer due diligence obligations).
Financial Crimes Investigation Board (MASAK) (AML/KYC rules and source-of-funds expectations).
Central Bank of the Republic of Türkiye (TCMB) (foreign exchange transfer and reporting guidance).
Revenue Administration (Gelir İdaresi Başkanlığı, GİB) (tax registration and corporate tax obligations after capital deposit).
Union of Turkish Notaries (TNB) (notarisation and translation certification procedures).

FAQs

What documents do I need to open a corporate bank account in Turkey as a foreign-owned company?

You will need the Trade Registry extract, articles of association, signature circular, tax ID and MERSIS printout, plus passport or ID copies of signatories and a UBO declaration, all translated and notarised as required.

Can I deposit share capital from a foreign bank account?

Yes. Many Turkish banks accept foreign wire transfers to help you fund a company’s share capital from abroad. Banks will require source-of-funds evidence and may convert the funds to Turkish lira; check the bank’s FX rules and any TCMB reporting implications.

Is a blocked account mandatory to show capital has been paid?

Not always. Blocked accounts are common, especially for joint stock companies, but banks can issue deposit confirmations, and the Trade Registry accepts different proofs depending on the company type and bank practice.

Can a notarised power of attorney open the account on my behalf?

Generally yes, if the POA is properly notarised, apostilled or consularised and translated. Acceptance varies by bank, so prepare a narrow, bank-focused POA and confirm requirements in advance.

How long does the whole process take?

Bank onboarding and capital deposit typically take two to six weeks overall, depending on document legalisation, AML checks and bank workload. Remote founders should allow extra time for consular steps.

What documents prove source of funds?

Recent bank statements, sale agreements, loan agreements, escrow receipts, corporate board resolutions and financial statements tied to the transfer are all commonly accepted as source-of-funds evidence.