Bank Accounts for Foreign Companies in Türkiye

Banks and other obliged parties in Türkiye identify their customers under the regulation on measures against money laundering and terrorist financing, supervised by the Financial Crimes Investigation Board (MASAK). For companies established abroad, foreign trusts and foreign individuals, the regulation sets out which foreign documents are used and how they are certified.

Companies established abroad

A company established abroad is identified on the basis of the documents in its country that correspond to those required from Turkish companies, in copies certified by a Turkish consulate or bearing an apostille issued by an authority of a state party to the Apostille Convention. Under the risk-based approach, identity details are, where necessary, verified through notarised Turkish translations of these documents. Identity details of a company's legal entity shareholders resident abroad may be verified through the open sources of the body corresponding to the Union of Chambers and Commodity Exchanges in that country or of other bodies officially keeping the data. A trust set up abroad is identified through written copies of the trust deed certified by a Turkish consulate or bearing an apostille.

Representatives and individuals

For foreign nationals, identity is verified through a passport, a residence permit or another identity document the Ministry accepts. The authority of a company's representatives is verified through registration documents. Where a representative cannot be identified from these identity documents, identification may rely on a notarised power of attorney or signature circular containing the same details, and persons authorised by representatives show their authority through a notarised power of attorney or written instructions. The authority of guardians appointed by court is checked through the original court decision or a notarised copy.

After the originals or notarised copies of the documents are shown, the bank keeps a legible copy or electronic image or records the identity details. If it doubts that a document is genuine, it checks with the person or institution that issued it or with other competent authorities, as far as possible. Simplified measures for foreign financial institutions require them to be established in a country regulated and supervised in line with international standards against money laundering.

We prepare notarised Turkish translations of foreign incorporation documents, registry extracts and powers of attorney in Ankara through translators sworn before a Turkish notary. The bank decides on opening the account.