Business has been truly global for years. Nowadays, any company
having a computer with an internet connection is theoretically
capable of doing business worldwide. In such a world, Turkey, with
its strategic geographical position, may instantly become a
commercial hub for many companies having no presence in it.
Business is usually too fast. Accordingly, a non-Turkish company
may have an immediate need to open a bank account in Turkey for
various reasons. What should be done in such a case can be
summarized as follows:
The first thing that the foreign company should do is obtaining
a "potential tax number" from the Tax Authority
in accordance with the Communiqué No. 3 dated 29 August 2006
and published by the Ministry of Finance of the Republic of Turkey.
This process takes no more than 1 (one) business day. Application
can also be made by proxy through a duly issued Power of
Identifying corporate documents are also necessary: Both the
Tax Registry and the relevant bank(s) require a notarized copy of
the company's certificate of activity. For the avoidance of
doubt, a certificate of activity is issued either by the Chamber of
Commerce or authorized courts. This certificate confirms due
incorporation or declaration of good standing of the foreign
company by the trade registry/court in the relevant jurisdiction.
It should explicitly state when, where and by which laws the
foreign company was incorporated and its authorized signatory(ies)/
representative(s) (i.e., board members, managers).
Some banks also require a notarized copy of the foreign
company's Articles of Association.
Once the potential tax number is obtained and the required
documents are provided, the foreign company's bank account
opening procedures can be completed in a few hours. Nevertheless,
one should bear in mind that opening of an account does not
necessarily mean that the relevant bank would unconditionally
provide the account owner with any and all banking services.
Additional documents are likely to be required for establishing a
credit line and further sophisticated transactions.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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