How to open a business bank account in Turkey (from the UK)
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For UK businesses, opening a business bank account in Turkey is often a complex process.
It involves registering your business with MERSIS (the Central Registry Record System), setting up an overseas business address and preparing officially notarised and translated documents. This can take months to get right, and even then, your application might still be declined.
Luckily, there’s a faster and simpler way to manage Turkish lira like a local.
WorldFirst’s World Account can be used in place of a traditional bank account to help UK-based businesses send, hold and receive funds in Turkish lira.
With a World Account, you can create a TRY business account without needing to register your company in Turkey or provide an overseas address. You’ll also be able to hold balances in TRY, GBP and 20+ other currencies, all for free.
In this guide, we share the key features of our World Account for UK businesses looking to open a bank account in Turkey. We also share the exact steps foreign companies should take to open a traditional bank account, as well as the documents you’ll need to do so.
We cover:
- How WorldFirst’s World Account helps you hold, send and receive Turkish lira
- How to open a World Account online for free
- How to open a business bank account step-by-step in Turkey
- Required documentation you’ll need to open a business bank account in Turkey
Ready to start holding, sending and receiving funds in TRY? Sign up for a World Account today.
How WorldFirst’s World Account helps you hold, send and receive Turkish lira
WorldFirst is a digital payments platform that helps businesses make payments in 150+ currencies while holding and receiving funds in more than 20. Since 2004, over 1.5 million business users have processed more than US$500 billion through our platform.
With our multi-currency World Account, you can pay and get paid like a Turkish company. We allow you to hold both GBP and TRY in the same account, make same-day international transactions and even secure foreign exchange rates in advance.
It’s completely free to open a World Account, and we charge no monthly account fees, hidden fees, fall-below fees or fees for receiving payments.
Here’s what you get when you sign up for a World Account:
Set up a local TRY account within minutes without registering your company in Turkiye
With WorldFirst, it’s completely free to hold foreign currency balances in TRY and 20+ other currencies, including GBP, EUR and USD. You can set up a local TRY account within minutes without having a foreign business address or registering your company in Turkey.
Once you’re approved, you can manage your international supplier payments all from your World Account dashboard. Either make manual one-off payments, or automate your outflows by setting up batch transfers, direct debits, and standing orders to trusted payees.
Alternatively, you can simply hold your funds for as long as you’d like – just like in a traditional bank account. The difference is that, with a multi-currency account, you can avoid unnecessary currency conversion fees entirely.
For example, you could receive payments in lira and hold them instead of automatically converting those funds into GBP. Then, when you make a purchase from a Turkish supplier in lira, your payment will draw from your existing lira balance.
Read more: Business foreign currency accounts: 4 best options compared
Create up to 50 virtual cards and earn up to 1.2% cashback on all spending
Once you open a World Account, you can create up to 50 virtual World Cards to use for your everyday business needs.
You can assign virtual cards to individual expenses – including budgets, teams, vendors or even specific currencies – and also set spending limits for each card.
Plus, if you suspect your card has been compromised, it’s easy to freeze, delete or reissue a new card instantly. This is particularly helpful if you’re sending money overseas to new vendors, since you can input your card details, make your payment, then immediately delete your card.
Additionally, you can earn up to 1.2% cashback on all spending made with your World Card. Unlike other providers or banks, we don’t limit you to certain vendors or spending categories, and your cashback earning potential is uncapped.
Read more: Multi-currency virtual cards: Top 5 options for global businesses
Pay low FX fees across all the currencies you use
When you convert currency with WorldFirst, you’ll benefit from low and transparent conversion rates. We use the mid-market exchange rate, only adding a 0.5% markup for major currencies and up to 0.75% on other currencies.
We also offer rate alerts, which notify you in real-time once an exchange rate reaches your target, and firm orders, which allow us to convert currency on your behalf at your specified FX rate. These tools keep you informed about price spikes or drops, without you needing to constantly watch the market.
Read more: How to lock in exchange rates as a cross-border business: 3 best methods
How to open a World Account online for free
To start holding lira with WorldFirst, you’ll first need to sign up for a World Account. The application process is entirely online, and it’s free to open and maintain an account.
Here’s how to sign up:
- Head to our World Account signup portal and enter your personal details
- Fill in your account information and verify your identity with a passport or drivers licence
- Upload your business documents, including shareholder IDs, company ownership documents, proof of address, as well as source of documents
- Once you click ‘Submit’, you’ll receive an acceptance email (usually within 48 hours)
Then, to open a local TRY currency account:
- From your World Account dashboard, click ‘Shortcuts’ and then ‘Manage accounts’
- Click the ‘Add a new receiving account’ button on the top right of your screen
- Choose TRY as your currency and give your account a nickname, then click ‘Confirm’.
- Your local TRY account will be created instantly
Read more: How to open a local currency account online
How to open a business bank account step-by-step in Turkey
If WorldFirst isn’t the right account for you, here’s a step-by-step guide for how to open a traditional business bank account in Turkey as a UK business:
1. Register your business in Turkey and obtain a tax ID number
Most Turkish banks require you to form a legal entity in Turkey before you can open a business bank account. When registering your business with MERSIS, opt for a limited liability company (similar to a UK private company), which permits full foreign ownership.
Once registered, you can apply for a company tax ID from the local tax office. As of 1 January 2024, Turkey has increased minimum capital requirements for new company formation to ₺50,000 (about £1,100) for Limited Liability Companies.1
To stay compliant with the tax authorities, your company’s directors and majority shareholders need individual Turkish tax numbers. These are obtained at the Turkish tax office with a verified passport and a short form, submitted either in person or through a representative.
2. Find the right bank
While Turkey has many reputable banks and financial institutions, not all branches or relationship managers are comfortable working with foreign investors. Because of this, it’s best to target established Turkish banking services like Akbank, İşbank or Yapı Kredi.
Additionally, a local law firm can help you identify which banks are most likely to accept your application. They can also connect you with banks that have English-speaking staff or online banking options.
From there, it’s important to choose a bank with appropriate pricing and FX fee structures for your business. Opening a corporate bank account is technically free at most banks, though some banks (such as Akbank) charge corporate account maintenance fees ranging from around ₺500 to ₺2,000 per year.2 Some banks might also roll fees into their currency exchange prices.
3. Prepare documentation
Banks will evaluate your business model, expected volumes, and source of funds to meet strict local regulations and KYC requirements, so be prepared to face rigorous scrutiny.
Before submitting an application, make sure your documents are current (created within the past three months), translated into Turkish by an official translator and notarised by a notary public. Where documents are issued in the UK, an apostille is often required before translation and notarisation in Turkey.
To stay up-to-date on the application process, we recommend reading the Turkish Trade Registry Gazette. It’s a daily, official publication that announces new mandatory corporate actions, such as company establishment and capital increases, as well as regulatory changes.
4. Visit the branch in person to verify ID documents
Most banks require at least one director to appear in person. This is so your bank can verify their ID, complete compliance interviews and have them physically sign documents. While you’re able to give power of attorney to fill in for most absences, banks may still insist that key decision‑makers or high‑risk individuals attend in person.
Read more: How to open a business bank account (step-by-step guide)
Required documentation you’ll need to open a business bank account in Turkey
UK businesses need to prepare an extensive set of documents before opening a corporate bank account in Turkey.
For instance, the core business documents you’ll need to prepare include:
- A company registration certificate
- Business tax number certificate
- Signature circular
- Your company’s Articles of Association
- Register of shareholders (at least those that hold more than 25%)
- Source of funds document, such as a bank reference letter, invoices, recent financial statements or tax returns
- Proof of company address – you can show a tax registration extract, a lease agreement or a utility bill in the company’s name
- A business plan that covers your business activities, expected transaction volumes and main counterparties – this is for KYC purposes
- A power of attorney if a local lawyer or consultant will open the account on your behalf
- A notarised board resolution authorising the account opening
- An initial deposit (not all banks require this)
- Bank reference letter from your existing UK bank (not all banks require this)
- There may also be bank-specific forms, questionnaires or onboarding checklists to fill out
For foreign shareholders or directors, other necessary documents may be required, including:
- Passports for all beneficial owners and authorised signatories
- Proof of address for key individuals – you can show a utility bill or a bank statement, though some banks will ask for a residence permit
- Turkish tax identification numbers for each foreign director/shareholder who will be a major signatory.
Open a World Account today and start holding Turkish lira within minutes
In this article, we’ve walked through the steps UK businesses can take to apply for a Turkish corporate bank account, including the documents you’ll need to prepare in advance.
We’ve also covered why WorldFirst’s World Account is the quickest and most cost-effective way for UK companies to start making cross-border business payments in lira.
For example, with WorldFirst you can:
- Set up a TRY local account within minutes without registering your business in Turkey or having an overseas address
- Benefit from low and transparent foreign exchange fees when converting between GBP and TRY
- Create 50 virtual World Cards and earn up to 1.2% cashback on all spending
Ready to start holding Turkish lira like a local company? Sign up for a World Account for free today.
Jennifer Dodd leads marketing for WorldFirst UK, and has over 20 years' experience in financial services and publishing.
Jennifer Dodd
Author
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