Opening a Company Bank Account in Turkey with a Virtual Office Address
Can a company registered at a virtual office address open a bank account in Turkey? The documents banks usually ask for, address verification, extra requirements for foreign-owned companies and tips to speed up the process.
Your company is registered and you have your tax certificate. Next comes the company bank account: you need it to receive payments, pay in the capital and pay taxes and social security contributions. One of the most common questions from founders using a virtual office is: “Will a bank accept this address?”
The short answer is yes. This guide explains what banks usually ask for, what to keep in mind with a virtual office address and how to speed things up.
This article is for general information. Banks’ document lists and internal policies differ and change; ask your bank for its current list before applying.
Why a virtual office address is not a problem for banks
Banks check a company’s address against the trade registry and tax office records. A virtual office address is your company’s official address in those records. The legal basis for the address is the virtual office contract, and the tax office may carry out an address inspection there. For the bank, it is a valid company address.
Documents banks usually ask for
- Trade registry gazette (announcement of incorporation)
- Signature circular of the persons authorised to represent the company
- Tax certificate (vergi levhası)
- Certificate of activity from the chamber of commerce, recently dated
- Articles of association
- IDs of the authorised persons and partners
- Address document: a lease or the virtual office contract
- At some banks, beneficial ownership information and documents showing the ownership structure
What to keep in mind with a virtual office address
- Have your contract with you: Some banks want to see the virtual office contract. Keep a signed copy ready.
- Write the address the same way everywhere: The trade registry, tax certificate and application form should show exactly the same address.
- Be ready for address verification: Some banks visit or verify the address. Your provider should be on site and able to show your contract.
- Explain your business clearly: Banks ask what the company does and how money will flow. Your website, customer contracts or invoices help.
Extra requirements for foreign-owned companies
For companies with foreign shareholders or founders living abroad, banks usually ask for more:
- Passports with sworn Turkish translations
- Turkish tax numbers of the shareholders
- For corporate shareholders, apostilled and translated company documents
- At some banks, the authorised person visiting the branch in person
This is why the bank account is often one of the slowest steps for founders abroad. We cover the whole process in our guide to company formation in Turkey.
Five tips to speed things up
- Talk to several banks in advance and compare document lists and timelines.
- Put all documents in one folder, including a recently dated certificate of activity and signature circular.
- Plan a day when the authorised persons can visit the branch.
- Ask your accountant for help: many know which bank asks for what.
- Run the other post-incorporation tasks in parallel.
With Open Up Office
We have provided registered addresses at the same location in Kozyatağı, Kadıköy, Istanbul since 2011. Your virtual office contract is the basis of your address, and mail and official letters are received and reported to you. See our virtual office service or read what a virtual office is. Our phone team speaks Turkish; for help in English, send us a message on WhatsApp or email info@openupoffice.com.
Frequently asked questions
Can a company with a virtual office address open a bank account in Turkey?
Yes. The virtual office address is the company’s registered address with the trade registry and the tax office, so banks open commercial accounts for it. Some banks may ask to see the virtual office contract.
Which documents does a bank usually ask for?
Typically the trade registry gazette, signature circular, tax certificate, certificate of activity, articles of association, IDs of the authorised persons and partners, and a document for the address. Lists differ between banks, so ask your bank for its current list.
Will the bank visit our address?
Some banks verify the company address as part of their risk assessment. It is important that your virtual office provider can confirm on site that your company is registered there under a contract.
Is it harder for foreign-owned companies?
Usually more documents are needed: passports with sworn translations, tax numbers and apostilled documents for corporate shareholders. Some banks also ask the authorised person to visit the branch in person.
How long does it take?
With complete documents, an account can be opened on the same day or within a few business days. For foreign-owned companies and cases needing extra review, it can take longer.