Foreign investors are often told that setting up a company in Turkey is fast and simple — and incorporation itself genuinely can be. What surprises most founders is the next step: opening a corporate bank account. In 2026, the real challenge is not forming the company but passing the banks' MASAK/KYC compliance checks. This guide walks through both stages realistically.
Important: This article is for general information only and does not constitute legal advice. Costs, thresholds and bank requirements change; obtain current expert advice for your specific situation.
Yes. Under Turkey's Foreign Direct Investment Law, foreign investors have the same rights as Turkish citizens. You do not need a Turkish partner, and you do not need to be physically present. With a properly drafted Power of Attorney (PoA), a local representative can handle notarisation, the trade registry filing and the bank account process on your behalf. A single foreign shareholder and a single foreign director are sufficient for most structures.
| Criterion | LLC (Ltd. Şti.) | Joint Stock (A.Ş.) |
|---|---|---|
| Minimum capital | TRY 50,000 (payable within 24 months) | TRY 250,000 (1/4 blocked before registration) |
| Typical use | Most foreign investments (~88% choose LLC) | Larger operations, raising investment, regulated sectors |
| Remote setup | Yes, via PoA | Yes, via PoA |
Note: An individual (sole proprietor) business is theoretically possible for foreigners but generally not recommended in practice due to residence and tax risks. The LLC is the standard choice for most foreign investors.
With complete and correctly translated documents, incorporation typically takes a few business days to a couple of weeks. Key steps: trade-name reservation via MERSİS, drafting the articles of association, notarisation, trade registry filing, tax registration and (for A.Ş.) the capital block.
Apostille matters: Foreign documents (passports, parent-company records) usually require an apostille to be valid in Turkey. Missing or incorrect apostilles are a common cause of delay.
Before you can open a bank account, sign a lease, or in many cases complete incorporation itself, you will need a Turkish Tax Identification Number (Vergi Kimlik Numarası — VKN). For foreigners, this is not merely a bureaucratic formality; it is the gateway to nearly every financial and legal transaction in Turkey.
Importantly, you need this number even if you do not owe any tax in Turkey and are not a tax resident. Opening a bank account, buying property, establishing a company or signing official contracts all require it.
Following the full transition to the Digital Tax Office operated by the Turkish Revenue Administration (Gelir İdaresi Başkanlığı — GİB), the process is now largely digital:
Why it matters for KYC: Banks and other institutions query this number during their compliance checks. Technical accuracy in the application is vital, because an error here cascades into MERSİS registration and banking problems later. The data on your tax record must match your passport and other records exactly.
This is where most foreign founders are caught off guard. Establishing the company is often easier than opening its bank account, because banks apply comprehensive MASAK (Financial Crimes Investigation Board) compliance checks on the company and its shareholders.
Critical tip: Attend the bank meeting with your tax advisor or lawyer — not alone. The compliance process takes longer and the risk of missing documents increases when you go unprepared. A clear, well-documented compliance story is what gets the account opened.
A common misconception: setting up a company does not automatically grant a residence or work permit. Being a company partner does not, by itself, grant a work permit. A work permit application is typically tied to capital and employment thresholds (for example, a minimum paid-in capital, an annual turnover figure, or an employment requirement of Turkish staff per foreign partner, with an initial grace period). This must be planned alongside incorporation, not assumed.
Foreign founders often overlook ongoing compliance. After incorporation, the company faces:
2026 capital note: Existing limited companies are required to complete their capital to the current minimum threshold by the end of 2026, or face a risk of dissolution. If you hold an older company, verify your capital position.
At Koru Legal, we handle end-to-end company formation for foreign investors in Turkey — from incorporation and the corporate bank account to MASAK/KYC compliance and post-incorporation obligations. Get in touch to discuss your plans.
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