Required Conditions for Opening an Exchange Office 2022

What are the conditions for opening a foreign exchange office in 2022?

We can say that the conditions for opening an exchange office became quite difficult in 2021. With the new regulations, exchange offices were divided into two groups. The conditions for the exchange offices, which are divided into two groups as A and B groups, have also changed.

But what are these A group and B group exchange offices?

Opening a group A exchange office and its conditions

The activities of group A exchange offices are broader than those of group B exchange offices. Group A exchange offices, which can carry out all the activities carried out by the B group exchange offices, can also carry out the following activities, unlike the B group. If you are not going to carry out the following activities, it would be more logical to open a group B exchange office directly. Because the collateral amounts requested for group B are lower.

To be a member of the Exchange, to import and export precious stones and standard and non-standard unprocessed precious metals within the framework of the relevant regulation and legislation provisions, and to carry out transactions related to precious metals and stones ongoing in the Exchange.

Provided that the transfer order is given or the physical delivery subject to the transaction is made within the same working day; buying, selling and exchanging foreign currencies with foreign currencies through banks, authorized establishments and institutions that can make transfers with their customers.

To act as a representative of electronic money institution and payment institutions.

If permitted by the Ministry, to buy and sell foreign currency and to carry out transactions related to it, through money machines at the headquarters and/or branch addresses and other places deemed appropriate.

Trading foreign currency with debit cards and prepaid cards up to 10 thousand USD without any amount limit.

To ship foreign currency or Turkish Lira banknotes abroad, provided that permission is obtained from the Ministry, in accordance with the procedures and principles to be determined by the Ministry.

To carry out other activities deemed appropriate by the Ministry in line with the needs and demands that will arise over time.

The conditions for opening a group A foreign exchange office are as follows:

It should be established as a joint stock company.

The trade name in the articles of association of the joint stock company should contain the phrase "Authorized Institution".

The minimum paid-in capital amount should be 5,000,000 TL.

A blocked account/collateral should be given as one tenth of the minimum paid-in capital amount.

The application fee of 500,000 TL must be deposited.

The articles of association of the company should not contradict the provisions of the Law on the Protection of the Value of Turkish Currency.

Opening a group B exchange office and its terms

The field of activity of the B group exchange office is more limited than that of the A group. However, today, generally B group exchange offices are opened. The activities of the B group exchange office are as follows.

Buying and selling foreign currencies other than fiat currency.

To replace foreign currencies, excluding bank money, with smaller or larger denominations, and foreign currencies, excluding different types of deposited money.

Purchasing cash checks in foreign currency within the framework of the procedures and principles determined by the Central Bank.

To trade in printed gold (national ornaments, masculine, etc.) and standard unprocessed gold in the form of bars or ingots less than one kilogram, produced by the General Directorate of Mint and Stamp Printing House.

Provided that the transfer order is given or the physical delivery subject to the transaction is made within the same working day; buying, selling and exchanging foreign currencies with different types of foreign currencies through banking transfers with banks, authorized institutions and customers.

The conditions for opening a group B exchange office are as follows:

It should be established as a joint stock company.

The trade name in the articles of association of the joint stock company should contain the phrase "Limited Authorized Enterprise".

The minimum paid-in capital amount should be TL 1,000,000.

A blocked account/collateral should be given as one tenth of the minimum paid-in capital amount.

The application fee of 200,000 TL must be deposited.

The articles of association of the company should not contradict the provisions of the Law on the Protection of the Value of Turkish Currency.

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