Economy

Turkey: New company launches soar in September

More than 10,600 new businesses started last month in over 37% annual rise, according to top business body

Aysu Bicer   | 23.10.2020
Turkey: New company launches soar in September

ANKARA

A total of 10,603 new companies were established in Turkey in September, up 37.77% on an annual basis, the country's top trade body said on Friday.

The figure also marked a monthly rise of 13.38%, according to data released by the Turkish Union of Chambers and Commodity Exchanges.

Some 1,470 companies went out of business last month, up 18.45% year-on-year.

Over 85% of the new firms are limited companies and 13% are joint stock companies.

The top three fields of operation among new companies were wholesale and retail trade, manufacturing, and construction.

In September, 1,197 companies with foreign partners were established – 665 have Turkish partners, 63 have Iranian partners, and 36 have Syrian partners.

Foreign capital partners’ capital investments constitute 77.47% of the total capital of foreign joint venture companies, according to the report.

January to September

In the first nine months of this year, 73,912 companies started doing business in Turkey, up 22.84% year-on-year.

Some 10,232 firms were liquidated, a rise of 11.56% from the same period last year.

The number of closed companies increased by 13.7% to reach 9,962.

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