Turkey: Over 20% rise in new company launches in 2020
Despite pandemic, more than 101,300 new businesses set up in Turkey last year, according to top business body
A total of 101,318 new companies were established in Turkey in 2020, up 20.47% on an annual basis, the country's top trade body said on Friday.
The number of companies to close down last year was 15,366, an increase of 16.44%, according to data released by the Turkish Union of Chambers and Commodity Exchanges.
A total of 87,258 limited companies established last year accounted for 68.80% of the total capital, while 14,046 joint stock companies made up 31.19%.
The total capital of companies established in December increased by 25.44% from November.
The figure for new company launches saw a monthly decrease of 2.21% to 8,477 in December.
Some 3,160 companies went out of business last month, up 221.46% month-on-month.
The top three fields of operations for new companies were trade, manufacturing, and construction.
In December, 872 companies with foreign partners were established – 376 have Turkish partners, 77 have Iranian partners, and 29 have Syrian partners.
Foreign partners’ capital investments constitute 78.60% of the total capital of foreign joint venture companies, according to the report.