NEWS Accounting        18/12/2020

Number of companies closing in Turkey in first 11 months of 2020 increased by 11%

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has released its bulletin relating to establishment and closure of companies in Turkey in November 2020.

 

The number of companies newly established in November 2020 was 8,669, which is an increase of 12.1% on the figure of 7,731 recorded in the same month of the previous year, but a decrease of 15.5% on that of the previous month of October. Cooperatives increased 10.8% to 113, and sole proprietorships increased by 11.1% to 2,397 compared with the same month of the previous year.

 

In the first eleven months of 2020, the number of newly established companies increased by 21.8% to 92,841 compared with the same period of the previous year.

 

With regards the year 2019, the number of companies newly established decreased 1.4% to 84,102, cooperatives increased 8.5% to 1,161, and sole proprietorships decreased 30.3% to 24,459, compared to the previous year. 

 

The number of companies closing in November 2020 was 983, which is 5% less than the figure of 1,035 recorded in the same month of the previous year, and 22.1% less than the figure for the previous month of October. Cooperatives closing decreased 95.6% to 3, and sole proprietorships closing decreased by 9.8% to 1,304 compared with the same month of the previous year.

 

In the first eleven months of 2020, the number of companies closing increased by 11% to 12,206 compared with the same period of the previous year, and the number of sole proprietorships closing increased by 14.4% to 19,665.

 

With regards the year 2019, the number of companies closing increased by 5% to 13,197, cooperatives closing fell by 17.1% to 853, and sole proprietorships closing increased by 0.4% to 19,044, compared to the previous year.

 

Despite the coronavirus pandemic and the on-going economic recession in Turkey, and though there has indeed been an increase in the number of companies and sole proprietorships closing in the first eleven months of 2020, there has been a larger increase in the number of companies and sole proprietorships opening in the same period.



Turkey’s net minimum wage has been raised 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate increases to 16.19% in March 2021       Turkey’s official unemployment rate jumps to 13.4% in February 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020