The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has released its bulletin relating to establishment and closure of companies in Turkey in October 2020.
The number of companies newly established in October 2020 was 10,260, which is an increase of 22.8% on the figure of 8,352 recorded in the same month of the previous year, but a decrease of 3.2% on that of the previous month of September. Cooperatives increased 42% to 159, and sole proprietorships increased by 19.8% to 2,711 compared with the same month of the previous year.
In the first ten months of 2020, the number of newly established companies increased by 22.8% to 84,172 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 October 2020 was 1,261, which is 5.2% more than the figure of 1,199 recorded in the same month of the previous year, and 14.2% less than the figure for the previous month of September. Cooperatives closing decreased 4.1% to 70, and sole proprietorships closing increased by 24.6% to 1,745 compared with the same month of the previous year.
In the first ten months of 2020, the number of companies closing increased by 12.7% to 11,223 compared with the same period of the previous year, and the number of sole proprietorships closing increased by 16.6% to 18,361.
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 ten months of 2020, there has been a larger increase in the number of companies and sole proprietorships opening in the same period.