The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has released its bulletin relating to establishment and closure of companies in Turkey in September 2020.
The number of companies newly established in September 2020 was 10,603, which is an increase of 37.8% on the figure of 7,696 recorded in the same month of the previous year, and an increase of 13.4% on that of the previous month of August. Cooperatives increased 47.7% to 161, and sole proprietorships increased by 33.4% to 2,745 compared with the same month of the previous year.
In the first nine months of 2020, the number of newly established companies increased by 22.8% to 73,912 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 September 2020 was 1,470, which is 26.2% more than the figure of 1,165 recorded in the same month of the previous year, and 18.5% more than the figure for the previous month of August. Cooperatives closing increased 64.7% to 112, and sole proprietorships closing increased by 22.6% to 1,561 compared with the same month of the previous year.
In the first nine months of 2020, the number of companies closing increased by 13.7% to 9.962 compared with the same period of the previous year, and the number of sole proprietorships closing increased by 15.8% to 16,616.
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 nine months of 2020, there has been a larger increase in the number of companies and sole proprietorships opening in the same period.