NEWS Accounting        23/10/2020

Number of companies opening in Turkey in first 9 months of 2020 increased by 22.8%

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.

 



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