NEWS Accounting        17/07/2020

Number of companies opening in Turkey increased 9.5% in the first half of 2020

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has declared in a press release on July 17th the statistics relating to establishment and closure of companies in Turkey in June 2020.

 

The number of companies newly established in June 2020 was 9,596, which is an increase of 109.3% on the figure of 4,584 recorded in the same month of the previous year, and an increase of 179.1% on that of the previous month of May. Cooperatives increased 115.8% to 123, and sole proprietorships increased by 194.6% to 3,335 compared with the same month of the previous year.

 

In the first half of 2020, the number of newly established companies increased by 9.5% to 43,755 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 June 2020 was 1,112, which is 55.1% more than the figure of 717 recorded in the same month of the previous year, and 116.8% more than the figure for the previous month of May. Cooperatives closing fell 53.9% to 18, but sole proprietorships closing increased by 62.4% to 1,580 compared with the same month of the previous year.

 

In the first half of 2020, the number of companies closing increased by 4.2% to 5,746 compared with the same period of the previous year, and the number of sole proprietorships closing increased by 17.7% to 12,090.

 

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.

 

The coronavirus pandemic had a significant negative effect on company openings and closings in recent months. As the lockdown was relaxed from the beginning of June, so the backlog in the opening and closing of businesses was cleared in that month. The surge in the number of businesses being opened and closed in June does not reflect necessarily any significant changes in the economic environment.

 

 



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 17.53% in June 2021       Turkey’s official unemployment rate decreases to 13.2% in May 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