Number of newly founded companies bounces in June

Around 10 thousand new companies founded while 1.130 of them closed down last month

In Turkey 9,719 newly founded companies in June, up 109.34% on a yearly basis, according to Turkish Union of Chambers and Commodity Exchanges (TOBB). 

Some 1,130 companies closed down over the month, up 55.09%, year-on-year in June, announced TOBB last week.

In the mean time, the number of newly-established firms jumped 179.12% on a monthly basis. Over 85% of newly established firms were limited companies, while 13.5% of them joint-stock companies.

The top three fields of operation among new companies were wholesale and retail trade, manufacturing, and construction. Most of them (3,516) opened their doors in Istanbul, followed by the capital Ankara (860) and the Aegean Izmir province (531).

 619 companies with foreign partners established

In June, 619 companies with foreign partners were established. 389 of these companies had Turkish partners, 47 had Iranian partners and 23 had Syrian partners, the TOBB data said.

Of the 619 foreign shareholding companies established, 48 are incorporated companies and 571 are limited liability companies. 501 of these companies conduct wholesale trade for stores in malls that are not allocated to a specific commodity; 216 are in real estate and 195 are in Management and other administrative consultancy services in the year 2020. TOBB added foreign capital partners’ capital investments constitute 77.96% of the total capital of foreign joint venture companies.

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