New company launches soar in September

New company launches soar in September

ANKARA-Anadolu Agency
New company launches soar in September

A total of 10,603 new companies were established in Turkey in September, up 37.77 percent on an annual basis, the country's top trade body said on Oct. 23.

The figure also marked a monthly rise of 13.38 percent, according to data released by the Turkish Union of Chambers and Commodity Exchanges.

Some 1,470 companies went out of business last month, up 18.45 percent year-on-year.

Over 85 percent of the new firms are limited companies and 13 percent are joint stock companies.

The top three fields of operation among new companies were wholesale and retail trade, manufacturing, and construction.

In September, 1,197 companies with foreign partners were established – 665 have Turkish partners, 63 have Iranian partners, and 36 have Syrian partners.

Foreign capital partners’ capital investments constitute 77.47 percent of the total capital of foreign joint venture companies, according to the report.

In the first nine months of this year, 73,912 companies started doing business in Turkey, up 22.84 percent year-on-year.

Some 10,232 firms were liquidated, a rise of 11.56 percent from the same period last year.

The number of closed companies increased by 13.7 percent to reach 9,962.