The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has released its bulletin relating to establishment and closure of companies in Turkey in December 2020.
The number of companies newly established in December 2020 was 8,477, which is an increase of 8% on the figure of 7,731 recorded in the same month of the previous year, but a decrease of 2.2% on that of the previous month of November. Cooperatives decreased 19.4% to 83, and sole proprietorships increased by 0.3% to 3,137 compared with the same month of the previous year.
In 2020, the number of newly established companies increased by 20.5% to 101,318, cooperatives increased 27.1% to 1,476, and sole proprietorships increased 26.9% to 31,036, compared to the previous year. In 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 December 2020 was 3,160, which is an increase of 43.6% on the figure of 2,201 recorded in the same month of the previous year, and an increase of 221.5% on the figure for the previous month of November. Cooperatives closing decreased 78.7% to 19, and sole proprietorships closing increased by 141.3% to 4,471 compared with the same month of the previous year.
In 2020, the number of companies closing increased by 16.4% to 15,366, the number of cooperatives closing decreased by 31.7% to 583, and the number of sole proprietorships closing increased by 14.4% to 19,665. In 2019, the number of companies closing increased by 5% to 13,197, cooperatives decreased by 17.1% to 853, and sole proprietorships closing increased by 26.7% to 24,136 compared to the previous year.
Despite the coronavirus pandemic and the on-going economic recession in Turkey, there has been a larger increase in the number of companies and sole proprietorships established in 2020 than the number of companies and sole proprietorships being closed down.