Number of closed companies increased by 17 percent in September

The Union of Chambers and Commodity Exchanges of Turkey (TOBB) has published statistics on companies established and closed in September.

Accordingly, compared to the previous month, the number of newly established companies increased by 4.5 percent, the number of sole proprietorships increased by 8.1 percent, while the number of cooperatives decreased by 13.8 percent in September.

During the same period, the number of closed companies rose by 17 percent and the number of cooperatives by 28 percent, while the number of sole proprietorships decreased by 12.9 percent.

Compared to the same month last year, the number of newly established companies in September fell by 15.7 percent and the number of sole proprietorships by 45 percent, while the number of cooperatives recorded an increase of 76.1 percent.

In this period, there was an increase of 0.7 percent in the number of closed companies and 21.5 percent in the number of cooperatives, while a 13 percent decrease occurred in the number of sole proprietorships.

COMPANIES WERE ESTABLISHED IN ALL PROVINCES

Of the 11,272 companies and cooperatives established in the month in question, 84.8 percent were limited companies, 12.5 percent were joint-stock companies, and 2.6 percent were cooperatives. 37.2 percent of the companies and cooperatives were established in Istanbul, 10.9 percent in Ankara, and 6.4 percent in Izmir. Last month, company establishments took place in all provinces.

In the first 9 months of the year, 96,842 companies and cooperatives were established. In this period, 83,131 limited companies accounted for 74.1 percent of the total capital, while 11,339 joint-stock companies accounted for 25.8 percent. The total capital of companies established in September showed an increase of 26.4 percent compared to August.

Of the companies and cooperatives established last month, 3,692 were in the trade sector, 1,635 in construction, and 1,505 in manufacturing. Of the newly established sole proprietorships, 569 began operations in construction, 430 in wholesale and retail trade and repair of motor vehicles and motorcycles, and 115 in the manufacturing sector.

It was determined that 682 of the companies and cooperatives closed in September operated in wholesale and retail trade and repair of motor vehicles and motorcycles, 277 in manufacturing, and 258 in the construction sector.

It was recorded that 582 of the closed sole proprietorships operated in wholesale and retail trade and repair of motor vehicles and motorcycles, 197 in construction, and 157 in the manufacturing sector.

In September, 294 cooperatives were established, of which 211 were housing cooperatives, 54 were business cooperatives, and 8 were agricultural development cooperatives and motor carriers' cooperatives.

COMPANIES WITH FOREIGN PARTNERSHIP CAPITAL

Of the 928 companies with foreign partnership capital established last month, 59 had Iranian partners and 41 had Russian partners.

Of the companies with foreign partnership capital that began operations, 103 are operating as joint-stock companies and 825 as limited companies.

Of the companies established this year, 1,292 are working in wholesale trade in stores not specialized in a particular product, 446 in the construction of residential or non-residential buildings, and 435 in the real estate agency sector.

Foreign capital shares accounted for 69.1 percent of the total capital of the established companies with foreign partnership.