TOBB data: Number of companies closing in Turkey increased in February

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

According to the data; 10 thousand 233 companies and cooperatives were established in Turkey in February.

In February, compared to the previous month, the number of established companies decreased by 7.5 percent, the number of sole proprietorships by 13.9 percent, and the number of cooperatives by 1.7 percent.

During the same period, while the number of closed companies increased by 15.9 percent, the number of cooperatives fell by 32.5 percent and the number of sole proprietorships by 6.1 percent.

In February, compared to the same month last year, the number of established companies increased by 5.6 percent and cooperatives by 10.5 percent, while the number of sole proprietorships decreased by 21.6 percent. During this period, there was an increase of 65.5 percent in the number of closed companies, 10.6 percent in the number of cooperatives, and 16 percent in the number of sole proprietorships.

COMPANIES WERE ESTABLISHED IN ALL PROVINCES IN FEBRUARY

Company establishment took place in all provinces in February. Of the total 10 thousand 233 companies and cooperatives established in that month, 86.8 percent were limited companies, 10.9 percent were joint-stock companies, and 2.3 percent were cooperatives. 39.8 percent of the companies and cooperatives were established in Istanbul, 10.3 percent in Ankara, and 6.4 percent in Izmir.

Of the companies and cooperatives established last month, 3 thousand 492 were in the trade sector, 1427 in manufacturing, and 1379 in construction. As for the established sole proprietorships, 542 began operations in construction, 423 in wholesale and retail trade and repair of motor vehicles and motorcycles, and 121 in the manufacturing sector.

It was recorded that 733 of the companies and cooperatives that closed in February were in the wholesale and retail trade and repair of motor vehicles and motorcycles sector, 276 in manufacturing, and 203 in construction.

It was determined that 842 of the closed sole proprietorships were operating in wholesale and retail trade and repair of motor vehicles and motorcycles, 325 in construction, and 244 in the manufacturing sector.

While 232 cooperatives were established in February, 160 of them started operations as housing construction cooperatives, 39 as business cooperatives, and 8 as agricultural development cooperatives.

COMPANIES WITH FOREIGN CAPITAL PARTNERS

Of the 733 companies with foreign capital partners established last month, 438 had Turkish partners, 41 had Iranian partners, and 23 had German partners.

Of the companies with foreign capital partners that started operations, 94 are operating as joint-stock companies and 639 as limited companies. 171 of the companies were established in the wholesale trade sector in stores not specialized in a particular product, 83 in the construction of residential or non-residential buildings, and 67 in business and other administrative consultancy activities.

Foreign capital partner shares accounted for 60.7 percent of the total capital of the established companies with foreign capital partners.

20 THOUSAND 810 COMPANIES ESTABLISHED IN 2 MONTHS

In Turkey, the number of companies established in the January-February period of this year decreased by 12.2 percent compared to the same period last year, falling to 20 thousand 810. In the same period, the number of closed companies increased by 32.3 percent to 3 thousand 631.

News Source: AA