Turkish companies: Over 57,000 established in first half of year

Turkey's business landscape saw a notable increase in company formations during the first half of 2024, with over 57,000 new businesses established. This figure represents a 9.3% rise compared to the same period last year. Concurrently, the number of companies that closed down saw a slight decrease of 1.4%, totaling 13,484 closures in the January-June period.

The monthly statistics for June further illustrate this trend. The number of companies founded surged by 26.1% from May, reaching 9,639. In contrast, company closures in June increased by 58.9% compared to the previous month, with 3,293 businesses ceasing operations. On an annual basis, June witnessed a 31.5% increase in company formations and a 28.2% rise in closures.

Analysis of the sectors reveals that wholesale and retail trade dominated both company formations and closures. In June, 3,272 companies in this sector were established, followed by construction (1,372) and manufacturing (1,244). For closures, wholesale and retail trade again led with 1,263 companies, followed by manufacturing (400) and construction (317).

Foreign-partnered companies also saw activity, with 894 established in June. Syrian partnerships led this category with 419 companies, followed by Iranian partnerships with 54. These foreign-invested firms were predominantly limited companies (815) rather than joint-stock companies (79).