Over 2,000 Turkish company closures rise by 7.8% in November

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The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) reported on Friday that 2,631 companies were closed in November, marking a 7.8% monthly increase in closures.

TOBB released its statistics on business formations and closures for November 2024, revealing a decline in new company registrations and a surge in closures. Key data highlights are as follows:

Newly established companies

The number of newly established companies, sole proprietorships, and cooperatives fell by 6.6% to 10,092, 11.0% to 209, and 11.4% to 1,430, respectively, compared to the previous month.
Compared to November 2023, newly established companies declined by 3.0%, sole proprietorships by 10.1%, and cooperatives by 19.6%.
For the first eleven months of 2024, newly established companies decreased by 11.4% to 102,804, sole proprietorships by 19.8% to 14,229, and cooperatives by 15.4% to 2,486.

Turkish company, cooperative closures

The number of closed companies and cooperatives rose by 7.8% to 2,631 and 12.1% to 102, respectively, compared to the previous month. In contrast, closures of sole proprietorships declined by 1.1% to 1,425.
Compared to November 2023, the number of closed companies and cooperatives increased by 8.9% and 27.5%, respectively, while closures of sole proprietorships plummeted by 83.9%.
During the January-November period, company and cooperative closures rose by 19.7% to 23,861 and 3.1% to 809, respectively, while sole proprietorship closures fell by 48.4% to 14,913, compared to the same period in 2023.

File photo shows The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) Twin Towers in Ankara, Türkiye. (Photo via tobb.org.tr)

Companies with foreign partners

In November 2024, 599 companies with foreign partners were established, with 349 having Turkish partners, 26 Iranian partners and 18 Azerbaijani partners.
Of these foreign shareholding companies, 77 were incorporated and 522 were limited liability companies.
Total capital of companies with foreign partners surpassed ?1 billion ($28.5 million), comprising 86.4% of foreign partner capital in November. By year-to-date, this figure reached ?25.8 billion ($735.6 million) with a 75.9% share of foreign partner capital.
In 2024, 873 newly established companies with foreign partners engaged in wholesale trade for stores in malls not allocated to specific commodities. Additionally, 323 operated in residential or non-residential construction, while 318 focused on management and other administrative consultancy services.

May 09, 2025 01:27 AM GMT+03:00